In March, The Bronx saw a significant decline in home sales, new listings, and overall inventory. This is based on a report by the Hudson Gateway Association of Realtors (HGAR). The report highlighted changes in single-family homes, co-ops, and condos. Let’s break down what happened and what this means for The Bronx real estate market.

Fewer Single-Family Homes Sold in The Bronx

Sales of single-family homes in The Bronx dropped by 29.3% in March. This means fewer people bought these types of homes compared to the same time last year. Despite the drop in sales, the prices for single-family homes increased. The median price, which is the middle price of all homes sold, went up by 6.8%, making the median home price $625,000.

Co-op and Condo Sales Also Decrease

The Bronx saw a decrease in the sales of co-ops and condos too. Co-op sales dropped by 28.6%, and condo sales fell by 11.1%. While the number of sales went down, co-ops and condos became cheaper compared to last year. Co-ops now have a median sales price of $205,000, a 2.4% drop. Condos saw a bigger price decrease, with the median price falling by 27% to $247,500.

New Listings Are Down Across the Board

The HGAR report also noted fewer new listings for all types of homes. For single-family homes, new listings dropped by 31.5%. Condo listings saw an even bigger decrease, dropping by 39%. Co-op listings had the smallest decline at 11%. This means that fewer homes are being put up for sale, which could make it harder for buyers to find options in The Bronx.

Inventory Levels Shrink in The Bronx Housing Market

The overall inventory, or the number of homes available on the market, has also dropped significantly. Condos saw the biggest decline in inventory, with a 45.1% decrease. Single-family homes followed with a 44% drop in available properties, and co-ops saw a 22% reduction in inventory. This means that there are fewer homes for people to choose from if they are looking to buy in The Bronx.

Hope for the Spring Market in The Bronx: Potential Real Estate Growth Ahead

Despite the drops in sales, listings, and inventory, there is some good news. Pending sales, which are homes that are under contract but haven’t closed yet, increased by 30.3%. This suggests that the real estate market might pick up in the coming months. HGAR President Carmen Bauman mentioned that the spring season is usually more active for both buyers and sellers, so they expect to see more sales happening soon.

In summary, March was a tough month for the Bronx real estate market, but there may be some hope for improvement as the spring season progresses.