Key Metrics:  2016 (vs 2015):

• Number of Sales: 58  (vs 62)
• Median Sale Price: $2,192,500   (vs $2,175,000)
• Average Sale Price Per Square Foot: $659/sf   (vs $673/sf)
• Average Days to Contract: 83  (vs 87)
• Average Days to Close: 156  (vs 155)
• Average Sale price reduction versus Original price: -7.1%   (vs -7.0%)
• Percentage of luxury homes sales $3M+:  22%   (vs 15%)

Number of Sales

The number of single family home sales (including Townhomes) dipped slightly for the 3rd straight year to 58  – from 62 in 2015.  It’s important to note, the average  number of sales during the last 21 years have only been 65 sales per year.  The record high of 88 sales was set way back in 1997.

Median Sale Price

The median sale price of a single family home increased for the fourth straight year to $2,192,500 –  a 21 year record high.

Bronxville’s single family MSP is currently 12.4% higher than its 2007 pre-recession high of $1,950,000.

Average Sale Price per Square Foot

The average price per square foot dipped slightly to $659 in 2016 – from $673 in 2015.  But, 2015 was a 21 year record high.

Days on Market

The number of days from the listing date to contract date decreased to 83 days – down from 87 in 2015.  This metric has been on a downward trend since the outrageous high of 170 set in 2009.

Unfortunately, the days from contract signing to closing have not been on a similar trend but rather continue to add more than two additional month to the overall closing process.

(Note: contract dates are not available in the MLS database prior to 2000.)

Original List Price Reduction Rates

Back in 2009, price reductions hit a record high of 19.3%.  Then steadily declined to 5.6% by 2014.

It now appears sellers are once again “trending ” to be too optimistic regarding price.  For the second straight year, buyers were able to wrangle price reductions of  7.0% in 2015, then 7.1% in 2016.

Price Bands

For the second straight year, the majority of Bronxville single family homes sold for more than $2 Million.  And, 22%  sold for more than $3 Million – up from 15% in 2015.

Entry level home buyers are finding it more and more difficult to locate a single family home priced below $1 Million.  Should one come on the market, the buyer should be prepared to act quickly.