Houlihan Lawrence Luxury Market Report
1st Quarter 2014
HoulihanLawrence.com
Presented by Anthony Cutugno Senior Vice President Director of Luxury Country Properties Direct: 914.234.0308 acutugno@houlihanlawrence.com
First Quarter 2014
Executive Summary
April 2014
We are pleased to present our latest luxury market report detailing First Quarter 2014 sales activity for properties priced at $2 Million or more in Westchester County and $1 Million+ in Putnam and Dutchess Counties. Following the on-going strength of the New York City market, luxury sales in our region continued to rebound in First Quarter 2014. Though the long, cold winter restricted new buyer activity region-wide, we entered the year with a large number of pending sales. The sales of these pending transactions coupled with a number of recent high-end deals contributed to the dramatic quarter vs. quarter gains, as well as the 40% luxury market share we achieved in our three-county territory. In Westchester County, the quarter ended with a 90% increase in both number of homes sold and total dollar volume. Top-performing markets included Scarsdale, Larchmont, Rye and Bronxville. These Southern Westchester locales hold particular appeal for today’s young luxury buyers who want to raise their families in well-established communities close to their workplaces in New York City. The exuberance of our local marketplace is reflective of the state of the global luxury real estate market. I recently networked with my counterparts from Europe, Asia and the U.S. at the Christie’s International Real Estate Global Conference in Barcelona where the prime topic was the acceleration of the luxury market. In virtually all of the world’s great cities, international buyers seeking safe haven for their wealth are buying trophy properties at a record pace. The lower-tiers of the luxury market are equally robust with double-digit growth reported in most urban centers around the world. While overseas buyers have not yet had a significant impact on our regional sales, we are experiencing an increase of local move-up buyers as well as affluent young consumers who seem newly confident about the value of luxury real estate. Weekenders are also back in the market and as the weather improves we expect to see heightened activity on the many extraordinary country properties we represent. Overall, the outlook for luxury real estate is stronger than it has been in years and we look forward to a highly successful 2014.
Anthony Cutugno Senior Vice President Director of Luxury Country Properties
Luxury Market Report 1st Quarter 2014
Houlihan Lawrence remains the leader in luxury home sales throughout the region.
Westchester County Luxury Home Sales $2 Million & Higher
Houlihan Lawrence 44%
22%
6%
Putnam & Dutchess Counties Luxury Home Sales $1 Million & Higher
Houlihan Lawrence 37%
14%
9%
Source: HGMLS and MHMLS, 1/1/14-3/31/14, Single Family Homes Sold by Company, Westchester, Putnam and Dutchess counties.
Dramatic spikes in both Homes Sold and Total Dollar Volume were reported for Westchester County, which represented 90% of all luxury sales in the region A few top sales in Putnam County resulted in steep quarter vs. quarter gains for Homes Sold and Total Dollar Volume In all three counties, improvements in the Sale/List Price ratio reflected that more luxury homes sold closer to asking price vs. previous quarters Westchester County Luxury Home Sales - $2 Million & Higher
Q1-2014
Q1-2013
% Change
Full Year 2013
59
31
90.3%
291
251
15.9%
$186,620,150
$98,424,677
89.6%
$891,135,543
$786,894,348
13.2%
$2,855,000
$2,550,000
12.0%
$2,495,000
$2,675,000
-6.7%
Average Price Per Square Foot
$590
$570
3.5%
$553
$558
-0.9%
Average Days on Market
226
270
-16.3%
221
218
1.4%
% Sale Price to List Price
94.4
93.3
1.2%
93.8
91.9
2.1%
Homes Sold Total Dollar Volume Median Sale Price
Full Year 2012 % Change
Putnam County Luxury Home Sales - $1 Million & Higher
Q1-2014
Q1-2013
% Change
Full Year 2013
Full Year 2012
% Change
6
2
200.0%
9
11
-18.2%
Total Dollar Volume
$11,453,200
$2,900,000
294.9%
$19,267,500
$17,952,500
7.3%
Median Sale Price
$1,400,000
$1,450,000
-3.4%
$1,252,500
$1,420,000
-11.8%
Average Price Per Square Foot
$521
$383
36.0%
$404
$389
3.9%
Average Days on Market
345
283
21.9%
197
252
-21.8%
% Sale Price to List Price
91.9
91.3
0.7%
91.6
87.8
4.3%
Homes Sold
Dutchess County Luxury Home Sales - $1 Million & Higher Homes Sold
Q1-2014
Q1-2013
% Change
Full Year 2013
Full Year 2012
% Change
3
6
-50.0%
27
23
17.4%
-73.0%
$59,564,450
$42,061,500
41.6%
Total Dollar Volume
$4,615,000 $17,070,000
Median Sale Price
$1,615,000
$1,562,500
3.4%
$1,400,000
$1,375,000
1.8%
Average Price Per Square Foot
$340
$660
-48.5%
$474
$532
-10.9%
Average Days on Market
341
266
28.2%
254
295
-13.9%
% Sale Price to List Price
86.4
85.8
0.7%
87.3
88.2
-1.0%
Source: Hudson Gateway Multiple Listing Service & Mid-Hudson Multiple Listing Service.
