Movement from NYC Continues
The second quarter was tumultuous time for the housing market in Westchester, Dutchess and Putnam Counties as real estate, along with most every other business came to a grinding halt due to the COVID-19 pandemic.
Although pending sales were down in the second quarter, demand remains strong, according to the Houlihan Lawrence Westchester Putnam & Dutchess Market Report released today. Lower supply and increased demand helped elevate the median sale prices in Q2 in both Westchester (+3.6%) and Dutchess Counties (+8.2%) with Putnam County showing a slight decline of 1%.
“Buyers continue to flock to our listings and showings are robust. Multiple bid situations are not uncommon for properly priced homes and the previously softer high end of the market has renewed vigor,” said Elizabeth Nunan, President and CEO, Houlihan Lawrence.
The second quarter was a period of adjustment as all parties involved in a real estate transaction scrambled to meet the demand, all while working virtually, within the guidelines issued by the State. Shortly thereafter came a huge wave of inquiries for short-term furnished rentals to start, soon morphing into single-family home inquiries with an emphasis on home offices and outdoor amenities. As the shutdown wore on, more and more of the workforce embraced working from home as a sustainable model, even if only for part of the time.
“In contrast, many homeowners who chose not to sell at this time opted to sit tight, not wanting to expose themselves to any possible health risks. Residents in our area did not have the same urgency to flee that the residents of NYC did, in fact, quite the opposite. Thus, throughout Westchester, Putnam and Dutchess Counties, inventory was down,” said Nunan.
The report notes that the second quarter data for 2020 is partly the result of an atypical event, a paradigm shift in the wants and needs of the buyers. But the market at the end of the quarter remains strong, and interest rates continue to drive the market forward. It remains to be seen if these trends continue long into the year
More detailed Real Estate Data
WESTCHESTER COUNTY
Homes Sold: Down 24.3%
Median Sale Price: Up 1.4%
NYC Gateway–(Mount Vernon, New Rochelle, Pelham and Yonkers)
Homes Sold: Down 19%
Median Sale Price: Up 6%
Lower Westchester–(Bronxville, Eastchester, Edgemont, Scarsdale and Tuckahoe)
Homes Sold: Down 28%
Median Sale Price: Down 5%
Rivertowns-(Ardsley, Dobbs Ferry, Hastings, Mount Pleasant, Pleasantville, Tarrytown, Briarcliff Manor, Elmsford, Irvington Ossining, Pocantico Hills)
Homes Sold: Down 24%
Median Sale Price: Up 3%
Greater White Plains–(Greenburgh, Valhalla and White Plains)
Homes Sold: Down 22%
Median Sale Price: Down 1%
Sound Shore–(Blind Brook, Harrison, Mamaroneck, Port Chester, Rye City and Rye Neck)
Homes Sold: Down 24%
Median Sale Price: Up 5%
Northern Westchester–(Bedford, Byram Hills, Chappaqua, Katonah-Lewisboro, North Salem, and Somers)
Homes Sold: Down 8%
Median Sale Price: Down 2%
Northwest Westchester–(Croton-on-Hudson, Hendrick Hudson, Lakeland, Peekskill and Yorktown)
Homes Sold: Down 49%
Median Sale Price: Down 1%
