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Home sales in the Bronx down by a quarter, but the borough sees second largest condo sale ever

Home sales activity in the Bronx saw one of the worst performances in the past 6 years with only 352 closed transactions, down 26% over Q2 2011, and down 19% over the same quarter of last year. The median sale price ($230,000) was slightly up (2%) against the preceding quarter, but experienced a double-digit fall (12%) over the same period of last year.

The weak sales number in Q3 2011 came as no surprise, as sales volumes were at near-record lows in the first half of 2011. Home sales numbers in 2011 were down 19% over 2010 after three quarters.

Bronx Home Sales 2011
Home Sales Trend in the Bronx

A bright spot in our analysis was the closing of the second-most expensive ever condo sale in the Bronx – apartment 9C at 3220 Arlington Avenue, a new development dubbed Riverstone Condominiums, which closed for $1,578,287. The duplex spreads over 2,414 square feet, has 4 bedrooms, 3.5 bathrooms, floor to ceiling windows, and a set of high-end amenities, according to the listing description.

The same development, Riverstone Condominiums, also holds the record condo sale in the borough – a $1.7 million sale dating back to 2009. Despite the record-breaking sales, only 15 of the 38 units have sold so far in the building since sales started in 2008, three years ago.

3220 Arlington Avenue Riverdale Bronx
3220 Arlington Avenue Bronx | Source: Halstead

City Island came top again as the borough’s most expensive neighborhood, with a median sale price of $625,000, followed by Allerton – Pelham Gardens ($412,200) and Westchester – Unionport ($385,000) . But the borough’s largest transactions happened in Riverdale, a neighborhood which would have ranked on top if only single-family homes were considered in the analysis, as apartment sales dragged the median sale price down. The most expensive home was 5000 Independence Avenue, a 3,000 square-foot single-family home that sits on a massive 30,800 square-foot lot.

Note: For the purpose of this report we have analyzed sales of single-family homes, condo and coop units.