Q2 residential real estate: prices solid, number of units down

Residential real estate sales in Westchester, Putnam and Dutchess during the second quarter of 2022 saw substantial declines from the previous frenetic levels of prior quarters, according to a new report from real estate brokerage Houlihan Lawrence. The decline in activity was counterbalanced by a rise in prices, with median home sale prices up 6.2% in Westchester, 9% in Putnam and 12.1% in Dutchess.

Sales activity declined 14.2% in Westchester, 20% in Putnam and 25.8% in Dutchess during the second quarter of the year, according to the Houlihan Lawrence report.

“The second quarter of 2022 showed signs that the market is returning to normal from the feverish pace set in early 2020,” Liz Nunan, president and CEO of Houlihan Lawrence said, “This is to be expected due to factors including inflation, stock market fluctuations and an aggressive interest rate hike.”

Nunan added that multiple bid situations are still common on well-priced properties, but there tend to be fewer bidders than seen before.

“Inventory levels are expected to rise slowly, but right now remain historically low,” Nunan said. “Uncertainty in the economy, however, has caused buyers to be more cautious and discerning. As a result, sellers will have to pay close attention to pricing. “

In Westchester, there were 1,590 single family homes sold in the second quarter of 2022, compared with 1,853 in the second quarter of 2021. The median sale price was $881,500, up from $830,000 in the second quarter of 2021.

The number of condominiums sold in the second quarter of this year in Westchester rose 4.2% over the second quarter of 2021. There were 423 units sold compared with 406 in the same period a year ago. The median sale price went up 11.1% from $405,000 in the second quarter of 2021 to $450,000 in the second quarter of 2022.

There were 595 co-ops sold in the second quarter of 2022 in Westchester, a 14.7% increase from the 517 units sold in the second quarter of last year. The median sale price went up from $190,000 to $202,500.

In Putnam County, 240 single-family homes were sold in the second quarter of the year, down 20% from the 301 that had sold in the same period last year. The median sale price went up by 9% from $442,000 to $480,000.

There wasn”™t much condominium activity in Putnam during the second quarter of 2022, with 37 units sold, an 11.9% drop from the 42 condos that sold in the second quarter of 2021. The median sale price dropped 2.8% from $285,000 a year ago to $275,000 in the second quarter of 2022.

In Dutchess County, 490 single-family homes changed hands during the second quarter of 2022, down 25.8% from the 660 that sold in the second quarter of last year. The median sale price jumped up 12.1% from $390,000 to $437,000.

Dutchess County condominium sales sank by 21.4% from the 159 units sold in the first quarter of 2021 to 125 units in this year”™s second quarter. However, prices jumped with the median sale price going up by 24.4% to reach $280,000 from $225,000 in the first quarter of last year.

“While changes in the market are inevitable, there is much that continually attracts buyers to our area,” Nunan said.