By Cindy Landis, Managing Director, Bronxville Office of Houlihan Lawrence

May 25, 2016:  In Bronxville Village, 2016 is tracking very similarly to 2015 across the market overall. However, various price segments show distinct differences.

We have 45 houses for sale across the entire village market vs. 40 on this date last year--12.5% more. Most of these homes are listed upward of $4 million. As of May 23, 17 deals were in contract in the village for SDF (single family detached homes) and 12 have closed in 2016.

Let’s compare this to last year:  20 deals were in contract and 10 had closed. Adding houses in contract to already-closed sales, you will notice that 17 + 12 is only one less than 20 + 10. In other words, this year is similar to last year in terms of timing and number of deals.

The price range that has the most deals in contract is the $2 to 2,999,999 million range: 10 are in contract and 14 additional homes are for sale. However, sales in that range are off by 20% from 2015 to 2016 (5 vs. 4) and are off slightly less year over the year: 8% = 25 vs. 23.

The $3,000,000 to $3,999,999 range is our most active one by three different measures. Deals closed January 1 through May 23: 2 this year as compared to 1 in 2015; the year-over-year comparison, 6 deals for the last 12 months vs. 2; and deals in contract, 6 at the moment vs. 3 last year. There are 7 houses listed as “active” in that range and, as I mentioned above, 6 additional houses in contract. That is a supply-to-demand ratio of 7:6, which equals 1.16, indicating very high demand, the tightest part of the market at this time.

Why is there any weakness at all in Bronxville? Interestingly, the $1 to 1,999,000 market has been slow to catch fire this year. That sector has a supply-to-demand ratio of 9, “low demand.”  Listings are up 28+% in that range over last year at this time, and pendings (deals in contract) are down by 75%. Year-over-year it is a decline of 37% in closed deals. The house that one gets for one’s dollars in Bronxville in this range may make offerings in other communities look like “more house for the money.” Granted, no other school district offers the “private school environment” that The Bronxville School does, or an equivalent commute, and in my humble opinion, the quality of life is better here! However, buyers in this price point appear to be making choices other than Bronxville.

The other supply build-up that is a challenge for a small market such as we have in Bronxville is the large supply of houses for sale from $4 million and up. Upward of $4 million there are 15 houses for sale, compared with 10 at the same time last year. That means that nearly 32% of the village’s active listings are $4 million or more, compared to 24% same time last year. It does not mean that sales aren’t happening in the ultra-high end; they are, but at the same pace as they always have, while the supply has increased dramatically. To work through this inventory will take time and perhaps some re-pricing. There are some very interesting properties for sale, though, offering a big selection for buyers.

The SFD median is $2,250,000 (mid-year), compared to 2015’s $2,455,000. The PSF (price per square foot) is $659 for sold homes (12 houses only), as compared to $685 for all of last year.

In the townhouse market, we have a lack of supply constraining the market. Three are for sale--all above a list price of $1,000,000, and 2 additional townhouses are in contract. Six have already closed this year; 8 had closed at this time last year, the same as in 2015 at this date. The median price is $982,500 (mid-year), and the average sold price per square foot is $614. For 2015, the PSF was $619, and the 2015 median was $999,000.

Pictured here:  Cindy Landis, managing director, Bronxville office of Houlihan Lawrence.

Photo courtesy Houlihan Lawrence Real Estate