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12/16/2020 by HOM

Talking Real Estate

2020 will go into the record books as a notable real estate year in the Bronxville PO section of Yonkers.

2019 Volume of Transactions for the 12 month period: 40 home sales

Year to date 2020 (Dec 5) Volume of Transactions: 60 home sales

What the above stats do not include are the other 20 homes that are in contract as of this writing! 2020 has been a delightful and distinctive break from the downturn that we witnessed in the two previous years. The volume of transactions is the most significant marker that has turned around, but median price has made a nice surge forward to $750,000 from the 2019 median of $698,750. We still have work to do to move that number back up to the $800,000 range where we sat from 2014 to 2017. However, recoveries always start with volume and then move to price so we are headed in the right direction.

In my last market update, I talked about the robust summer market and noted that September market activity seemed to have quieted. That was in fact the case with only four contracts signed that month. However, October activity picked up substantially with eight signed contracts, and November followed with a very nice seven additional contracts.

The $1 million plus market has had an excellent rebound from 2019. Year to date we have seven closed sales and, more remarkably, of the 20 homes currently in contract, seven of them are in the $1 million plus category.  Some of those contracts won’t be closed by year end, but the improvement is noteworthy nonetheless.

The overall feel of the market is a positive one. Of course, the pandemic is still with us, but positive news of coming vaccines provides a somewhat distant light at the end of the tunnel. My prediction for 2021 is for us to continue to have good volume of sales activity and gradually increasing prices.

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