Comparing Home Sales by Neighborhood in 2015
- Real Estate
- Published on Wednesday, 13 January 2016 13:57
- Lori Gertzog
How did home sales in Scarsdale's five elementary school neighborhoods fare in 2015? Jason Wilson of Julia B. Fee Sotheby's compiled this chart of home sales, comparing the five areas over the past seven years.
The results are interesting and open to interpretation. Here are a few observations:
Total home sales for all of Scarsdale decreased from 253 in 2014 to 231 in 2015. However, when you consider this number in terms of the seven year period, it's relatively high. In 2009, only 160 homes sold and this number climbed as the economy improved.
Edgewood saw the biggest increase in home sales this year – climbing from 35 sales in 2014 to 53 in 2015, a 51.4% increase. Could this be due to an increase in inventory as developers subdivided plots and built additional homes? The median sale price remained steady with just a 1.1% increase to $915,000.
Both Greenacres and Fox Meadow experienced a decrease in the number of sales, with Fox Meadow down 36.2% and Greenacres declining by 38.3%. These numbers are difficult to interpret. In Fox Meadow, this could be due to the inventory having a higher percentage of homes priced above $3 million. Since the revaluation, the market saw a decrease in the sale of high-end homes overall. In Greenacres, perhaps uncertainty about the fate of the elementary school could have affected sales.
In Heathcote, the number of sales was almost on par with 2014 but the average price jumped from $1.9 mm to $2.2 mm and the median price went up by $400,000. One conjecture is that there was an increase in new home sales in 2015, and a commensurate increase in prices.
Do you have theories to account for this data? Comment in the section below or email us at email@example.com and we will post your replies.
In other news, we continued to ask realtors around town for their predictions for the 2016 market. Here's what we received from Lisa Theiss at William Raveis who recently opened their first Scarsdale office:
"2016 looks to show continued strength in the local housing market.
At the tail of 2015, we saw the first slight increase in interest rates. Agents, lenders and homebuyers have all been watching the market for an uptick in rates. Now that we have seen the Feds increase rates, we anticipate that buyers will be more motivated to buy earlier in the year and lock in their rates. We believe that this, along with low inventory of homes priced under $3million will create a strong Spring market creating demand and multiple offers."
2 Thies Court
This post-modern colonial, built in 2004, offers customized detailing and 5,285 square feet with five bedrooms, four full baths and two powder rooms. In addition, there is approximately 1,417 square feet of finished space in the lower level with a playroom, au pair bedroom/bath, summer kitchen, media/movie room, powder room and exercise area. The grand two-story entry hall features a sweeping staircase with a wrought-iron railing. High ceilings, large openings and over-sized windows showcase the property and outdoor patio. There is a chef's kitchen with a center island. The house sits on landscaped property with a three-car garage, gas heat, 5-zone HVAC, built-in sound, and NEST app-controlled thermostats.
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This Greenacres stone and stucco Tudor has many updates, including three new full baths and two new powder rooms, an updated cook's kitchen, new finished walk out from the lower level family room with a built-in fridge and California closets, custom designed fireplace with marble surround, new wood deck with stone columns, slate patio off the lower family room, a new boiler and a new hot water heater, central air conditioning, professionally landscaping with Norwegian Spruce, Japanese Maple and Cherry trees, a slate walkway and driveway with stone pavers and Belgian block.
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Sunday January 17th, 1-3pm
A rare opportunity to own an Eastlake Victorian on over an acre of private property in the heart of Scarsdale Village. This stunning home is beautifully sited and combines the best of old and new. Original detail includes high ceilings, fine millwork, gleaming oak floors, three fireplaces (including a brick hearth in the renovated kitchen), beautiful staircase and three covered porches. Renovations include new Chef's kitchen with marble countertops, stainless steel appliances and a spacious sun-filled eating area; new Butler's pantry with wine refrigerator and three new baths. The best of old and new. Truly spectacular. Taxes are being grieved. Click here for more information.
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