Real estate markets in the Bronxville area, throughout Westchester, and around the country were weak in 2009 as the market absorbed the aftermath of the events of 2008. Declines in job market stability and consumer confidence paralyzed buyers and sellers limiting the number of transactions completed. In the latter part of 2009, confidence returned to the housing market and deal flow increased, but prices were under pressure and volume remained low. Following is a summary of key statistics for New York City, Greenwich, Westchester, Bronxville Village, Scarsdale, and Rye through year-end 2009 (except where noted).
Bronxville Area Market
In general, volume was lower than in 2008 which also was a very low volume year. Prices also were down on a per square foot (“psf”) basis trending back to 2004-2005 levels. Prices now are down from their peak 2007 levels anywhere from 8%-23% in the Bronxville Area (Bronxville Village Homes and Town Homes down 12%, Bronxville P.O./Yonkers down 8% and Bronxville P.O/Cottle down 23%). Surprisingly, the higher end of the market has performed well. More substantial homes sold in 2009 than in 2008 which resulted in the Average Home Sale Prices actually increasing in some markets (hence the need to focus on price per square foot). Days-on-the-Market increased in Bronxville Village for both homes (191 days to 230 days) and town homes (148 days to 208 days) but was relatively consistent in the Bronxville P.O./Cottle and Bronxville P.O./Yonkers markets. The following are key statistics for the Bronxville Area Markets.
