Bronxville 2018 Market Report

349 PON DFIELD ROAD, B RONX VILLE

Bronxville Brokerage 2 0 1 8 A N N U A L R E A L E S TAT E R E P O R T

Dear Neighbors, Wishing all of you a happy and healthy 2019!

2018 marked 10 years since the 2008 Financial Crisis. Some of the changes in buyer behavior that we see today continue to be a reaction to that event. Today’s buyers are cautious, having watched or experienced the real estate realignment of 2008/9. They tend to underspend their budget, “just in case” or to prepare for “a

Houlihan Lawrence is the Market Leader 2018 Market Share

rainy day”. Additionally, millennials consume data of all sorts, using it for analysis and decision making rather than relying on their hearts and hunches. Technology, as applied to real estate data, has also been a boon for potential buyers. In short, a more cautious and informed generation of homebuyers has emerged.

Other characteristics of today’s buyers are a desire to focus on a move-in ready home and one that is close to transportation. Convenience and condition rule.

Bearing this in mind, steps to achieving liquidity in real estate are thinking like a buyer and behaving accordingly. Stage your home to appeal to buyers: fresh paint (and color schemes), fewer things, and refreshing your home’s look.

Pricing your home correctly is also of the highest importance. Compare your home to similar homes both in the Village and in other local areas to make certain that you are competitive; keep in mind that changes to the Federal tax code make Westchester taxes less deductible than in the past. Accept that markets move, get ahead of a trend. And above all, use a professional for advice so that you don’t get dragged down in the details.

Bronxville School District S I N G L E F A M I LY H O M E S

76

%

TO W N H O U S E S

89

%

C O O P E R AT I V E S

Highlights of 2018: The Village Townhouse market was the big winner in 2018. Sales (although still few) improved by 50%, from 6 to 9 units and the price per square foot rose 10% from $609 to $668. The median also climbed from $1,052,500 to $1,250,000, +19%.

49

%*

The Coop Market also performed well. Sales were off by 7% (really only 3 fewer closings: 38 v. 41) but median rose to $595,000 from $535,000, an 11% increase.

Price per square foot rose to $461 from $451.

Bronxville P.O/Yonkers

Single Family Detached home sales stalled for part of the year, and the

S I N G L E F A M I LY H O M E S

statistics show it. Unit sales declined to 39 transactions from 50, down 22%. The median price was $2,100,000 a decline of 11% from $2,350,000. Price per square foot dropped slightly, by 3%, to $649. The positive news is that 2018 ended with several homes going into contract in the last month of the year.

In summary, the statistics seem to bear out the idea that buyers are very conservative in choosing their new residence, and sellers must woo them. Nonetheless, Bronxville is a community that is often imitated, but never duplicated. The charm, the school, the proximity to New York City and the convenient, yet sophisticated, lifestyle have nearly universal appeal.

We will keep you up to date as 2019’s trends develop.

Warmly,

36

%*

Bronxville P.O/Tuckahoe S I N G L E F A M I LY H O M E S

29

%*

CYNTHIA LANDIS

Bronxville Brokerage Manager Associate Real Estate Broker O 914.337.5400 Ext. 11344 CLandis@houlihanlawrence.com

*Number 1 office ranked in dollar volume. Source: HGMLS, 1/1/18-12/31/18, total dollar volume sold Single Family homes detached, Bronxville School District, by office. HGMLS, 1/1/18-12/31/18, total dollar volume sold single family homes attached, Bronxville School District, by office. HGMLS, 1/1/18-12/31/18, total dollar volume sold Cooperatives, Bronxville School District, by office. HGMLS, 1/1/18-12/31/18, total dollar volume sold Single Family homes, Bronxville PO/Yonkers, by office. HGMLS, 1/1/18-12/31/18, total dollar volume sold Single Family homes, Bronxville PO/Tuckahoe, by office.

