Priscilla Toomey: Spring Real Estate Market Under Way with Short Supply Print

Written by Priscilla Toomey, Associate Broker, Julia B. Fee/Sotheby's International Realty

Jan. 28, 2015: The temperatures may still be freezing, but the spring market is under way. At the moment, inventory remains in short supply. As of January 1, there were only 13 detached single-family homes on the market in the Village of Bronxville. The median asking price for those homes was $3,950,000 and the average was $4,927,308.

There were 23 homes in this category at the end of the third quarter, with a median price of $3,495,000 and an average asking price of $4,046,043. What this reflects is that 9 of the 13 homes had asking prices above $3 million, a category in which sales have been slow. For the three homes under contract on January 1, the median price was $2,750,000 and the average asking price was $2,595,000.

For townhouses, a frequent point of entry to the Bronxville Village market, prices remain high, with the median asking price for the 5 townhouses currently on the market at $1,295,000 and the average asking price at $1,320,800. There are currently 4 townhouses under contract. Their median price was $967,000 and their average price $998,250.

For the full year 2014, the number of single-family homes sold was 58, versus 60 for the full year 2013. Prices, too, were close both years. The median price was $2,190,000 for 2014, versus $2,009,500 for 2013, and the average price was $2,176,100, versus $2,133,000 in 2013. The price per square foot was also flat in this category. In 2014 it was $622.70, versus $621.55 in 2013.

However, there were two categories with significant movement. They were townhouses and larger (3- and 4-bedroom) co-ops. Although the number of townhouse sales rose to only 25 for 2014, versus 24 for 2013, the median price rose to $1,144,900 in 2014, versus $944,500 in 2013. The average price rose to $1,185,680 in 2014 from $996,673 in 2013. Price per square foot rose to $607.60 in 2014, versus $540.50 in 2013.

For the larger co-ops, the median price in 2014 was $870,000, versus $765,000 in 2013. The average price similarly rose to $971,064 in 2014. It had been $864,233 in 2013. The price per square foot went to $521.82 in 2014 from $471.63 in 2013.

It will be interesting to watch which trends continue into 2015 and which ones change.

Pictured here: Priscilla Toomey, associate broker, JD, ABR, Top5, certified EcoBroker, SRES with Julia B. Fee/Sotheby's International Realty, 2 Park Place, Bronxville, NY 10708; cell, 914-559-8084; e-mail, CLOAKING .