Summer is upon us! We have already experienced several , and the remainder of July and August are looking to be just as hot.
The record-breaking is not only taking place in the temperatures. A mild winter and warm spring led to an amazing first quarter in the Scarsdale real estate market. The second quarter continued the trend with an increase in sales activity.
It is our pleasure to provide you with Real Living Five Corner's 2012 Second Quarter Market Report, which details the residential single-family real estate statistics for Scarsdale and Edgemont. This report utilizes data from the Hudson Gateway MLS, and focuses on transactions closed in the second quarter of 2012 (April 1 - June 30.)
Scarsdale Market Snapshot (Compared to the same period in 2011):
- Scarsdale’s average sales price for the second quarter decreased.
- The “Days on Market” average decreased.
- Price per square foot decreased.
Edgemont Market Snapshot (Compared to the same period in 2011):
- Edgemont’s average sales price for the second quarter decreased slightly.
- The “Days on Market” average increased.
- Price per square foot increased.
The decrease of already historically low mortgage rates has led to an increase in buyer activity. Because of this, the market is continuing to experience multiple bids.
The builders are also back in Scarsdale–big time–a fact not happily received by all residents. From 2008-2010, these three years saw the sale of 33 new construction homes. Looking at 2011 to the end of June 2012, in exactly half the time, the town has already experienced the sale of 28 new contruction homes.
More new construction homes are planned, and there are currently 9 homes in Scarsdale in contract waiting to close.
In Edgemont, there are already 27 homes in contract waiting to close, and this number already beats last year’s stats for the third quarter.
With the Spring Market now completed, the beginning of the third quarter is looking bright.
SCARSDALE 2Q STATS
Activity Up, Average Price Down.
After experiencing the highest sales price average on record for a first quarter based on the last 5 years, the second quarter of 2012 somewhat slowed.
The average sales price in the second quarter of this year was $1,578,353, with a median sales price of $1,288,000. 2011’s numbers during the same period were higher, showing an average price of $1,791,301 and a median price of $1,415,250.
Sales activity increased. A total of 67 single-family homes were sold. This number is up from the 62 homes which had sold in the same period in 2011.
The average price per square foot for a home in Scarsdale in the second quarter was $434. This number is down from the previous year, which showed a price of $447 per square foot. It is also down from the first quarter of this year, where prices were averaging $440 per square foot.
Homes sold for an average of 96.41% of their listing price.
The “Days on Market” average decreased. Scarsdale’s average in the second quarter was 152 DOM. The same period in 2011 shows an average of 190 days for title to pass. The second quarter average is also down from this year’s first quarter, which shows an average 205 DOM.
The most homes sold in the second quarter were in the $1,250,000-$1,500,000 price range, with 13 sales.
The highest selling price was $5,250,000, and the lowest closing price was $450,000.
The month of April saw the sale of 16 homes, and had an average sales price of $1,423,797. May 2012 experienced 20 home sales at an average of $1,390,180. June 2012 had 31 home sales with an average price of $1,779,526. Each month into the 2012 year so far has progressively improved in regards to sales activity.
Luxury Home Market Sales
There are currently 18 luxury homes active on the market, with prices ranging from $3.225M-$12M. Five homes are currently pending and are waiting to close.
Three luxury homes were sold in the second quarter. This number is down substantially from the same period in 2011, where there had been eight luxury sales.
EDGEMONT 2Q STATS
Edgemont Sales Activity Improves
After a notable increase in sales activity and average sales price in the first quarter of 2012, Edgemont’s second quarter also shows growth.
The average sales price in the second quarter of this year was $1,055,201, with a median sales price of $947,000. 2011’s numbers during the same period show a slightly higher average of $1,066,542, and a median price of $782,500.
Sales activity increased dramatically. A total of 31 single-family homes were sold in the second quarter of 2012. This number is up from the 17 homes which had sold in the first quarter, and the 12 homes which had sold in the second quarter in 2011.
The average price per square foot for a home in Edgemont during the second quarter was $346. This number is much greater than the average posted in 2011, where the price per square foot was $318.
Homes sold for an average of 94.72% of their listing price. This average is also up from the previous year, where homes were selling for an average of 91.17% of their listing price.
The “Days on Market” average increased from 2011. Edgemont’s average is now 164 DOM- the number of days it takes for title to pass. 2011’s DOM in the second quarter was 146.
The most homes sold in the 2012 second quarter were in the $1M- $1.25M price range, with 5 sales.
The highest selling price in the second quarter was $3,500,000, and the lowest closing price for Edgemont was $400,000.
The month of April saw the sale of 5 homes, and had an average sales price of $1,367,000. May 2012 experienced 13 home sales at an average of $1,085,403. June 2012 had 13 home sales with an average price of $905,077.
Luxury Home Market Sales
There are currently four homes active on the luxury market above the $2.5M price range. Prices range from $2.875M-$3.95M. No homes are in contract or are currently pending.
Two luxury homes were sold in the second quarter. The same period in 2011 shows the sale of one luxury home.