10 Year School MarketDistrict History Bronxville Market Overview S I N G L E F A M I LY H O M E S – D E TA C H E D

Homes Sold Full Year

1 0 Y E A R M A R K E T H I S TO RY $3,000,000 $2,455,000 $2,150,000

$2,100,000 $1,900,000

$2,000,000

120 $2,350,000

110

$2,190,000 $1,975,000

$2,100,000

$2,009,500

100

NUMBER OF HOMES SOLD

AV E R A G E S A L E S P R I C E

$2,500,000

130 $2,605,000

90 80

61

59

$1,500,000

60

70

58

$1,000,000

60

50

42

45

39

39

40 30

21

$500,000

50

20 10

0

UNITS SOLD

MEDIAN PRICE

PRICE/SQ FT

0

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

21

59

39

61

60

58

45

42

50

39

181%

40%

$2,150,000

6%

34%

$1,900,000

$2,100,000

12%

$571

11%

$563

$554

56%

$1,975,000

6%

$562

2%

$2,009,500

2%

3%

22%

$2,190,000

$622

9%

$2,455,000

12%

$621

7%

$2,605,000

$685

6%

$670

22%

19%

$2,350,000

10%

$2,100,000

11%

$670

$649

Source: HGMLS 2009-2018, Single Family homes detached, Bronxville School District.

SOLD BY PRICE POINT

<$1M

41%

2018 - 39 Sales 2017 - 50 Sales

2%

20%

$2M - $3M

$3M - $4M

38%

32 %

0%

$1M - $2M

40% 40%

10 % 16%

60%

$4M+

10 % 10 %

80%

100%

Source: HGMLS, 1.1.17-12.31.17 vs. 1.1.18-12.31.18, single-family homes-detached, Bronxville School District.

H O M E S L I S T E D, S O L D, O R B O T H B Y H O U L I H A N L A W R E N C E

S I N G L E FA M I LY H O M E S AT TA C H E D & D E TA C H E D

55 Alder Lane

19 Garden Avenue

2 Morningside Circle

50 Prescott Avenue

56 Summit Avenue

9 Beechwood Road

18 Gladwin Place

2 Normandy Road

25 Ridgecroft Road

28 Valley Road

12 Beverly Road

22 Greenfield Avenue

6 Normandy Road

80 Sagamore Road

29 Village

6 Chestnut Avenue

26 Homesdale Road

14 Normandy Road

10 Sherman Avenue

3 Westway

5 Courseview Road

65 Kensington Road

40 Oriole Avenue

1 South Road

1 White Plains Road

9 Crows Nest Road

83 Kensington Road

1 Park Avenue Terrace

7 South Road

159 White Plains

16 Eastway

99 Kensington Road

340 Pondfield Road

15 Sturgis Road

43 Woodland Avenue

3 Fordal Road

4 Leggett Road

356 Pondfield Road

24 Sturgis Road

30 Forest Lane

3 Merestone Terrace

360 Pondfield Road

15 Summit Avenue

C O O P S L I S T E D, S O L D, O R B O T H B Y H O U L I H A N L A W R E N C E

3 Alden Place 3A

8 Midland Gardens 3F

25 Sagamore Road 3G

4 Alden Place 3D

9 Midland Gardens 5D

48 Sagamore Road 24

2 Midland Gardens 1C

1 Northgate 5A

54 Sagamore Road 3F

2 Midland Gardens 3B

100 Parkway 2C

1 Stoneleigh 4L

4 Midland Gardens 1H

100 Parkway 4A

7 Tanglewylde Avenue 2D

4 Midland Gardens 5H

72 Pondfield Road 3H

7 Tanglewylde Avenue 6D

6 Midland Gardens 3F

72 Pondfield Road 6E

1 Westbourne 2A

7 Midland Gardens 3L

72 Pondfield Road 6F

7 Midland Gardens 3O

25 Sagamore Road 2L

BRONXVILLE SCHOOL DISTRICT

3 Alden Place

A Selection of Active Listings C O O P E R AT I V E S , B R O N X V I L L E P.O. / YO N K E R S

1 0 1 5 K I M B A L L AV E N U E Web# BB1515374 | Bronxville P.O./Yonkers | $1,450,000

