Houlihan Lawrence Luxury Market Report
3rd Quarter 2012
Westchester, Putnam and Dutchess Counties
HoulihanLawrence.com
Presented by Anthony Cutugno Senior Vice President Director of Luxury Country Properties Direct: 914.234.0308 ACutugno@houlihanlawrence.com
Q3-2012 Luxury Market Report
houlihanlawrence.com
Q3-2012
Executive Summary
October, 2012
Welcome to our latest update on the local luxury real estate market summarizing luxury sales activity through Q3-2012 for properties priced at $2 Million or more in Westchester County and $1 Million + in Putnam and Dutchess. Recent signs indicate that the relatively robust market environment we saw in Q2 has slowed somewhat and overall we are now in a period of modest growth. Year-to-date, Westchester County sales increased modestly with a 4.9% increase in total luxury homes sold and a 3% increase in total dollar volume. Combined luxury sales in Putnam and Dutchess Counties declined vs. a year ago. Despite the more restrained market environment region-wide, there is plenty of room for optimism as several individual southern Westchester markets are continuing to enjoy record sales. Rye, Scarsdale, Bronxville and Larchmont/Mamaroneck are all registering substantial increases as a reduced inventory of high-end properties coupled with a strong buyer pool have kept demand high. History tells us that it is only a matter of time before luxury buyers turn their attention to points north where the supply/demand ratio is especially favorable to them at this point in time. Luckily, they’ll have plenty of options to choose from as our current inventory of estate properties is truly extraordinary. At Luxury Country Properties, we remain enthusiastic about the future and are employing new strategies to create excitement about our luxury offerings. One of our latest initiatives is a new association with 1stdibs.com, the leading online marketplace presenting rare art, antiques and decorative items from dealers around the globe. Attracting more than 2 million visitors a month including the world’s top designers and collectors, this new partnership will expose our premier listings to a valuable high-net worth audience with considerable international reach as well. Look for us on 1stdibs.com beginning this November. In the meantime, if you have any questions about the luxury market or would like information on our exclusive Luxury Country Properties Program, please contact us at 914.234.0308 or via email at lcp@houlihanlawrence.com.
Anthony Cutugno Senior Vice President Houlihan Lawrence Luxury Division
Q3-2012 Luxury Market Report
houlihanlawrence.com
Despite a soft quarterly report, Westchester County YTD 2012 sales reflects a modest increase vs. year ago for both Total Homes Sold and Total Dollar Volume. Westchester County represented 89% of all luxury sales in the region YTD 2012. Putnam County reigstered substantial increases in Q3-2012 vs Q3-2011. Westchester County Luxury Home Sales - $2 Million & Higher Q3-2012
Q3-2011
% Change
YTD 2012
YTD 2011
% Change
72
94
-23.4%
192
183
4.9%
$198,102,768
$277,404,630
-28.6%
$567,723,248
$551,403,800
3.0%
$2,506,250
$2,477,500
1.2%
$2,600,000
$2,594,000
0.2%
Average Price Per Square Foot
$544
$541
0.6%
$553
$547
1.1%
Average Days on Market
198
185
7.0%
210
214
-1.9%
% Sale Price to List Price
94.2
94.8
-0.6%
93.6
93.4
0.2%
Homes Sold Total Dollar Volume Median Sale Price
Putnam County Luxury Home Sales - $1 Million & Higher Q3-2012
Q3-2011
% Change
YTD 2012
YTD 2011
% Change
4
3
33.3%
9
9
0.0%
Total Dollar Volume
$7,660,000
$4,025,000
90.3%
$15,317,500
$18,425,000
-16.9%
Median Sale Price
$1,987,500
$1,375,000
44.5%
$1,420,000
$1,495,000
-5.0%
Average Price Per Square Foot
$440
$412
6.8%
$401
$485
-17.3%
Average Days on Market
297
371
-19.9%
272
256
6.3%
% Sale Price to List Price
88.7
88.0
0.8%
88.0
91.9
-4.2%
Homes Sold
Dutchess County Luxury Home Sales - $1 Million & Higher Q3-2012
Q3-2011
% Change
YTD 2012
YTD 2011
% Change
6
10
-40.0%
15
17
-11.8%
Total Dollar Volume
$8,467,500
$13,386,350
-36.7%
$24,407,500
$61,127,950
-60.1%
Median Sale Price
$1,275,000
$1,270,550
0.4%
$1,315,000
$1,575,000
-16.5%
Average Price Per Square Foot
$322
$401
-19.7%
$455
$529
-14.0%
Average Days on Market
370
168
120.2%
346
249
39.0%
% Sale Price to List Price
82.6
92.3
-10.5%
86.7
77.7
11.6%
Homes Sold
Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service.
3rd Q–2012 Luxury Market Report houlihanlawrence.com
Houlihan Lawrence remains the leader in luxury home sales throughout the region.
