The housing market in Westchester County is moving at record speeds, according to Douglas Elliman’s Q2 2021 Westchester sales report.
For the entire market, including single-family homes, condos, co-ops and multifamily properties, the average sales price is $849,021, up from last quarter’s $690,378, and up from this time last year, when the average price was $720,777.
The median sales price has hit its second-highest price on record, $649,000.
There were 2,923 sales closed in the quarter, up from the 1,815 total sales in Q2 of 2020. This is the third consecutive quarter that the number of sales year-over-year remains growing.
Luxury properties, or those in the top 10% of single-family sales prices, have seen the most growth. The average luxury price is up 27.1% from last quarter, to $3,173,298. The year-over-year growth rate of sales above $1 million was double that of the sales below $1 million. There were 189 luxury sales closed this quarter, compared with 122 this time last year and 154 last quarter.
Scott Durkin, president and chief operating officer at Douglas Elliman, attributes this growth and the growth in the suburban markets at-large to clients not only wanting more space or to relocate due to the pandemic, but also to changing lifestyle preferences.
“While spending more time at home, people had the chance to reflect on what they really wanted and required from their space,” Durkin said. “For this reason, our clients began seeking out larger homes with bonus features such as home offices, separate dining rooms, smart technology, playrooms and outdoor amenities including pools, tennis courts, vegetable gardens, etc. that could service all of their needs not only during a pandemic, but at any time in their lives.
“Our clients value owning a safe haven or retreat where family, friends and neighbors can gather during holidays, special occasions or weekends, and I do not see that changing any time soon.”
Inventory for luxury homes also fell to its lowest level in more than a decade.
Single-family homes are not far behind luxury homes. Average prices are up 21.8% in the category and up 55.5% in the number of sales from last year, marking the largest year-over-year growth rate for single families in over a decade.
And it’s a seller’s market as nearly 40% of sales closed above the last listing price.
“Limited supply is yielding record prices,” Durkin said. “If you”™re considering listing your home, now is a great time to sell.”
Condo sales have doubled from last year, a phenomenon Durkin partially attributes to those looking to downsize from larger properties.
“In previous years, parents with adult children would trade their suburban homes for city condos,” he said. “Today, while they might want to rid themselves of the maintenance of large homes on large lots, they want to remain in the area ”“ especially in-town locales that are walking distance to shopping and the train station.”
Other local market studies have also attributed this growth to diminishing options in other categories such as single-family homes.
New highs are noted to the north in Putnam and Dutchess counties as well.
In Putnam, the number of sales continued to rise year-over-year for the fourth consecutive quarter, at 397 compared with 2020’s Q2 sales of 246. Time on the market is at its lowest level on record.
All price trends are up to new records year-over-year.
For Dutchess, median sales prices reached new records, hitting $380,000, up almost 25% from last year.
Sales have hit the highest rate on record for the second consecutive quarter, and months of supply have decreased by more than half as compared with last year.
“As society continues to embrace more remote and flexible work that allows people to spend more time at home and less time commuting to large cities, I believe our suburban and country markets will continue to flourish in 2021,” Durkin said.
