The Lack of Homes on the Market Drives Prices Up
- Category: Real Estate
- Published: Tuesday, 15 November 2022 07:40
- Jennifer Fischman
Though the national headlines have been pointing to recession and downturn, the story in the Scarsdale real estate market is different, at least for now. With only 37 active listings for single family homes in the Scarsdale school district as of November 15, 2022, the lack of inventory continues to be the story for the fall 2022 real estate market. In years past, there were more than 100 active listings at this time of year.
The lack of inventory has dictated increased prices since January. In Scarsdale, the median price is up over 15% YTD, to $2.1M from $1.8M last year at this time. The number of sales is down 25%, due to the same lack of inventory – with fewer homes to sell there have been fewer sales.
Yet, In the last 30 days, 7 out of the 12 homes that went into contract did so in less than 20 days and most with multiple offers, indicating that the market remains strong for sellers, especially for homes under $2M. Sellers who worried they missed the spring market have found the fall market stronger than expected.
While sellers may be optimistic, there is reason for caution. Buyers are facing interest rates that are nearly double what they were last January and the stock market has also declined in the same period, causing some buyers to wait it out on the sidelines to see what will happen with the economy. Yet, as evidenced by the strong demand, not all buyers are just watching the market.
Many employers are calling their employees back to the office in NYC and train ridership is continuing to slowly climb back. With a return to the office, Scarsdale remains one of the easiest commutes to Manhattan, at only 31 minutes on the express train. Buyers continue to flock to Scarsdale due to our highly ranked schools and a vibrant Village center where new restaurants and stores will soon open.
Jennifer Fischman is a Platinum & Five Star Award winning Real Estate Salesperson with Houlihan Lawrence in Scarsdale.
51 Lawrence Road
Welcome to this Heathcote Colonial! Maintained and designed, this showplace offers everyday living and entertainment. An entry introduces you to millwork, accompanied by moldings and ceilings. The kitchen is no doubt the hub of the home, open to the family room with sliders to backyard and patio, setting for al fresco dining and Summer bbq's. A primary suite with tray ceilings features 2 outfitted closets and an ensuite spa bath. The high-end lower level offers enough space the whole family could enjoy. A home fitness center, recreation space and play room are just a few of the many desirable features. This smart house has Control 4 Sonos, generator, and automatic lighting.
Sale Price: $3,450,000
Real Estate Taxes: $57,253
Assessed Value: $2,256,000
8 Lebanon Road
Colonial in prime location. Newly renovated (2015) Master Bedroom Suite features a marble bathroom & closet. Living Room with Fireplace, Dining Room and new Powder Room. Updated Kitchen opens to Family Room with French Doors leading to Back Yard with stone Patio. Four Bedrooms and three updated Baths on the second floor. First and second levels feature hardwood floors and all new molding and trim. Lower level consists of a Playroom, Office, new full Bath and new Laundry Room. Double wide driveway for extra parking.
Sale Price: $1,580,000
Real Estate Taxes: $34,703
Assessed Value: $1,375,000
4 Cohawney Road
Opportunity to live in Fox Meadow neighborhood! This Cape Cod style home offers living with living spaces and the convenience of the Primary Bedroom on the first floor. There is also a screened in covered porch overlooking the backyard that makes a space for summer entertaining. The second level has 2 additional bedrooms and a hall bathroom and plenty of room. Make this your home on one of the quietest streets in Scarsdale. Enjoy the suburban living within just minutes from urban conveniences.
Sale Price: $1,575,000
Real Estate Taxes: $31,939
Assessed Value: $1,250,000
12 Tunstall Road
A/O as of 9/7. HIGHEST & BEST OFFERS IN WRITING WITH PRE-APPROVAL/POF NO LATER THAN 12 NOON ON WED, 9/7. Mediterranean in a family neighborhood. Kitchen with all Viking appliances (induction range), breakfast nook with millwork window seat & doors to bluestone patio & backyard. Perfect for outdoor entertaining! Dining room, living room, sunroom/family room & renovated full bath complete the 1st floor. Upstairs, the primary suite has a dressing area with 3 closets & a bath. Three bedrooms share an updated hall bath. The finished basement adds an add'l 456 SF, with a playroom, laundry room, half bath and access to the tandem 2-car garage. Amenities include: 2-zone central air, in-ground sprinkler system, wood-burning fireplace, closet space, hardwood floors throughout & beautiful grounds with shed for outdoor storage.
Sale Price: $1,525,000
Real Estate Taxes: $29,043
Assessed Value: $1,151,500
12 Park Road, Scarsdale
5 Bedrooms, 6 Bathrooms, 10,660 Square Feet
Built atop a knoll in the sought-after Grange estate area of Greenacres, this ultra-private stately residence built by a prominent local developer as his family's primary home offers a magnificent setting for both entertaining on a large scale, as well as a welcoming multi-generational retreat. French doors from many main level areas lead to the delightful outdoor covered porches, expansive bluestone patio featuring a built-in BBQ station, a curved salt-water Gunite heated pool, astutely manicured mature gardens with five raised vegetable garden beds. The grandly proportioned interiors of this 10,500+ square foot home with a 21’ ceiling entrance incorporates all the amenities and needs of a modern family with high-tech mechanical systems and rich architectural appointments throughout. Featuring two fireplaces, formal and casual rooms, professional kitchen, office, playrooms, workshop, wine cellar, plenty of storage space and a three-car garage complete this majestic tranquil home. A masterpiece property.
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Sale price: $7,950,000
16 Barry Road, Scarsdale
5 Bedrooms, 2.1 Bathrooms, 2,378 Square Feet
Beautiful, sun-filled Edgewood Colonial with modern updates. Tastefully renovated kitchen and updated bathrooms. New windows and custom-built plantation shutters. high-speed charger. Perfect location on a premier street with curb appeal. Barry Road is tranquil, wide, tree-lined, and has sidewalks on both sides of the street. One block to elementary school, free bus to middle school, close to parks, shops and bus to train (five minute ride). Additional highlights include NEW: mini-split hot/cold AC units, recessed lighting, built-in shelving, garage with remote and keypad access, rear door keypad access. The first floor features an entry foyer, formal dining room, large living room, family room and kitchen with access to the patio and lush, flat backyard. Upstairs find the spacious primary bedroom plus four additional bedroom, two updated baths and bonus storage room. The lower level has a play area, powder room, laundry room and plenty of storage.
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Sale price: $1,525,000