Bronxville School District Third Quarter Results
The third quarter results are in for Single Family Homes in the Bronxville School District. Finally! We are seeing a glimmer of hope for what is made up of mostly luxury homes in this small vicinity. Perhaps just a short-term trend, or perhaps a turn around for the luxury market due to currently hot financial markets.
Median Sales Price
The first metric we will observe is the median sales price within the district. Which made an astonishing jump from roughly 2.1 Million to about 2.9 Million. This is a 26% hike in the median sales price, which when you are in smaller markets can be offset by the sale of a uber-luxurious home selling at astronomical prices. Nonetheless, over the course of the past 3 months we have seen the Median Sales price take a nice jump! Which is finally some exciting news for Homeowners in not just Bronxville but luxury markets in General in Westchester as they have very much so been a buyers market, not following the red hot market of homes of about 2 million and less.
Supply of inventory
What’s equally exciting is a slight down tick in the amount of inventory on the market, which has often been in the 10-12 month range. The months supply of inventory has dropped from 8 months to 7 months of supply, so we are seeing a slow drop in the inventory supply which is also exciting news for home sellers in the area, finally!
Typically the luxury markets follow the financial markets closely so its not a huge surprise that in recent months we are seeing larger ticket homes being sold in Westchester County, this is great news for home sellers specifically in local luxury markets such as Scarsdale, Bronxville, and as far north as Greenwich, where the average sales price exceeds a million dollars.