Priscilla Toomey on the State of the Real Estate Market: First Half of 2016
By Priscilla R. Toomey, Licensed Associate Real Estate Broker, Julia B. Fee/Sotheby's International Realty
Jul. 13, 2016: We waited and waited for the local spring market in real estate to materialize in Bronxville Village. The conclusion we were able to draw is that seasonality has become less of a factor locally and price more of a factor.
In some nearby markets where average prices for single-family homes are lower, like Pelham, Larchmont, and the river towns, the spring market hummed along, with bidding wars on many properties. In Bronxville Village, where the average price of stand-alone single-family homes has been in the mid-$2MMs for a couple of years, the number of year-to-date sales was just slightly higher than a year ago and prices were softer than they were for the same period last year.
The inventory of single-family homes in Bronxville Village continues to be healthy, however, and remains weighted toward the higher end. About two-thirds of homes currently on the market are priced at $2.5MM and above. More than two-thirds of the single-family homes currently in contract had asking prices above $2.5MM. Nine of the twenty-two stand-alone single-family homes whose sales closed during the first six months were at a price above $2.5MM
For the first six months of 2016, compared with the same period in 2015, the number of sales of stand-alone single-family homes was 22 versus 19; the average price was lower: $2,602,955 versus $2,976,895. The price per square foot was $656.53 versus $720.22. The number of townhouse sales declined but the average price went up, to $1,116,111 from $1,064,536, although the price per square foot went to $601.09 from $619.30.
For co-ops, the sweet spot could be found in the apartments with larger square footage and at least two bathrooms, even those with only two bedrooms. The amenities buyers looked for were an elevator, an attractive layout, at least two bathrooms, and reasonable parking. Only one condominium apartment sold during the first six months of 2016, not enough activity to form any conclusions for that segment.
Mortgage interest rates remain attractively low. It will be interesting to watch the rest of the year develop.
Pictured here: Priscilla Toomey, licensed associate real estate 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; email,
Photo courtesy Julia B. Fee/Sotheby's International Realty
