40 High Ridge Road, Garrison
Luxury home sales North of NYC have increased in Westchester (closed sales $2M+) and Putnam/Dutchess (closed sales $1M+) by double digits. The growing number of closed sales is concentrated in the lower end of the luxury market. For example, sales over $5M have declined in Westchester and pended sales, a forward-looking indicator, $5M+ are down from the same period last year, according to the Houlihan Lawrence Q3 Luxury Market Report.
In Greenwich, demand is strong up to the $10M+ price bracket. The number of active $10M+ listings have increased by 50% from last year and demand (pended sales) has dramatically dropped off. The report noted that there are a finite number of uber-luxury buyers in every market. Perhaps so many buyers already made a $10M+ purchase the past few years that fewer remaining buyers equate to a statistical sales drop.
In other markets in Connecticut, such as Darien and New Canaan, luxury inventory is being absorbed quickly. The report said that once rates take a meaningful decline, many sellers with a low-interest rate mortgage may reconsider putting their homes on the market and help to bolster the number of luxury homes for sale.
The recent interest rate decline and the resiliency of the equities markets is positive economic news for the luxury market. The presidential election, just one month away, is weighing heavily on the minds of most voters. However, it has been noted that many would-be luxury buyers stayed on the sidelines during past
presidential election years until a president was elected. The Q4 market report may illuminate the impact of the election with data-based insight.
Q3 MARKETS AT A GLANCE (Q3 2024 vs Q3 2023)
Westchester County Luxury Home Sales /$2M and Higher-Homes Sold: Up 23.9%
Median Sale Price: Down 3.4%-Q3 Highest Sale Price: $9,900,000 Rye City
Putnam and Dutchess County Luxury Home Sales /$1M and Higher-Homes Sold: Up 34.4%-Median Sale Price: Down 4.9%-Q3 Highest Sale Price Putnam: $3,500,000 Garrison- Q3 Highest Sale Price Dutchess: $3,675,000 Amenia
Greenwich Luxury Home Sales /$3M and Higher-Homes Sold: Up 24.6%-Median Sale Price: Down 13.7%-Q3 Highest Sale Price: $13,750,000 Greenwich
Darien Luxury Home Sales /$2M and Higher-Homes Sold: Up 21.2%-Median Sale Price: Up 13.1%-Q3 Highest Sale Price: $6,500.000
New Canaan Home Sales /$2M and Higher-Homes Sold: Up 11.8%- Median Sale Price: Up 0.4%- Q3 Highest Sale Price: $6,325,000
