2022 Semi Annual Bronxville Market Update
Hi Friends,
Yes it’s summer and time to kick back – but for those of you who like a little market knowledge to keep your blood flowing (you know who you are), keep reading.
The first half of 2022 was stellar for real estate across the US, and Bronxville was no exception. For detached single family homes, the median sales price of $2,850,000* has increased steadily since 2019, with an increase of +20% so far this year vs. the full year of 2021, and +4% vs. the first half of 2021.
As of June 30th, we are on track to sell approximately 36% more homes this year vs. year ago and price per square foot has jumped to $738 compared to $623 this time last year. The supply demand ratio, as measured by number of active listings (20) divided by pending or “in contract” sales (12) remains strong though this time last year the supply demand ratio was slightly stronger as indicated by a greater number of sales in contract, with 22 active listings and 20 in contract. Though engaged buyers are out there and properly priced homes that present well may get multiple offers, economic indicators and rising interest rates have normalized things since the red hot sellers’ market of the first quarter.
Bronxville townhouses have enjoyed an increase in median sold price since 2020. The median price sold of $1,249,000 is 6% higher than the full year 2021 and 14% higher than the first half of last year.
Price per square foot jumped from $595 to $805 vs. this time last year and the average number of days on market fell significantly from 28 to 9 days. The supply demand ratio reflects the strength of the townhouse market with 2 active listings and 6 in contract vs. the first half of last year with 5 active listings and 3 in contract. As Bronxville townhouses are often appealing to first time homebuyers from the city or beyond, this illustrates Bronxville’s continued appeal to new homebuyers. With employees returning back to work for at least several days a week, the importance of a good commute still matters. Anecdotally, Bronxville continues to represent that sweet spot of all the benefits of the suburbs, while keeping that umbilical cord to everything in the city.
The median sales price of Bronxville coops of $650,000 rose 4% vs. 2021 and 19% over the first half of last year.
This appears to be a recovery from a softer coop market post COVID, due to buyers’ desire for bigger spaces and access to the outdoors. So far, 23 coops sold compared to 14 in the first half of last year and the price per square foot is slightly higher at $486 compared to $480 this time last year. Average days on market increased from 65 to 100, however the number of days varied greatly, from 3 to 308 days. The supply demand ratio suggests a positive trend, with currently 16 active listings and 12 pending sales versus 22 active listings versus 9 coops in contract this time last year.
Despite a shift in the economic tide and the backdrop of both political and economic volatility, Bronxville’s charm, proximity to the city, community and school system continues to support the real estate market. It’s been a wild couple of years and looking forward, my outlook is steady as she goes. The market remains active and with proper pricing, presentation and marketing strategy, homes will retain their market value and sell.
*Source: One Key MLS June 30 2022, Houlihan Lawrence Statistics and Reports