1 N O R T H G AT E # 4 A Web# BB1507905 | Bronxville | $1,395,000

1 EASTBOURNE #3A Web# BB1513331 | Bronxville | $1,295,000

23 SAGAMORE #4F Web# BB1526462 | Bronxville | $865,000

Bronxville P.O./Yonkers Market Overview 10 Year Market History S I N G L E F A M I LY H O M E S

Homes Sold Full Year

1 0 Y E A R M A R K E T H I S TO RY $1,000,000

130

$800,000

$725,000

$716,000

$731,250

$690,000

$803,500

120

$826,250

$808,500

$770,000

110 100

$682,500

NUMBER OF HOMES SOLD

AV E R A G E S A L E S P R I C E

$802,500

90 80

$600,000

64

57

57

70

59

53

56

40

$400,000 30

50

35

33

60

40 30

$200,000

20 10 0

0

UNITS SOLD

MEDIAN PRICE

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

30

33

35

40

57

64

57

53

59

56

$802,500

$803,500

$808,500

$826,250

$770,000

$331

$347

$356

10%

11%

$725,000

PRICE/SQ FT

2%

$716,000

1%

$318

$321

6%

14%

$690,000

$731,250

4%

6%

$306

$310

43%

$682,500

7%

12%

11%

18%

$313

$335

$307

7%

5%

11%

1%

2%

7%

Source: HGMLS 2009-2018, Single Family homes detached, Bronxville P.O./Yonkers School Dist.

SOLD BY PRICE POINT 2018 - 56 Sales

11%

2017 - 59 Sales

12% 0%

<$500K

37%

$750-999K

11%

7%

41% 40%

20%

60%

80%

Source: HGMLS, 1.1.17-12.31.17 vs. 1.1.18-12.31.18, single-family homes-detached, Bronxville P.O./Yonkers School Dist.

H O M E S L I S T E D, S O L D, O R B O T H B Y H O U L I H A N L A W R E N C E

$1M+

9%

41%

27% 20%

$500-749K

S I N G L E FA M I LY H O M E S

24 Anita Road

103 Chatfield Road

68 AKA 70 Eton

209 Pondfield Road

29 Birch Brook Road

145 Chatfield Road

28 Gard Avenue

133 Pondfield Road

354 Bronxville Road

59 Dellwood Road

42 Gard Avenue

24 Rossmore Avenue

41 Cassilis Avenue

37 Deshon Avenue

5 Hampshire Circle

2 Sussex Place

40 Cedar Lane

123 Ellison Avenue

37 Ledgewood Road

9 Wellyn Road

7 Center Knolls

135 Ellison Avenue

51 Merriam Avenue

2 Wellyn Road

29 Chatfield Road

89 Eton Road

65 Millard Avenue

100%

A Selection of Active Listings S I N G L E F A M I LY H O M E S

8 W O O D L A N D AV E N U E Web# BB1518146 | Bronxville | $5,395,000

1 1 T H E H I G H ROA D Web# BB1458640 | Bronxville | $2,975,000

3 B E EC H WO O D ROA D Web# BB1507208 | Bronxville | $4,695,000

1 1 P L AT E A U C I R C L E Web# BB1452425 | Bronxville | $2,950,000

1 5 H A M I LT O N AV E N U E Web# BB1441787 | Bronxville | $3,675,000

1 2 L A U R E L AV E N U E Web# BB1459787 | Mount Vernon | $1,475,000

* O N T H E C O V E R : 349 Pondfield Road | Web# BB1459123 | Bronxville | $5,495,000

Year after year, we achieve more.

