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

July 7, 2021: 

Mid-Year Update

Happy Summer! It’s hard to believe that as I write this, half of 2021 is over. What a time this has been both from a real estate perspective as well as a personal one. Thanks to vigilance and vaccination, it appears that perhaps the worst is behind us. 

From a real estate standpoint, Covid created a seemingly insatiable demand for homes beyond NYC, particularly ones with outdoor space and homes with more room to “spread out” - since “going out” wasn’t an option. 

As the results below demonstrate, many sellers were beneficiaries, although buyers were careful shoppers too. Communities well beyond “the usual suburbs” saw an influx of lookers & buyers since commute time to NYC was no longer relevant in the short term.

However, as the virus wanes (hopefully) and people are again venturing back into NYC, things may be normalizing. As well, people are celebrating summer this year, creating a pause in the market for now. It’s hard to predict the next phase, but here are the stats at mid-year.

Bronxville Village Single Family Homes

Robust demand with limited supply has driven prices up. There are 21 homes in contract (pending) compared with 19 at the same time last year, a 10.5% increase.

Thus far, 28 homes have closed in the first half compared to 22 sales last year, 27% more. Although the most popular price point is still between $2,000,000 and $2,999,999 (13 sales), there have been 3 closed sales in the $4,000,000 to $4,999,999 range compared to none for the first half of 2020. Additionally, there is one house in contract above $4,000,000 and 2 homes in contract above $5,000,000.  

The median price is up nearly 21% year to date to $2,750,000, 10.5% year over year. The price per square foot stands at $623, up 7.2% from the end of 2020.

Village Townhouses, Coops & Condos

There has been one townhouse closing in the first half of 2021. 3 townhomes are in contract ranging in list price from $1,150,000 to $1,565,000. There are 5 townhouses listed now compared to 9 last year, a 44% decline in supply. The median sale price is $1,100,000.

The coop market is marching to the beat of a different drummer. There are more coops on the market now, 22, than at the same time last year when there were 13 units listed, a 69% increase. 

Happily, 9 units are in contract, compared to 5 last year, an 80% increase. 13 units have closed so far, which is the same as last year. The median price is $570,000.

There are 3 condominiums for sale currently, all listed for less than $1,000,000. There are 4 condos in contract, 3 of which are in the list price range of $1,500,000 to $1,999,999. Last year there were 2 offered for sale at this time and 2 in contract. 

Only one condo has closed so far this year, but year over year, there has been a 40% increase in sales (7 compared to 5), and the year over year median is $1,650,000.

Outside the Village

Bronxville PO/Yonkers and the 10552 area of Mt. Vernon are both experiencing a surge in buyer demand. 

In the PO, pending sales are up 80% and listings for sale are down by 47%. 33 homes have closed compared to 30 last year. The median price is up nearly 13% to $808,000. 

10552 has experienced a nearly 9% rise in median sale price to $625,000. Pendings are down slightly – 16 compared to 18 in 2020 – most likely as a result of constrained inventory. 

There are 17 homes for sale in 10552 versus 32 at this time a year ago, a decrease in inventory of nearly 47%.

What’s next? 

The market has quieted down recently compared to the activity we have experienced for the last 12 months. I’m supposing that after a year or more of lockdown, people are taking advantage of their regained freedom. 

It’s natural to take a pause, but stay tuned for what’s next. Real estate has the uncanny ability to surprise people time and again.

Enjoy your summer!

Pictured: Cindy Landis

Photo courtesy Houlihan Lawrence

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