The Westchester, Putnam and Dutchess residential real estate markets remained red hot in the first quarter of 2021, according to a report from Houlihan Lawrence that was released Wednesday morning.
According to the report, the number of single-family homes sold in Westchester County increased 38.9% in the first quarter of 2021 compared with the first quarter of 2020, while the median sale price rose 10.9%.
Single-family homes sold in Putnam County rose 63% and median sale price rose 16%.
In Dutchess County, single-family sales rose 38.4% and the median sale price was up 25.9%.
In the greater White Plains area, including Greenburgh and Valhalla, the median sale price was up 2%, compared with the 20% increase recorded in northern Westchester, which includes Bedford, Byram Hills, Chappaqua, Katonah-Lewisboro, North Salem and Somers. In addition, there was a 21% increase in Croton-on-Hudson, Hendrick Hudson, Lakeland, Peekskill and Yorktown school districts.
The inventory shortage has made it challenging for buyers looking to relocate out of New York City and for sellers who needed to find a house into which they could move, according to the Houlihan Lawrence report.
“There is high demand in all three counties and most price points,” said Elizabeth Nunan, president and CEO of Houlihan Lawrence. “The number of showings has increased considerably year over year, and with fewer homes on the market, it is typical to have more than one buyer interested in a property. This is creating multiple bid situations on properly priced homes, and sellers are reaping the benefit.”
Inventory in Westchester was down 37% in the first quarter of 2021 as compared with last year, the report said, while noting that Putnam and Dutchess are experiencing the same decline of inventory and a big uptick in sales.
The report said there were 1,472 single-family homes sold in Westchester in the first quarter of the year, up from the 1,060 sold in the first quarter of 2020. The average sale price was $907,621 compared with the $795,02 average a year earlier. The median price increase represented a jump from $640,000 a year ago to $710,000 in the first quarter of 2021.
Condominium sales in Westchester rose from 233 to 297 units. The median sales price in the first quarter of 2021 declined to $375,000 from $390,000 in the first quarter of 2020.
Co-op sales in Westchester did better than the condos, with 484 units changing hands, up from the 380 co-ops sold in the first quarter of 2020. The median sale price was up 9.5% from $175,500 in the first quarter last year to $192,250 in the first quarter of 2021.
