Robust, Pent-Up Demand, Combined with Record Low Inventory Means Market Will Remain Strong Through Summer
The first quarter of 2021 continued at the same fevered pace that closed 2020. In Westchester County, home sales are up 38.9%, and the average sales price is up 10.9% from the first quarter of 2020. Westchester, Putnam, and Dutchess Counties have remained top choices for City dwellers searching for a more bucolic setting as well as for residents looking to trade up or trade down. The opportunities for recreation and cultural experiences are endless and vary significantly by location. But pent-up demand continues as inventory remains at record low levels, according to the Houlihan Lawrence Westchester Putnam & Dutchess Q1 Market Report released today.
According to the report, single-family homes sold in Westchester County increased 38.9% from the first quarter of 2020, while the median sale price rose 10.9%. Homes sold in Putnam County rose 63% and median sale price rose 16%. In Dutchess County, homes sold rose 38.4 percent and median sale price was up 25.9%. All submarkets surveyed in the three counties showed increases in homes sold and median sale price.
The inventory shortage has made it challenging for buyers looking to relocate out of the City and for sellers to make a move. While some are ready for a change, they fear listing their homes and not having a place to go. Additionally, there are still potential “downsizers” who remain in their larger homes out of necessity as they continue to have multiple family members working from home.
“If the opportunity avails, there is no better time to list your home. There is high demand in all three counties and most price points. 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,” said Elizabeth Nunan, President and CEO, Houlihan Lawrence.
While inventory is down 37% in Q1 as opposed to last year in Westchester, sales are up 38.9%. This has created strong demand in all price points. As a result, the median price rose as well. This increase in sales was quite consistent throughout Westchester. Pending sales increased 32.6% over Q1 last year.
Putnam and Dutchess Counties are experiencing the same decline of inventory and a big uptick in sales. Since the pandemic, buyers are less concerned about the distance to the City. They are either planning to work remotely or at least part of the time, thus making the commute less of a burden. Many areas in Putnam and Dutchess offer wide-open spaces at desirable prices, making them great choices for many.
NYC Gateway (Mount Vernon, New Rochelle, Pelham and Yonkers)
Homes Sold: Up 39%–Median Sale Price: Up 11%
Lower Westchester (Bronxville, Eastchester, Edgemont, Scarsdale and Tuckahoe)
Homes Sold: Up 41%–Median Sale Price: Up 7%
Rivertowns-(Ardsley, Dobbs Ferry, Hastings, Mount Pleasant, Pleasantville, Tarrytown, Briarcliff Manor, Elmsford, Irvington Ossining and Pocantico Hills)
Homes Sold: Up 35%-Median Sale Price: Up 8%
Greater White Plains -(Greenburgh, Valhalla and White Plains)
Homes Sold: Up 51%-Median Sale Price: Up 2%
Sound Shore -(Blind Brook, Harrison, Mamaroneck, Port Chester, Rye City and Rye Neck)
Homes Sold: Up 40%-Median Sale Price: Up 4%
Northern Westchester -(Bedford, Byram Hills, Chappaqua, Katonah-Lewisboro, North Salem and Somers)
Homes Sold: Up 39%-Median Sale Price: Up 20%
Northwest Westchester-(Croton-on-Hudson, Hendrick Hudson, Lakeland, Peekskill and Yorktown)
Homes Sold: Up 34%-Median Sale Price: Up 21%
PUTNAM COUNTY -(Brewster, Carmel, Garrison, Haldane, Lakeland, Mahopac and Putnam Valley)
Homes Sold: Up 63%-Median Sale Price: Up 16%
DUTCHESS COUNTY-Homes Sold: Up 38.4%-Median Sale Price: Up 25.9%
For more information visit: http://www.houlihanlawrence.com
