Key Metrics: 2017 (vs 2016):
- Property Type: Single Family Homes including Townhomes
- Number of Sales: 56 (vs 58)
- Median Sale Price: $2,237,500 (vs $2,192,500)
- Average Sale Price Per Square Foot: $665/sf (vs $659/sf)
- Average Days to Contract: 89 (vs 83)
- Average Days to Close: 169 (vs 156)
- Average Sale price reduction versus Original price: -8.1% (vs -7.1%)
- Number of luxury homes sales over $3 Million: 13 (vs 13)
Number of Sales
The number of single family home sales, both detached and town homes, dipped slightly for the 4th straight year to 56 – from 58 in 2016.
However, real estate is known to be cyclical. As such, for a big picture perspective, the number of sales during the last 22 years averaged only 65 sales per year. The record high of 88 sales was set way back in 1997. The record low of 28 sales occurred during the recession in 2009.
Hopefully, the trend line will again turn upward in 2018.
Median Sale Price
The median sale price of a single family home increased for the 5th straight year to a 22 year record high of $2,237,500 – from $2,192,500 in 2016.
Bronxville’s single family MSP is currently 14.7% higher than its 2007 pre-recession high of $1,950,000.
Average Sale Price per Square Foot
The average price per square foot climbed slightly to $665 – from $659 in 2016. The 22 year record high of $673 occurred in 2015.
Days on Market
The number of days from the listing date to contract date increased to 89 days – from 83 in 2016. This metric had been on an overall downward trend, since the outrageous high of 170 set in 2009, but may be starting to trend upward again.
Unfortunately, the days from contract signing to closing also increased to 80 days – from 73 in 2016.
Combined, the total days on market have steadily increased in each of the last three years.
(Note: contract date data is 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 appears sellers are once again “trending ” to be too optimistic regarding price. For the third straight year, buyers have been able to wrangle increasing levels of price reductions from sellers: 8.1% in 2017; 7.1% in 2016; and 7.0% in 2015.
In 2017, 3.7% of the 8.1% reduction was to the original list price.
Price Bands
For the third straight year, the majority of Bronxville single family homes sold for more than $2 Million.
13 homes sold in excess of $3 Million in both 2017 and 2016.
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.
