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01/27/2020 by HOM

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

As you review this ‘Snapshot’ of the Bronxville PO market over the past 10 years, note the number of transactions each year as well as the median price. It also shows what segments of the market were strong and which were weak.

Here are some interesting bullet points:

  • the median price in the PO has dropped 15% from 2017 to 2019
  • throughout the post-recession years 2012-18, the volume of transactions in the PO averaged 58 homes per year; in 2019, the volume dropped to 42
  • 14 homes were ‘in contract’ at year end representing 33% of the sales volume for the year
  • of the 14 homes ‘in contract’ at year end, 6 of them had asking prices above $750,000 and 2 had asking prices over $1 million, which had been a weak segment of the market over the past two years. In fact, only 7 homes sold in 2019 for more than $1 million

A significant data point is the drop in sales volume in 2019 as it represents seller resistance to the reality that market values have dropped.  However, the number of homes ‘in contract’ at year end indicates a significant increase in market activity.   In fact, 4 additional homes have gone to contract since the first of the year.

It is clear to me that the market in the Bronxville PO has turned a corner–sellers have adjusted to the new market and buyers are back. They want an easy commute to NYC and a great quality of life, which the PO offers being right near all that Bronxville Village has to offer.

I predict a surge in sales volume for 2020 which will bring us back to a more normal volume of over 50 sales, prices will level off and the median will be similar to the past year.  This year should be a good year for the PO as it seems to have started out on a positive note.

Joe Houlihan
Houlihan & O’Malley real Estate Services

*Market information is from the Hudson Gateway Association of Realtors

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