Third Quarter Home Sales Prove Again—Scarsdale and Edgemont on Top
Did the recession hit Scarsdale residents? Believe it or not, this question is making its way around town, and it certainly seems to be a popular topic to discuss at dinners and parties. Undoubtedly, the answer is yes—but probably just in a different way.
While real estate did take a hit, and sales slowed down the past couple of years, it's certainly on the rise again. Many residents have even joked, "The recession changed our habits, not our wallet."
Scarsdale and Edgemont real estate is its own little world—proved by third quarter home sales results.
The number of homes sold in Edgemont in the third quarter of 2010 was somewhat similar to the same period in 2009. There were 25 homes sold between July and September, down from 26 homes in the same period last year.
However, looking at the total for 2010 leading up to the end of the third quarter, 53 homes have sold. This number is dramatically up from 2009, where only 35 homes had sold, for an increase of 51%.
The average sales price in the third quarter has dramatically increased compared to last year's numbers. The average price of a home sold was $1,231,060, with a median sales price of $1,195,000. 2009's numbers show a different picture, where the average sales price was $1,000,750 and a median price of $875,000.
The end of the third quarter shows Edgemont's total sales average for 2010 at $1,340,569, and a median sales price of $1,195,000. The total for the same period in 2009 was an average sales price of $938,629 and a median of $805,000.
The "Days on Market" average decreased. Edgemont, unlike other communities in Westchester, posted a decrease in the number of days it took for title to pass. Third quarter results show Edgemont has an average of 177 DOM, whereas 2009 posted an average of 200 DOM.
The most homes sold in this quarter were in the $1,000,000- $1,249,999 sales group, with 9 homes sold.
The highest selling price this year has been $4,236,250, and the lowest closing price for a home in Edgemont this year was $565,000.
The luxury home market in Edgemont is showing activity. There have been a total of 3 sales this year for homes priced $3M+, with an average of 164 Days on the Market. 2009 numbers showed no closings for luxury homes by the end of last year's third quarter.