Houlihan Lawrence: Westchester residential real estate market still booming in Q3  

The Westchester residential real estate market continued to be hot during the third quarter of the year, according to a new report from real estate brokerage Houlihan Lawrence.

The number of sales for the period rose 8.2%, with the median sale price up 5.8%. For the year-to-date, sales have been up by 28.3% with the median sale price up 8.1%.

Overall, the prices paid for single-family homes in Westchester were slightly more than 1% above the listing prices. The average price per square foot was $390, a 12.1% increase from the $348 per square foot in the third quarter of last year.

The condominium sector saw a 45.2% increase in the number of units sold during this year”™s third quarter as compared with the same period last year. This year, there were 485 condos sold during the third quarter, while last year the number was 354. The median sale price was up 10.7%, reaching $470,000.

The number of co-ops sold in Westchester was up a dramatic 66.2% over the third quarter of 2020. There were 565 co-ops changing hands this year, compared with 540 in the third quarter of 2020. The median sale price was up 11.1% from $180,000 last year to $200,000 in this year”™s third quarter.

The Houlihan Lawrence report showed a 14% increase in the median price for single-family homes in Putnam County, but a relatively modest 1% increase in the number of sales during the third quarter of this year as compared with the third quarter of last year. There were 347 sales in the third quarter of 2020 and 349 in this year”™s third quarter. The median sale price in this year”™s third quarter was $468,000.

There were 62 condominiums sold in Putnam during this year”™s third quarter, a 24% jump from last year”™s 50 units. The median sale price was up 20.7% to $300,000.

In Dutchess, the number of single-family homes sold dipped 7.2% to 745 from the 803 recorded in the third quarter of 2020. However, the median sale price went up 17.9%, to $409,000.

The condominium market in Dutchess was especially strong in the third quarter of this year with 38% more units sold than in last year”™s third quarter. In the third quarter of 2021, 167 condos were sold with the median sale price rising 3.7% to $256,000.

“While it is an excellent time to list a home, pricing is critical as buyers have become more discerning as the urgency at the beginning of the pandemic has waned,” Liz Nunan, president and CEO of Houlihan Lawrence said. “While New York City is offering attractive pricing and experiencing increased buyer activity, helping to fuel its recovery, many buyers desire more square footage, outdoor space, and the respite that our counties offer. It is yet to be determined what percentage of the workforce will continue to work from home, be it full-time or part-time, but the ability to do so comfortably remains top of mind for today”™s buyers.”