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02/19/2020 by HOM

Here is my summary and analysis of the real estate market for Bronxville  Single Family homes in the Bronxville Village market and my thoughts for 2020.

Bronxville Single Family Homes

A few notes:

  • all of the info supplied here is only for single family detached homes in the Village. I have separate data for townhouses, co-ops and condos
  • the median price in the Village has dropped 25% from 2016 to 2019
  • the volume of transactions in 2019 was up 46% from 39 homes in 2018 to 57 homes in 2019
  • there were 9 properties in contract at year-end; this represents 16% of the total volume for 2019
  • of the 9 properties in contract at year end, 6 of them had asking prices in the $2 to $3 million category; 21 homes sold in that same price category in all of 2019
  • sales under $2 million — 54% in 2019, 41% in 2018, 34% in 2017 & 21% in 2016

The increase in volume of transactions in 2019 (57) over 2018 (39) is the single most significant factor in projecting where this market is going.  It is clear that buyers still value what Bronxville has to offer – an easy commute, great schools, great community. However, the prices that buyers are willing to pay are not at the levels they were a few years ago.

In December of 2019, seven homes in the Village went into contract. This is a phenomenal level of activity for the month of December when, typically, only one or two homes go to contract.  It feels more like the beginning of a spring market. This has happened in years past but not recent.

[It is interesting to note that the market in the Scarsdale school district has a very similar sales history to what is happening in Bronxville]

The 2019 sales volume clearly indicates that the market has turned a corner.  I predict that prices in the Village will level off in 2020 and will remain key in how a property is received by the market. At the end of the day, overpricing will always result in a lower sale price.

I am excited to be starting the year on a positive note and believe it will continue throughout 2020.

 

Joe Houlihan
Broker/Owner
Houlihan & O’Malley Real Estate Services

 

 


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