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Scarsdale Real Estate Shows Signs of Strengthening

SCARSDALE, N.Y. - Property sales in the first half of 2011 in Scarsdale have surpassed real estate sales in all of 2010, 2009 and 2008.

"Every day on the news we hear the market is getting worse and worse," said Rose Marinaccio, manager associate broker at Five Corners Real Estate. "That is not the case for Scarsdale. We are very fortunate.

As of June 30, 2011 over 85 homes have sold in Scarsdale compared to the 76 homes that sold in all of 2010.

In January of 2011 five homes sold with an average price tag of $815,780. In February 15 homes were purchased for an average price of about $1.26 million. Nine homes were sold in March with an average price of about $1.5 million. An average sales price of 11 properties sold in April was about $1.7 million. Fourteen houses sold in May for an average price of about $2.15 million and June had the most sales with 37 homes sold for an average of about $1.5 million, according to Five Corners Real Estate.

The Heathcote neighborhood has seen the most action in the second quarter of 2011 with 19 properties sold. Edgewood has seen the least activity with eight homes being purchased in the second quarter, according to Five Corners Real Estate.

So far this year the $1 million-to-$1,499,999 price range has seen the most sales with 25 homes selling in that price range, according to Houlihan Lawrence.

Lewis Arlt, brokerage manager of Houlihan Lawrence said, "The high-end [$3million and up] is on hold. Over $5 million has basically stopped."

The 2011 to-date median sale price of homes in Scarsdale is $1,317,750 but Arlt expects that number to decrease as the year progresses. The median sales price was $1.425 million in 2007, $1.275 million in 2008, $1.180 million in 2009 and $1.2 million in 2010, according to Houlihan Lawrence Real Estate.

Arlt said Scarsdale is still a buyers' market but that houses are selling when they are priced well.

"The prices have come down in Scarsdale about 18 percent overall from the peak in 2007 to the trough in 2009," said Lewis Arlt, brokerage manager of Houlihan Lawrence. "If it is priced well it will move.

What do you think about the Scarsdale real estate market? Please leave comments below.

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