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    North of NYC North of NYC By Houlihan Lawrence By Houlihan Lawrence by
    Cynthia Landis

    Cynthia Landis

    Branch Manager

    Bronxville Brokerage Office

    M914.275.6743 O914.337.5400


    View Website

    The first half of 2019 has proven that there is buyer demand for well-priced homes in Bronxville, but the activity has shifted toward lower price points.

    After ending 2018 with a scant 39 single-family home sales, tying 2011 for the lowest number of sold homes since the financial crisis, 2019 is seeing a rebound from those numbers. At the mid-year point, 15 homes are in contract and 27 have closed, so 2019 will surpass 2018’s disappointing record. Currently, Bronxville is 42% ahead of the number of closed single-family homes versus 2018’s mid-year point.


    Where are the numbers shaking out? In the past, the traditional “sweet spot” in the village has been the $2 to $3 million range, but this year, 48% of closed deals are below $2,000,000. Forty-one percent are in the $2,000,000-$2,999,999 range, and there are three closed deals above $3,000,000 representing 11% of the homes sold. The highest deal to close this year is $4,650,000. From a price-per-square-foot measure, we ended 2018 at $649 psf, down 3% from 2017, and we are now at $586 psf, an additional decline of 9.7% this year. Year over year, the median sale price is 14.9% lower, although on the bright side, the median is $2,150,000, up 2% from the end of last year.


    The weak spots both in Bronxville and across other affluent lower Westchester towns are the price ranges above $3,000,000.

    Although a few sellers have taken listings “off the market for the summer,” the market is top-heavy. Eighteen of the 45 active listings, 40%, are priced at or above $3,000,000, and there are 7 homes above $5,000,000. Those 7 homes represent slightly more than 4 years of inventory at the rate of 1.6 sales each year over the past 5-year period. In the luxury markets across Westchester (homes priced above $2,000,000), this is the third consecutive quarter of sales declines. Tax reform has made homeownership more costly. The potential silver lining is that with high demand for lower-priced homes, a long supply of higher-end houses, and historically low mortgage rates, it is a great time to trade up in the village.


    The townhouse market, continuing its 2018 strength, has 7 closed deals year-to-date vs. 5 for the same period last year, a 40% increase. There are also 4 deals in contract now, projecting at least 11 closings this year, a number that would exceed all of 2018’s 9 sales. Year over year, the median sale price is down 14.3% but remains high at $1,200,000. At $618 price per square foot, townhouse pricing exceeds that of single-family homes despite dropping 7.4% since the start of this year.


    The local co-op market is performing somewhat less vigorously. Inventory levels are similar to last year’s, but fewer co-ops have sold this year, 17 versus 22, year to date. There is also slightly more inventory in the over $1,000,000 end of the co-op market.


    One of the casualties of having a more robust market in the village (at the lower end) is that the sales in the Bronxville PO/Yonkers market have slowed. Year to date, unit sales are off by 22.7% (17 versus 22), but of greater concern is that pending sales (homes in contract) are off by 50%, potentially anticipating a softening of prices. There are 21 homes for sale above $1,000,000, yet only 2 are in contract. It may be likely that the lower pricing in the village is putting pressure on the PO market.


    There is still a substantial amount of the proverbial wood to chop in the village.

    For sellers who think, “I’d rather wait this out,” the relevant question is what will be a catalyst for a return to “pre-tax reform” prices … and when will that occur? The soft NYC market, a large amount of unsold luxury inventory from lower Westchester to Greenwich, demographic imbalances, and the upcoming 2020 election makes this a good time to consider one’s future plans and get ahead of the curve.

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    Bronxville, NY