I thought it would be interesting to do a monthly analysis of the local Real Estate market in different areas of Southern Westchester.
This month, let’s take a look at the Bronxville PO section of Yonkers.
Here is brief table with basic data.
To give some context, for the five-year period 2015-2019 we had an average of 54 sales per year with a median number of days on market of 51. The median price for this period was $698,000 to $820,000. The high end of that range reflects the median price for 2017 which was a stunning 20 year high.
Covid hit and our market shifted dramatically with high demand from people fleeing cities. Then, the interest rate increases shifted our market further. We are now entrenched in a post Covid market with low inventory and a median price that continues to inch up. I note that 13 of the 28 sales already closed in 2024 sold for more than the asking price. That is a strong indication of a solid market.
The single biggest factor keeping our inventory low is the low mortgage rates that homeowners are loath to give up. Pundits continue to speculate that if rates come down, inventory will improve and sellers will surrender their properties to the market. From where I am sitting, I do not think that mortgage rate drops are going to be significant enough to shake loose enough properties to have the effect of changing our general market conditions.
As I said in a previous article “It is a great time to be a Seller”. I believe that remains the case.
*Days on Market-from list date to contract
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