By Sheila Stoltz, Associate Real Estate Broker, Houlihan Lawrence, Bronxville Office

Sep. 21, 2016:  The area markets continue to perform well, which is welcome news. Volume in this area is generally below the 2012-2014 high-volume years, and pricing is lower than in 2015 but still very close to historic high levels. 

The Bronxville area always seems to out-perform given its close proximity to Manhattan and its acclaimed school district. There are regional and local factors that impact our market and may temper price improvement and volume in the near term. 

The Bronxville market has always been impacted by the New York City market. Currently, the New York City real estate market is under pressure because of a number of factors. The strength of the dollar, Brexit, and the decline in oil prices have hurt demand from international buyers, especially for higher-end apartments. Supply in the high-end segment is also coming on line because of new construction. In addition, the continued contraction on Wall Street is decreasing demand in the NYC area. Buyers looking in Bronxville are finding it more difficult to sell their Manhattan apartments at attractive prices and some are forced to put off their Bronxville home purchase or rent.

The high-end market from New York City to Greenwich and beyond is oversupplied. Demographics, economics, and changing lifestyle trends are impacting the high-end markets. Bronxville is seeing increased supply in the high end because of these factors but also as a result of the high-end condominium development called Villa BXV, coming on line in 2017-2018. Empty nesters in Bronxville are purchasing these full-service apartments and either have or will list their higher-end homes in the next year or two. We have had a good high-end market so far this year, with four homes sold or under contract for over $4.0 million. Hopefully, we will continue to have good demand in this segment.

Overall, conditions remain very attractive in the housing market, with interest rates at historic lows and the stock market at historic highs. In addition, we generally have manageable inventory in our area. I do think the factors highlighted above will put some pressure on our market in the near term, but Bronxville and the surrounding areas have always been resilient.

I hope you find the following information and analysis helpful.

Bronxville Village Single-Family Homes

The Bronxville Village single-family home sale market remains steady, with continued strength in the $2.0-to-$3.5 million market segment. In addition, this year we have had a number of higher-end home sales, with four homes under contract or closed above $4.0 million. Currently, we have eight homes listed above $4.0 million. There are 37 homes sold and under contract so far in 2016, with 29 active listings. Hopefully we will have a busy fall market, as we are trending towards a lower volume year.

During the first half of 2016, the market experienced volume similar to that of last year but lower pricing, which was anticipated after the strong pricing in the first half of 2015. The median home sale price was $2.3 million, as compared to $2.8 million in 2015, and the average price per square foot was $656, as compared to $720 in 2015. In the first half of 2016, 22 homes closed, as compared to 19 in 2015.  Approximately 60% of all single-family homes in the village sold between $2.0 and $3.5 million in 2016.  The highest price paid in 2016 was $5.2 million, and the lowest price paid was $1.4 million. 

Bronxville Village Townhome Sales

Bronxville Village townhome sales, after two very strong years of pricing and volume, slowed in the first half of 2016. The townhome market segment remains very strong. The median townhome sale price in the first half of 2016 was $940,000, as compared to $990,000 in 2015, and the average price per square foot was $608, as compared to $625 in 2015. The highest price paid in 2016 was $1.465 million, and the lowest price paid was $810,000. In the first half of 2016, seven townhomes sold, and there are three under contract. There are only five townhomes currently on the market, representing very low inventory heading into the second half of the year. I expect continued strength in the townhome market going forward. Townhomes offer an "urban feel," an attractive Bronxville Village entry price point, and lower taxes in comparison to Bronxville Village single-family homes.

Bronxville Village Cooperative Apartments

Bronxville Village has a large apartment market, including approximately 1,200 apartment dwellings, most of which are co-operative apartments. After a strong 2015, the apartment market continued to perform well. The median sale price dropped from $550,000 in 2015 to $465,000 in 2016. However, the price per square foot increased from $450 per square foot in 2015 to $461 per square foot in 2016, which represents record per-square-foot pricing. Unit sale volume peaked in 2005, with 64 unit sales, and since 2011, unit volume has averaged about 45 units per year. Based on units sold and under contract, I anticipate a lower volume year in 2016. We currently have an inventory of 16 apartments for sale, which is very manageable.  The apartment market attracts newcomers to Bronxville who are interested in an apartment lifestyle and the affordable entry point. The apartments are also attractive to the empty nesters downsizing from larger homes but who wish to remain in Bronxville Village.

Bronxville P.O./Yonkers

The Bronxville P.O./Yonkers market was robust in the first half of 2016. The median home sale price increased from $763,000 in 2015 to $786,000 in 2016. The average price per square foot increased to $328 in 2016, as compared to $303 in 2015. In the first half of 2016, 26 homes closed, as compared to 15 in the first half of 2015. There are 16 homes under contract and 25 homes currently on the market, which is manageable for this time of year. The highest price paid for a home in 2015 was $1.925 million, and the lowest price paid was $425,000. 

Bronxville P.O./Tuckahoe

The Bronxville P.O./Tuckahoe market was stable in the first half of 2016. The median price for the first half of 2016 was $730,000, as compared to $727,000 in 2015. The average price per square foot decreased slightly in 2016 to $327 from $334 in 2015. The highest price paid in 2016 was $1.625 million and the lowest price paid was $399,999. In the first half of 2016, 14 homes closed and six are under contract.  Hopefully we will have a few more sales making 2016 a very strong volume year. There are 18 active homes on the market, which is manageable. In 2016, 50% of the homes sold between $500,000 and $1,000,000, and 36% of the homes sold for more than $1.0 million

Pictured here: Sheila Stoltz, an associate broker with Houlihan Lawrence, works at 4 Valley Road in Bronxville; her office number is 914-227-0400, and her cell number is 914-310-6220.  

Photo courtesy Bronxville office of Houlihan Lawrence