Priscilla Toomey: June Is Unusually Busy Month for Bronxville Village Real Estate Print

Jun. 11, 2014:  When we looked at the market at the beginning of January, there were only nine single-family homes on the market in Bronxville Village, of which two were townhouses and two already had accepted offers. We noted that inventory was painfully thin at that time. But times have changed!

As of June 1, there were more than four times the number of single-family homes on the market--39--of which five were townhouses. The average asking price was over $3MM, driven in significant measure by a larger than usual number of higher-end listings--fourteen above $3MM as of June 1.

According to past patterns, the Monday after Super Bowl Sunday would have been the start of the spring market, with sellers putting their homes on the market and buyers out looking so that they could be sure to have their children settled well before the start of school--assuming time to find a home and another 60 to 90 days for their purchase to close.

But this year, Mother Nature intervened. It was so cold, snowy, and icy that both buyers and sellers seemed to be hibernating until the weather improved in April. Then the frenzy began, with homes coming on the market almost daily and buyers pursuing them vigorously. Bidding wars were commonplace.

In addition to the homes currently on the market, another 30 were under contract, and the sales of 25 had closed since the beginning of the year. The single-family-home market in Bronxville Village is now more balanced between sellers and buyers and is not the strong sellers' market it was just a few months ago.

The average price of homes sold year-to-date is $2,045,913, and the average price per square foot is $632.24. These figures include both freestanding homes and townhouses.

For coops, the average price of those whose sales have closed since the beginning of the year was $496,109, and the average price per square foot was $382.13. However, these numbers don't reflect the premium prices for the larger three- and four-bedroom apartments for which strong demand has driven up prices to, in several cases, over the $1MM mark. Very few condo apartments have been on the market for sale since the beginning of the year.

June is traditionally a quiet month in Bronxville Village real estate. This year, June remains busy and is expected to pick up even more once graduations and the usual June events are behind us and the drive to be settled before school resumes.

Pictured here:  Priscilla Toomey, associate broker, JD, ABR, Top5, certified EcoBroker, SRES with Julia B. Fee/Sotheby's International Realty; cell, 914-559-8084; e-mail, CLOAKING .

Photo courtesy Julia B. Fee/Sotheby's International Realty