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At Halfway Mark, Bronxville Single Family Home Market Lagging

Cynthia Landis is the branch manager for Houlihan Lawrence in Bronxville.
Cynthia Landis is the branch manager for Houlihan Lawrence in Bronxville. Photo Credit: Contributed

BRONXVILLE, N.Y. -- At the half-year mark, the Bronxville Village single family home market is lagging behind 2014 results from a volume and transactions standpoint.

19 single family homes closed during the first six months of the year compared with 27 in 2014 ( a decrease of nearly 30 percent). 18 homes are in contract now compared with 22 as of the same time last year, 24 percent fewer.

Due to homes coming to market later than usual this year, we have 36 homes for sale now across all price ranges, many recently listed. Last year at the end of June, our active inventory was 24.

Price per square foot for the 1st half rose ($720 vs. $621) as did the median sale price to $2,745,000 (but mid-year medians are unreliable). To date, five homes (out of the 19 that have closed) sold for $3,000,000 or more which is an increase over 2014. 'However, of the 36 active listings, 17 are listed above $3,000,000 which is 47 percent of total inventory. Above $3,000,000 the absorption rate is .83 homes per month or 9.9 homes per year equal to 20+ months of inventory at current levels.

“Townhouses” (attached Single family homes) remain in high demand, and the market is constrained by lack of supply. 13 townhouses have closed in 2015 compared to 9 last year, a 44 percent increase. The median sale price is slightly shy of $1,000,000, and the price per square foot remains fairly unchanged after a significant rise in 2014 to $627. There are four townhomes for sale presently and 3 in contract.

The Co-op market is also moving nicely. Closings are up by 25 percent (from 16 to 20) and the price per square foot is $450 for sales this year continuing to rise over last year’s high of $395.

The Bronxville PO market (Yonkers schools) is fairly consistent year-over-year with the median rising slightly to $770,000 and a steady to slightly increasing sales volume. However the 1st half of 2015 compared to 2014 shows a projected decrease in closings for this year and a median of $781,500

Across Westchester County, and across all price points, the market is tracking evenly with 2014 from a median price standpoint (around $635,000) and volume of sales (around 2200 at the halfway point).

Statistics are courtesy of HGAR (Hudson Gateway Association of Realtors)

Cynthia Landis is the Branch Manager and Associate Real Estate broker for Houlihan Lawrence in Bronxville. Click here to visit her website.