Homes selling between $2M- $2.999M continue to be the most popular price category for Westchester buyers. In Putnam and Dutchess, the majority of luxury sales fell between $1M and $1.999M Sales in Westchester’s top price segments of $3M or more also experienced robust growth for the period A Conyers Farm estate in Armonk sold for $8.7M and represented the top sale in the region year-to-date Westchester County Luxury Home Sales Price Range
Q1-2014
Q1-2013
% Change
Full Year 2013
Full Year 2012
% Change
$2,000,000 - $2,999,999
37
21
76%
202
167
21%
$3,000,000 - $4,999,999
15
6
150%
60
67
-10%
$5,000,000 - $9,999,999
7
4
75%
27
15
80%
$10,000,000 and up
0
0
Not Valid
2
2
0%
Market Totals
59
31
90%
291
251
16%
Putnam County Luxury Home Sales Price Range
Q1-2014
Q1-2013
% Change
Full Year 2013
Full Year 2012
% Change
$1,000,000 - $1,999,999
4
2
100%
7
8
-12%
$2,000,000 and up
2
0
Not Valid
2
3
-33%
Market Totals
6
2
200%
9
11
-18%
Dutchess County Luxury Home Sales Price Range
Q1-2014
Q1-2013
% Change
Full Year 2013
Full Year 2012
% Change
$1,000,000 - $1,999,999
3
5
-40%
19
20
-5%
$2,000,000 and up
0
1
-100%
8
3
166%
Market Totals
3
6
-50%
27
23
17%
Source: Hudson Gateway Multiple Listing Service & Mid-Hudson Multiple Listing Service
Scarsdale and Mamaroneck were the leading locales for luxury sales, followed closely by Rye With the addition of fourth-ranked Bronxville, these southern Westchester locales account for 70% of county-wide luxury sales for the quarter Further north, Garrison emerged as the most active luxury market in Putnam/Dutchess for the period Top Luxury Markets Westchester County Luxury Home Sales $2 Million & Higher
School District
# of Sales
Median Luxury Sale Price
Highest Sale Price
Scarsdale
11
$2,700,000
$3,348,650
Mamaroneck
11
$2,855,000
$6,800,000
Rye City
10
$2,647,500
$5,925,000
Bronxville
7
$2,375,000
$4,500,000
Byram Hills
7
$3,090,000
$8,700,000
Bedford
5
$3,050,000
$3,600,000
Harrison
3
$3,450,000
$3,550,000
Chappaqua
2
$2,489,500
$2,880,000
Katonah-Lewisboro
1
$3,918,000
$3,918,000
Edgemont
1
$2,010,000
$2,010,000
Port Chester
1
$5,415,000
$5,415,000
Putnam County Luxury Home Sales $1 Million & Higher
School District
# of Sales
Median Luxury Sale Price
Highest Sale Price
Garrison
5
$1,450,000
$3,850,000
Pawling
1
$1,350,000
$1,350,000
Dutchess County Luxury Home Sales $1 Million & Higher
Town/City
# of Sales
Median Luxury Sale Price
Highest Sale Price
Washington
2
$1,657,500
$1,700,000
Pleasant Valley
1
$1,300,000
$1,300,000
Source: Hudson Gateway Multiple Listing Service & Mid-Hudson Multiple Listing Service
Limited supply in the $2M-$2.999M price range in southern Westchester will ultimately stimulate activity in locales further north as buyers seek a broader selection of properties High inventory and a smaller pool of buyers remains the challenge for the top price ranges Supply/Demand Snapshot Southern Westchester County - $2 Million & Higher As of March 31, 2014
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 March 31, 2013
2014 vs. 2013
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
% Change in Listings
% Change in Pendings
134 72 39 9
55 12 3 1
2 6 13 9
128 59 18 7
53 15 5 0
2 4 4 Not Valid
4.7% 22.0% 116.7% 28.6%
3.8% -20.0% -40.0% 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 March 31, 2014
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 March 31, 2013
2014 vs. 2013
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
% Change in Listings
% Change in Pendings
79 36 25 7
14 3 2 1
6 12 13 7
70 41 16 10
13 5 2 1
5 8 8 10
12.9% -12.2% 56.3% -30.0%
7.7% -40.0% 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 March 31, 2014
Price Range $1,000,000 - $1,999,999 $2,000,000 and up
As of March 31, 2013
2014 vs. 2013
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
% Change in Listings
% Change in Pendings
26 16
1 1
26 16
26 12
0 0
Not Valid Not Valid
0.0% 33.3%
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 March 31, 2014
Price Range $1,000,000 - $1,999,999 $2,000,000 and up
As of March 31, 2013
2014 vs. 2013
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
% Change in Listings
% Change in Pendings
66 49
2 1
33 49
56 46
4 2
14 23
17.9% 6.5%
-50.0% -50.0%
*Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand
Source: Hudson Gateway Multiple Listing Service & Mid-Hudson Multiple Listing Service.
Southern Westchester (Zones 3-8), Northern Westchester (Zone 1-2).
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: Hudson Gateway Multiple Listing Service & Mid-Hudson Multiple Listing Service.
* Homes sold for 2014 are annualized based on actual sales year-to-date.
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Luxury Market Report 1st Quarter 2014
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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 timehonored 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