CYNTHIA L ANDIS Brokerage Manager

B A R B A R A A N N A DA M S O N Real Estate Salesperson

LO U I S E B AU D O I N Associate Real Estate Broker

NANCY BEERS-NIX Associate Real Estate Broker

TO N I B E S S O N E Real Estate Salesperson

GENE R. BLENDERMANN Real Estate Salesperson

A N D R E A B R AU N S T E I N Real Estate Salesperson

PAT R I C I A B R E E N Associate Real Estate Broker

E L IZ A B E T H C A M P B E L L Real Estate Salesperson

M A R I E L L E N S U L L I VA N CARPENTER Associate Real Estate Broker

TAT I A N A C A S T RO -TA B OA S Real Estate Salesperson

L E S L I E A N N CO RCO R A N Real Estate Salesperson

KRISTINE DESMAR AIS Real Estate Salesperson

M A RG A R E T FA R R A N Real Estate Salesperson

SAR AH FRENCH Associate Real Estate Broker

SUSAN FRENCH Associate Real Estate Broker

H A P PY F R E N C H -Z I N G A RO Real Estate Salesperson

HELEN GERKEN Associate Real Estate Broker

D I A N E F. H AC K E T T Associate Real Estate Broker

PETER A HARRIS Associate Real Estate Broker

S TAC E Y H U G H E S Associate Real Estate Broker

K E V I N H Y LTO N Associate Real Estate Broker

KIR A DOUGHAN JENNINGS Real Estate Salesperson

LY N N J OYC E Associate Real Estate Broker

DA R I A K E LT Y Real Estate Salesperson

BARBAR A KERRIGAN Associate Real Estate Broker

A N D R E W KO R B Real Estate Salesperson

S U S A N K E LT Y L AW Associate Real Estate Broker

EL AINE MCKENNA Real Estate Salesperson

JA M E S F. M C M A H O N Associate Real Estate Broker

M EG A N M C S H E R RY Real Estate Salesperson

C A RO L M O E S E L Associate Real Estate Broker

E M E L DA M O R R I S S E Y Real Estate Salesperson

M A RY K A R E N O ’ S H AU G H N E S S Y Associate Real Estate Broker

VA L E R I E OT TO Real Estate Salesperson

L E A N N E PA N TO L I A N O Real Estate Salesperson

J I L L I A N R A S U LO Real Estate Salesperson

L AU R A C AT H E R I N E REDICAN Real Estate Salesperson

F R E D E R I C K RO M L E Y Associate Real Estate Broker

P E T E R S EG A L L A Associate Real Estate Broker

GINA SISTI Associate Real Estate Broker

R I TA S T E I N K A M P Associate Real Estate Broker

L AU R A S T I C H T E R- B RYS O N Associate Real Estate Broker

SHEIL A MORRISSEY S TO LT Z Associate Real Estate Broker

A N N M A R I E S U L L I VA N Real Estate Salesperson

D E N N I S J. TO R M E Y Real Estate Salesperson

JA N E E . V E RG A R I Associate Real Estate Broker

T H E R E S E ( T R AC Y ) M A RY WA L S H Real Estate Salesperson

C H R I S T I CO L L I N S W E I L D Real Estate Salesperson

M A R I A W E I N D E VA N E Y Real Estate Salesperson

M A RY C L A I R E W H I T E Associate Real Estate Broker

H U G H JA M E S W H I T E Real Estate Salesperson

E L IZ A B E T H D. Y I E N G E R Real Estate Salesperson

S H A RO N L . Z A N Z A N O Real Estate Salesperson

VA L M A R I E ZO R I L A Associate Real Estate Broker

Not Pictured:

@H O U L I H A N L AW R EN CE

@HOULIHANRE

@H O U L I H A N L AW R EN CE

CO U R T N E Y M CC A R T H Y Real Estate Salesperson

9 1 4 . 3 3 7. 0 4 0 0 · H O U L I H A N L A W R E N C E . C O M

List your home with confidence.

WE KNOW WHERE BRONXVILLE BUYERS COME FROM

23 % 23 % 54 %

OF BUYERS ARE LOCAL OR MOVED FROM SURROUNDING COMMUNITIES.

OF BUYERS ARE FROM THE TRI-STATE AREA OR BEYOND

OF BUYERS ARE FROM THE FIVE BOROUGHS OF NEW YORK CITY.

4 VA L L E Y R O A D , B R O N X V I L L E | 9 1 4 . 3 3 7. 0 4 0 0

Source: HGMLS, 1/1/18-9/30/18, Single Family homes, Bronxville School District. Houlihan Lawrence Transactions Database, includes all Houlihan Lawrence buyers and all other buyers of Houlihan Lawrence listings. Percentage may not add up to 100% due to rounding.