2011 Year End Report and 2012 Outlook

2011 Summary

Real estate markets in the Bronxville area and throughout Westchester, were stable in 2011 after recovering nicely in 2010 from an extremely weak 2009.   Last year we formed a solid price base from which the real estate markets may once again see price appreciation.  The first half of 2011 was very busy but the 3^rd and 4^th quarters slowed due to global stock market volatility, the European debt crisis, and uncertainty on Wall Street.  In December, the market improved as buyers came out and some deals got signed.  Hopefully, the confidence and activity we experienced in December continues into the New Year.

 Bronxville Area Market

In general, volume was lower in 2011 than in 2010- – a historically high volume year. The 10-year average sales volume in Bronxville Village has been 46 home sales.  The 5-year average sales volume has been 39.  Currently, we are at the 5-year average volume level.  Prices were flat on a price per square foot basis and for the Average Home Sale Price.  Prices continue to trend back to 2003-2004 levels and are down on average approximately 15% from the 2007 peak. Bronxville Village has been the most resilient market due to the highly ranked school district. Median home sale prices are higher indicating that more high-end homes are selling.  In general, the lower-end buyers are seemingly more concerned with job loss and the possibility of lower bonuses.

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Bronxville Area Market Stats