🏡🏡The Spring Real Estate Market 2023 for Scarsdale, NY
Introduction:
The real estate market in Scarsdale, NY has been experiencing significant changes, presenting both challenges and opportunities for buyers, sellers, and investors. By examining the latest data from April 2023 and comparing it with the figures from April 2022, we can gain valuable insights into the current state of the Scarsdale housing market. In this blog post, we will analyze key indicators such as single-family homes, condos, and co-ops, focusing on unit sales, median sale prices, inventory levels, days on market, months of supply, and median sale price per square foot.
Single-Family Homes Market:
Unit Sales: In April 2023, the number of single-family homes sold in Scarsdale was only 4, which represented a significant decline of 83.3% compared to April 2022. This drop indicates a slowdown in buyer activity in the current market.
Median Sale Price: Despite the decrease in unit sales, the median sale price for single-family homes in April 2023 rose by 0.9% compared to the same period last year, reaching $1,650,000. This slight increase suggests that the demand for high-end properties remains relatively stable.
Inventory: The inventory of single-family homes in Scarsdale stood at 50 units in April 2023, reflecting a substantial decrease of 41.9% compared to April 2022. This decline in inventory indicates a limited supply of available properties on the market, potentially driving up prices.
Days on Market: The average number of days that single-family homes spent on the market increased by 45.9% in April 2023, reaching 54 days. This longer time frame suggests a slightly slower pace of sales and may indicate increased competition among sellers.
Months of Supply: The months of supply metric, which measures how long it would take to sell all the current inventory at the current sales pace, decreased by 28.9% compared to April 2022, standing at 2.34 months. This decrease indicates a seller's market, as the supply is relatively limited compared to buyer demand.
Median Sale Price per Square Foot: The median sale price per square foot for single-family homes in Scarsdale was $501 in April 2023, showing a decrease of 10.9% compared to April 2022. This decline suggests a slight softening in property values.
Condo Market:
Unit Sales: Surprisingly, there were no condo unit sales in Scarsdale in April 2023, marking a considerable contrast to the same period in the previous year.
Median Sale Price: Due to the absence of sales, the median sale price for condos in April 2023 was $0, maintaining a similar trend to April 2022.
Inventory: The inventory of condos decreased significantly by 66.7% in April 2023 compared to the previous year, with only 2 units available. This decline in inventory might be a result of reduced construction activity or increased demand for condos in the area.
Days on Market: Condos in Scarsdale had an average of 0 days on the market in April 2023, suggesting a swift sales process when units are available.
Months of Supply: The months of supply for condos decreased by 55.6% in April 2023, reaching 8.00 months. Despite the limited inventory, the number of months of supply indicates that the condo market is still relatively balanced between buyers and sellers.
Median Sale Price per Square Foot: Due to the absence of sales, the median sale is 0
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