Luxury home sales in markets north of New York show mixed results in Q1 2022

Luxury home sales in markets north of New York City posted mixed results in the first quarter of 2022, with double-digit increases in Westchester County ($2 million sales and more) and Darien (sales of $2 million and more) while luxury sales declined in Greenwich (sales of $3 million and more) and New Canaan (sales of $2 million and more). Luxury sales in Putnam and Dutchess counties (sales of $1 million and above) showed no change.

Westchester County reported 99 luxury home sales sold in the first quarter, an increase of 17.9% from the first quarter of 2021. Luxury homes sold in Putnam and Dutchess Counites totaled 41, unchanged from the first quarter of 2021. The highest selling price for the quarter in Westchester was $8.825 million in Harrison. . Putnam’s highest selling price was $2.1 million in Carmel, while Dutchess’ highest selling price was $12 million in Washington.

In Fairfield County, Greenwich saw 60 luxury homes sold, down 14.3% from the first quarter of 2021. The highest sale price in Greenwich was $11.77 million, which was the highest in the county. Darien sold 19 luxury homes, up 46.2% from a year ago. The highest selling price was $7.05 million. First-quarter sales at New Canaan totaled 20, down 33.3% from the first quarter of 2021. The highest selling price at New Canaan was $4.8 million.

“With historically low inventory and continued high demand in Upstate New York, it’s no surprise that multiple markets have seen a decline in closed sales – fewer homes are available for purchase. 2020 and 2021 have reached record sales. The pace achieved over the past two years is unlikely to continue unabated unless the supply of luxury homes increases significantly,” said Anthony P. Cutugno, Vice President principal, director of private brokerage for Houlihan Lawrence.

Cutugno noted that the low supply/high demand environment has generated fierce competition for a dwindling number of registrations. Multiple offers drove up median selling prices. For example, in Westchester, about 38% of first-quarter luxury sales closed at a premium to list price – the highest being $1 million above asking price.

“The media is abuzz with these amazing real estate stories. However, the majority of Westchester’s first-quarter luxury sales closed below asking price, demonstrating that price sensitivity is a reality. Savvy buyers will overlook unrealistically priced listings in favor of well-priced, well-presented homes that are selling faster than last year. If a quote languishes in the market, it’s often a sign that prices need to be revisited to capitalize on this robust, but not always euphoric, market,” he said.

Cutugno said the lack of inventory isn’t going to correct itself anytime soon. “One of the many factors contributing to the supply shortfall is sellers’ reluctance to put their homes up for sale. They are anxious to get a new home that meets their needs in this environment, perpetuating the dwindling supply of homes on the market.

For sellers wishing to register, there is no better time to do so than now,” he said.

Q1 2022 MARKETS IN BRIEF

Westchester County Luxury Home Sales / $2M+

Homes sold: up 17.9%

Median selling price: up 3.4%

Highest Selling Price: $8,825,000 Harrison

Putnam and Dutchess County Luxury Home Sales / $1M+

Homes sold: 0%

Median Selling Price: Down 21.5

Highest Selling Price Putnam: $2,100,000 Carmel

Highest Selling Price Dutchess: $12,000,000 Washington

Greenwich Luxury Home Sales / $3M+

Homes sold: down 14.3%

Median selling price: up 6.3%

Highest selling price: $11,770,000

Luxury Home Sales in Darien / $2 Million and Up

Homes sold: up 46.2%

Median selling price: up 29.6%

Highest Selling Price: $7,050,000

Sales of new houses in Canaan / $2 M and more

Homes sold: down 33.3%

Median selling price: up 1.9%

Highest Selling Price: $4,800,000

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