Houlihan Lawrence has released its report on third-quarter luxury home sales in Westchester, Putnam and Dutchess counties as well as selected Connecticut localities. Although there are mixed signals, the report indicates that the luxury end of the single-family real estate market remains solid.
“In Greenwich, both inventory and pended sales are down. However, homes are selling faster and at the asking price, pointing to a healthy market that is suffering only from a lack of product,” said Anthony P. Cutugno ”¨Sr., vice president and director of private brokerage for Houlihan Lawrence. “In Darien, Rowayton, and New Canaan … homes are selling more quickly than in the same period last year. There is an appetite for new inventory, underscoring the sustained buoyancy of the luxury market.”
In Westchester, where the luxury market begins at $2 million, 267 luxury homes sold in the third quarter of 2022 compared with 242 in the same period last year, a 10.3% increase. The median sale price rose by 4.9% from $2,622,500 to $2,750,000.
The report combined statistics for Putnam and Dutchess where the luxury market begins at $1 million. In the third quarter of this year, 32 luxury homes changed hands, which was a 30.4% drop from the 46 homes that sold in the same period last year. The median sale price went down 6.5% from $1,550,000 to $1,450,000.
The luxury market in Greenwich begins at the $3 million price level and saw 85 homes sold in the third quarter of 2022 compared with 120 in the third quarter of 2021, a 29.2% drop. The median sale price went up 9.7% from $4,237,500 in last year’s third quarter to $4,650,000 this year.
There was a 37.5% drop in the number of luxury homes sold in Darien during the third quarter of this year compared with last year’s third quarter. The luxury market begins at $2 million and there were 30 sales during this year’s Q3 compared with 48 last year. The median sale price went up by 3.2% from $2,775,000 to $2,862,500.
Rowayton experienced a 10% decline in $2 million and up luxury sales with nine sold in this year’s third quarter compared with 10 in Q3 for 2021 The median sale price jumped 17.8% from $2,402,500 to $2,830,000.
In New Canaan, the luxury market also begins at $2 million. There were 43 luxury homes sold in Q3 of this year, a 17.3% drop from the 52 that sold in Q3 of 2021. The median sale price was up by 9.3%, reaching $2,800,000 compared with $2,562,500 in last year’s third quarter.
“Buyers are motivated, decisive, and knowledgeable,” Cutugno said. “They are quick to say yes to a listing that meets their criteria and swift to discard it if they perceive a listing to be overpriced and visually underwhelming.”
