By Cindy G. Landis, Brokerage Manager, Bronxville Office of Houlihan Lawrence

Jul. 15, 2020:  The global pandemic’s effect on the local real estate market has been compelling. New York City buyers, desirous of ‘greener pastures’ outside of NYC, fueled strong demand in the second quarter and created a surge in sales.

Bronxville is not the only community to benefit from those looking for more room for extended families and amenities from tennis courts to swimming pools, but Bronxville is certainly in the mix.

To illustrate, on May 1, closed sales plus pending deals (homes in contract) totaled 23 (13 closed,10 pending). By comparison, in 2019, those numbers were 23 closings and 8 pending totaling 31. The initial strong start to 2020 was seemingly washed away during the initial ‘state of pause.’

As of July 9th, the market has caught up and is positioned to surpass the year to date numbers of 2019. Closed plus pendings are now 44 (22 and 22), which is identical to 2019’s 44 (31 closed, 13 pending). A few additional homes are set to go into contract this week, which will tip the scales in favor of 2020. It’s late in the year for continued buyer demand, although all prognostications are off in this most unpredictable year. Last year’s total closings (57) are within reach if demand continues.

The sweet spot is $2,000,000 - $2,499,999 and the median is up at this point in time to $2,275,000. The higher end of the market ($3,000,000 and up) has also seen an uptick. There are currently 4 homes in contract above $3,000,000, and 5 have already closed this year. In all of 2019, there were only 5 homes the sold above $3,000,000.

The townhouse market has been slower to reap the rewards, but buyers see value nonetheless. The mid year median is $1,140,000; 6 have closed, and 2 are in contract. The coop market has begun to re-open as buildings and management have instituted protocols for showings.

Outside of the Village, high demand prevails. In Bronxville PO/Yonkers, closings plus pendings total 42 so far. That’s the total number of closing in all of 2019. Where this will lead is hard to guess.

Favorable mortgage rates add fuel to the fire, but there are a few additional curveballs coming this year, notably a national election. And don’t forget the prediction of the murder hornets - I wouldn’t rule anything out.

Stay safe! Enjoy your summer!

Cindy Landis, Brokerage Manager, Bronxville Office of Houlihan Lawrence

Pictured here:  Cindy G. Landis.

Photo courtesy Ms. Landis