Town Of Eastchester Market Data

The first quarter of 2017 has ended and the market statistics are in!

 

Here is the most recent single family data in the Town of Eastchester specified by village and their respective School Districts (Eastchester, Tuckahoe, and Bronxville). For comparison we will be looking at March 2016 numbers in each of the School Districts. All of the data will be followed by a summary of what each School District is reflecting and what the trends tell us.

Eastchester School District:

MARCH 2016 AVERAGE SALES PRICE: 722,500

 

MARCH 2017 AVERAGE SALES PRICE: 807,783

INCREASE OF 11.8%

 

HOMES FOR SALE MARCH 2016: 32

HOMES FOR SALES MARCH 2017: 32

 

PRICE PER SQUARE FOOT 2016: $367

PRICE PER SQUARE FOOT 2017: $404

REFLECTS A 10.1% INCREASE

 

DAYS ON MARKET 2016: 75

DAYS ON MARKET 2017: 85

 

MONTHS SUPPLY 2016: 3.1

MONTHS SUPPLY 2017: 3.5

LP/SP 2016: 98.4%

LP/SP 2017: 97%

 

The Eastchester School District is the best performer of the three School districts when we compare it to last year. We see about an 12% increase in the average sales price in the market, while the exact same amount of inventory for sale is on the market. We also see an increase in the price per square foot up about 10% since last year. A slight increase in the supply of inventory from 3.5% (This means that at the current rate of sale, all inventory will be sold in about 3.5 months). The average list price to sales price has decreased to about 97%, meaning sellers are getting on average about 97% of what they are asking for. We can attribute this to the sellers and brokers tendency to price aggressively while the prices are trending upward and supply is low. The amount of inventory has increased slightly but we still see a lack of inventory for sale and a lot of activity in the average price range (about 800k) for Single Family in the Eastchester School District.

 

 

 

TUCKAHOE SCHOOL DISTRICT

MARCH 2016 AVERAGE SALES PRICE: 1,115,369

 

MARCH 2017 AVERAGE SALES PRICE: 773,156

DECREASE OF 30.7%

 

HOMES FOR SALE MARCH 2016: 21

HOMES FOR SALES MARCH 2017: 18

 

PRICE PER SQUARE FOOT 2016: $366

PRICE PER SQUARE FOOT 2017: $314 REFLECTS ABOUT A 14.2% DECREASE

 

DAYS ON MARKET 2016: 82

DAYS ON MARKET 2017: 97

 

MONTHS SUPPLY 2016: 5.3

MONTHS SUPPLY 2017: 5.2

LP/SP 2016: 93.1%

LP/SP 2017: 95.1%

The Tuckahoe School District shows some interesting data when compared to March of last year. It must be taken into consideration that the Tuckahoe School District encompasses a small amount of homes and can be influenced greatly by sales in their luxury markets, such as Bronxville Manor situated alongside of the Siwanoy Country Club. This is why we notice such a drastic decrease in the average sales price from about 1.1 million to 773,156. We notice a slight drop in the inventory for sale there. Along with a slight drop in the price per square foot. The days on market has increased, again most likely due to aggressive pricing due to the market trending upwards. The list price to sales price average has increased to sellers getting about 95% of what they are asking, most likely due to minimal luxury sales this year which is also reflected in the average sales price.

 

BRONXVILLE SCHOOL DISTRICT

 

MARCH 2016 AVERAGE SALES PRICE: 2,007,222

 

MARCH 2017 AVERAGE SALES PRICE: 1,541,488-

 REFLECTS A 23.2% DECREASE

HOMES FOR SALE MARCH 2016: 36

 

HOMES FOR SALES MARCH 2017: 47

 

 

PRICE PER SQUARE FOOT 2016: $367

PRICE PER SQUARE FOOT 2017: $404

REFLECTS A 10.1% INCREASE

 

DAYS ON MARKET 2016: 122

DAYS ON MARKET 2017: 82

DECREASE 29.5%

 

MONTHS SUPPLY 2016: 6.8

MONTHS SUPPLY 2017: 10.2

INCREASE 50%

LP/SP 2016: 93.5%

LP/SP 2017: 96.8%

 

Bronxville School District is the slowest performer of the three school districts, which is not a surprise as we have seen a lag in recent years in the luxury sector. We have seen a 23% drop in the average sales price, not surprising as the very high end homes at the top of the market have had little movement. We have also seen an increase in the amount of inventory on the market, making Bronxville generally a buyers market with 10.2 months supply of inventory on the market, with the exception of the homes in the market place that are priced around 2 million and below. Sellers on average are obtaining more than they were this time last year at 96.8% of the listing price, this we can attribute to brokers and sellers gaining a good education of where they need to be on pricing to actually sell their home over the last couple of years.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Create a free website or blog at WordPress.com.

Up ↑

%d bloggers like this: