A look at first and second quarter sales figures, combined with a peek at homes in contract as of June 30, indicate that 2016’s single family home sales in Bronxville Village are keeping pace with last year’s robust sales volume total of 45. Year to date, there have been 22 single family homes sold in the Village, compared to 19 for the first six months of 2015. In addition, 14 homes were in contract as of the end of June.
If sales continue at this rate through the end of the year, it will be in line with the average number of annual sales in the Village for the past 10 years. After three years of record levels of sales activity from 2012 to 2014, when pent-up demand after the 2008 recession pushed sales to 58 to 61 homes, we returned to “normal” level of sales in 2015. There was a general feeling in the real estate community of disappointment. But this year, that emotion has dissipated, and we are proceeding with business as usual.
We look at contracts as well as sales because traditionally, the majority of the sales in the Village close in the second and third quarters, as buyers want to move prior to the start of the new school year in September. This allows us to have a relatively good picture of the market by the end of the second quarter since we can also see how many properties are in contract at that time. Although there will always be the exception to the rule, most homes that are going to close in the third quarter are in contract by June 30.
In the Bronxville PO area of Yonkers, we see a different trend, with sales shooting up from 15 single family homes sold in the first half of 2015 to 25 for the first half of 2016. The high volume years of 2013 through 2015, with sales levels between 55 and 63, may well continue in 2016. It is more difficult to predict what the sales volume for this year will be here since the last two years had very strong sales in the fourth quarter. If the trend of strong fourth quarter sales continues this year, we could see another year of excellent sales activity in this popular neighborhood right outside the Village. The Bronxville PO area of Yonkers attracts young couples starting out who want the convenience of the easy commute and access to the Village’s shopping, restaurants, and movies. It is also a very popular empty nest location for people moving out of the Village who don’t want to leave the area.
Crestwood, defined as Yonkers with a Tuckahoe address, is another market that experienced strong sales volume in 2012 to 2014 with 31 to 36 units sold. Last year’s activity was slightly lower at 27 and this year is on track to be around that same number, with 15 homes having sold year-to-date. The lack of available properties has been a problem here versus a lack of interested buyers.
Homes in both the Eastchester and Tuckahoe school districts have had very strong sales activity since 2013, and this year sales in both of these districts appear to be on similar levels. Tuckahoe had a sales range of 43 to 51 homes in 2013 to 2015, and Eastchester’s sales volume reached 117 to 135 in the same period. Based on activity through the second quarter quarter —24 homes sold in Tuckahoe and 48 homes sold in Eastchester—and looking at homes in contract getting ready to close in the third quarter, it looks like sales volume in both of these districts will continue at similar levels in 2016.