Home Fairfield Pre-pandemic, Houlihan Lawrence reports mostly solid Q1 regional housing activity

Pre-pandemic, Houlihan Lawrence reports mostly solid Q1 regional housing activity

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New data released by Houlihan Lawrence on Westchester/Dutchess/Putnam housing markets and the luxury home market in Lower Fairfield’s Gold Coast communities found a region where sales and prices were mostly up in the submarkets, even as the COVID-19 crisis was starting to take root and begin its economic disruptions.

fairfield county Westchester housingIn a statement attached to its data releases, Houlihan Lawrence noted that the period covered by the majority of closings were made prior to the COVID-19 pandemic, adding that “first quarter sales were strong in most of the communities we serve, but closed sales are a lagging indicator and reflect market sentiment and activity during the fourth quarter of 2019. Pending sales, those scheduled to close in the next 30 to 90 days, are a leading indicator and are more indicative of what we can expect in the future.”

During the first quarter, 1,050 single-family homes were sold in Westchester, up 6.7% from the 984 sold one year earlier. The average sales price for these homes was $794,974, up from the $755,523 average sales price in the first quarter of 2019. The median sales price of $641,250 was up from the $600,000 level reached one year earlier.

Westchester’s condominium market recorded 233 units sold in the first quarter, a 9.7% drop from the 258 transactions one year earlier. But while sales dropped, prices were up. The $466,493 average sales price increased from the $426,250 level set one year earlier, while the $390,000 median sales price was higher than the $360,000 level from last year.

In Dutchess County, 428 single-family homes sold in the first quarter, down from the 468 sales one year earlier. The average sales price of $328,097 was down from the $340,733 price in the first quarter of 2019, but the $295,000 median sales price was above the $278,000 level set last year.

Dutchess County’s condominium market recorded 96 transactions in the first quarter, down from the 110 transactions in the previous year. Nonetheless, the average sales price for this sector reached $221,165, up from the $215,252 price recorded last year, and the median sales price of $207,000 also rose from last year’s $190,000.

Putnam County recorded 221 single-family home sales in the first quarter, compared with 206 in the first quarter of 2019. The county’s $371,723 average sales price was lower than the $383,663 level from the previous year; the report did not offer a year-over-year comparison of median sales prices for this market.

Putnam County’s condominium market recorded 217 sales in the first quarter, up from the 205 transactions one year earlier. The average sales price of $254,116 was also up from the $213,006 price set one year earlier, and the $251,000 median sales price was higher than last year’s $217,000 level.

In the first quarter luxury housing market, Westchester recorded 44 sales of homes worth $2 million and higher, up from the 29 sales one year earlier. The total dollar volume of $125 million spiked from the $87.8 million from the previous year, and the $2.73 median sales price was above the $2.62 million price from the first quarter of 2019.

The combined Putnam and Dutchess County luxury market saw the sale of 13 homes worth $1 million and higher, compared to the 10 sold one year earlier. However, the $17.6 total dollar volume represented a drop from the $22 million from the previous year, and the median sales price of $1.2 million fell from last year’s $2.29 million price.

Across the border in Fairfield County’s Gold Coast section, the first quarter luxury market in Greenwich saw 27 homes sold at a price of $3 million or higher, compared to 18 one year earlier. The $108.5 million total dollar volume rose from the $88 million level from the previous year, but the $3.65 million median sales price dropped from last year’s $3.87 million level.

Darien saw 12 sales on homes worth $2 million and higher, up from six sales last year. The total dollar volume of $33.5 million was double of last year’s $16.3 million, but the median sales price of $2.67 million was down from last year’s $2.73 million level.

In Rowayton, there was a single transaction in the first quarter for a home worth $2 million or more, the same as the first quarter of 2019. However, both the total dollar volume and median sales price of $2.5 million was up from the first quarter 2019 total dollar volume and media sales price of $2.4 million.

New Canaan recorded the sale of seven homes worth $2 million and higher, the same as last year. The total dollar volume of $22.8 million was higher than the $18.2 million level from one year earlier. The $31.5 million median sales price was higher than the $25.5 million level from the first quarter in 2019.

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