Key Metrics:  2017 (vs 2016):

• Property Type:  Single Family Homes
• Number of Sales: 253  (vs 233)
• Median Sale Price: $1,675,000   (vs $1,590,000)
• Average Sale Price Per Square Foot: $443/sf   (vs $461/sf)
• Average Days to Contract: 100  (vs 85)
• Average Days to Close: 181  (vs 172)
• Average Sale price reduction versus Original price: -8.0%   (vs -7.7%)
• Number of luxury homes sales over $3 Million:  27   (vs 31)

Number of Sales

The  number of single family home sales increased for the 2nd straight year to 253  – from 233 in 2016.

The average number of sales during the last 22 years  was 227.  Sales during the last five years have been above average.

The record high of 279 sales was set in 2002 and the record low of 142 occurred during the recession in 2008.

Median Sale Price

The median sale price of a single family home increased 5.3 % to $1,675,000 – from $1,590,000 in 2016.  The MSP has been on an steady upward trend since its recession low of $1,180,000 in 2009.

The Scarsdale market crossed back into the pre-recession high levels in 2014.  Its current  MSP is 17.5% higher than its 2007 pre-recession high of $1,425,000.

Average Sale Price per Square Foot

The average price per square foot has declined for the third consecutive year to $443 – from $461 in 2016.

The 22 year record high of $502 occurred in pre-recession 2007.  The closest Scarsdale has come to the $500/sf level since the recession was $484 in 2014.

Days on Market

The number of days from the listing date to contract date have increased significantly, for the second year, to 100 days – from 85 in 2016.

This metric had been on an steady and significant  downward trend, since the high of 124 days in 2009.  It has taken a turn for the worse the last two years.

In additon, the number of days from contract signing to the closing date add on almost 3 more additional months to the overall transaction process.

Combined, the total days on market and slow closing process cost sellers a half-year of carrying costs.

(Note: contract date data is not available in the MLS database prior to 2000.)

Original List Price Reduction Rates

Back in 2009, price reductions hit a record high of 15.5%.  Then steadily declined to 4.1% by 2014.

It appears sellers are once again “trending ” to be too optimistic regarding the market value of their homes.  For the third straight year, buyers have been able to wrangle increasing levels of price reductions from sellers: 8.0% in 2017; 7.7% in 2016; and 4.5% in 2015.

In 2017, more than half of the 8.0% total price reduction was to the original list price.

Price Bands

Although the percentage of homes priced below $1 Million are on a steady decline, entry level home buyers still have a fighting chance to avail themselves of the highly regarded Scarsdale School System – but they have to be ready to move fast.

The $1 Million to $2 Million band accounted for 56% of the sales in 2017 while the $2 Million to $3 Million band was 19%.

The luxury market over $3 Million climbed to 12% or 31 homes.