Westchester County Luxury Home Sales $2 Million & Higher
Houlihan Lawrence 56%
17%
6%
Putnam & Dutchess Counties Luxury Home Sales $1 Million & Higher
Houlihan Lawrence 56%
14%
7%
Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service
Q3-2012 Luxury Market Report
houlihanlawrence.com
YTD 2012, over 70% of luxury homes purchased in Westchester sold for under $3 Million. 80% of luxury homes purchased in Putnam & Dutchess YTD closed between $1-1.999 Million. The top-tier of the market is less robust with only 1 property closing in Q3-2012 over $5 Million. Westchester County Luxury Home Sales Price Range
Q3-2012
Q3-2011
% Change
YTD 2012
YTD 2011
% Change
$2,000,000 - $2,999,999
57
71
-19%
138
131
5%
$3,000,000 - $4,999,999
14
16
-12%
47
46
2%
$5,000,000 - $9,999,999
1
6
-83%
9
12
-25%
$10,000,000 and up
0
1
-100%
0
1
-100%
Market Totals
72
94
-23%
194
190
2%
Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service
Putnam & Dutchess County Luxury Home Sales Price Range
Q3-2012
Q3-2011
% Change
YTD 2012
YTD 2011
% Change
$1,000,000 - $1,999,999
8
13
-38%
20
18
11%
$2,000,000 and up
2
0
Not Valid
4
9
-55%
Market Totals
10
13
-23%
24
27
-11%
Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service
Q3-2012 Luxury Market Report houlihanlawrence.com
Scarsdale ranked as the most popular luxury market this quarter, leading in both Total Homes Sold and Highest Sales Price. Scarsdale was the only market to record a sale over $5 Million in Q3-2012. No individual market emerged as a strong leader in Putnam and Dutchess counties. Top Luxury Markets Westchester County Luxury Home Sales $2 Million & Higher
School District
# of Sales
Median Luxury Sale Price
Highest Sale Price
Scarsdale
23
$2,555,018
$5,100,000
Rye City
11
$2,765,000
$4,575,000
Bronxville
8
$2,450,000
$3,000,000
Mamaroneck
8
$2,875,000
$4,925,000
Bedford
4
$2,450,000
$4,450,000
Byram Hills
4
$2,842,500
$3,250,000
Harrison
3
$2,685,000
$2,900,000
Putnam County Luxury Home Sales $1 Million & Higher
Town/City
# of Sales
Median Luxury Sale Price
Highest Sale Price
Carmel
2
$1,367,500
$1,550,000
Philipstown
1
$2,425,000
$2,425,000
Kent
1
$2,500,000
$2,500,000
Dutchess County Luxury Home Sales $1 Million & Higher
Town/City
# of Sales
Median Luxury Sale Price
Highest Sale Price
Red Hook
2
$1,527,500
$1,805,000
Dover
1
$1,800,000
$1,800,000
Washington
1
$1,300,000
$1,300,000
Stanford
1
$1,175,000
$1,175,000
Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service
Q3-2012 Luxury Market Report
houlihanlawrence.com
The better balance between supply and demand in southern Westchester has continued to fuel significant sales. High inventory levels and a smaller pool of luxury buyers in northern Westchester, Putnam and Dutchess counties continues to be an obstacle to growth. Supply/Demand Snapshot Southern Westchester County - $2 Million & Higher As of September 30, 2012
Price Range $2,000,000 - $2,999,999 $3,000,000 - $4,999,999 $5,000,000 - $9,999,999 $10,000,000 and up
As of September 30, 2011
2012 vs. 2011
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
% Change in Listings
% Change in Pendings
118 63 21 7
23 6 6 1
5 11 4 7
126 54 24 3
10 9 1 1
13 6 24 3
-6.3% 16.7% -12.5% 133.3%
130.0% -33.3% 500.0% 0.0%
*Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand
Northern Westchester County - $2 Million & Higher As of September 30, 2012
Price Range $2,000,000 - $2,999,999 $3,000,000 - $4,999,999 $5,000,000 - $9,999,999 $10,000,000 and up
As of September 30, 2011
2012 vs. 2011
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
% Change in Listings
% Change in Pendings
80 47 19 13
4 5 0 0
20 9 Not Valid Not Valid
66 52 23 11
7 1 0 0
9 52 Not Valid Not Valid
21.2% -9.6% -17.4% 18.2%
-42.9% 400.0% 0.0% 0.0%
*Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand
Putnam County - $1 Million & Higher As of September 30, 2012
Price Range $1,000,000 - $1,999,999 $2,000,000 and up
As of September 30, 2011
2012 vs. 2011
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
% Change in Listings
% Change in Pendings
38 13
4 0
10 Not Valid
40 13
0 0
Not Valid Not Valid
-5.0% 0.0%
0.0% 0.0%
*Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand
Dutchess County - $1 Million & Higher As of September 30, 2012
Price Range $1,000,000 - $1,999,999 $2,000,000 and up
As of September 30, 2011
2012 vs. 2011
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
% Change in Listings
% Change in Pendings
69 52
4 3
17 17
62 58
4 0
16 Not Valid
11.3% -10.3%
0.0% 0.0%
*Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand
Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service.
Southern Westchester (Zones 3-8), Northern Westchester (Zone 1-2).
Q3-2012 Luxury Market Report houlihanlawrence.com
Ten-Year Market History Westchester County
Homes Sold $2 Million & Higher
Putnam County
Homes Sold $1 Million & Higher
Dutchess County
Homes Sold $1 Million & Higher
Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service.
HOULIHAN LAWRENCE LUXURY COUNTRY PROPERTIES Over 20 years ago, the Luxury Country Properties Division of Houlihan Lawrence was created to serve the special needs of the luxury marketplace. Headquartered in Bedford, the Luxury Country Properties team, under the leadership of veteran luxury real estate expert, Anthony P. Cutugno, develops customized programs designed to differentiate estate properties from other listings on the market. Founded upon a tradition of exceptional client service and marketing expertise, our programs for these properties are designed to attract discerning customers throughout the region and around the globe. Encompassing a blend of new media as well as traditional time-honored marketing approaches, each program is customized to promote a property’s unique qualities. This expertise when combined with the powerful Houlihan Lawrence brand recognition has made us the leading authority on luxury residential real estate in Westchester, Putnam and Dutchess counties. For more information on our Luxury Country Properties program or to subscribe to our monthly newsletter, please contact us at lcp@houlihanlawrence.com
914.234.0308 houlihanlawrence.com