Houlihan Lawrence 2nd Quarter 2012 Luxury Market Report
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
2nd Q–2012 Luxury Market Report houlihanlawrence.com
We are pleased to present our latest update on the state of the luxury market reporting activity through Q-2 2012 for properties priced at $2 Million or more in Westchester County and $1 Million+ in Putnam and Dutchess Counties. Building on the success reported in our Q-1 2012 report, the overall luxury market has continued to improve with substantial increases in both the number of sales as well as dollar volume. Houlihan Lawrence remains the undisputed luxury market leader with a 54% share of total dollar volume in our three-county territory. The statistics indicate that we are moving past the uncertainty that plagued our luxury marketplace in recent years and that high-end buyers are returning to the market with greater confidence. However, the level of activity varies widely depending on the locale. Southern Westchester markets have shown remarkable vitality and presently account for over 75% of all luxury transactions in the entire region year-to-date. In contrast, despite a few notable sales, demand for luxury homes in northern Westchester, Putnam and Dutchess Counties has been tepid at best. Nonetheless, we are encouraged by the recent activity in these markets and are seeing the re-emergence of the second-home buyer as affluent buyers seek to take advantage of the large number of well-priced properties for sale. We are also reporting sizeable gains for those properties listed in Houlihan Lawrence’s Luxury Division. Year-to-date, 30 of our 100+ Luxury Country Property listings have either sold or are pending, exceeding the total number of homes sold in all of 2011. Many of these sales represent the highest sale in their respective marketplaces as well. In the coming months, I will be attending conferences with our worldwide partners, Christie’s International Real Estate and Luxury Portfolio International, to identify new opportunities for our listings in the global luxury marketplace. Barring any seismic shift in the financial markets, we are cautiously optimistic that the luxury marketplace will continue to stabilize and that the energy of the southern Westchester markets will gradually expand to their neighboring towns to the north. In the meantime, if you have any questions about the luxury market, or would like any information on our wide range of distinguished properties for sale, please contact us at 914.234.0308 or email us at lcp@houlihanlawrence.com.
Anthony Cutugno Senior Vice-President Houlihan Lawrence Luxury Division
2nd Q–2012 Luxury Market Report houlihanlawrence.com
• Westchester County is continuing to enjoy an active luxury market with significant improvements reported for both Total Homes Sold and Total Dollar Volume. • The Q-2 2012 Median Sales Price in Westchester rose slightly vs. Q-2 2011, while in Putnam and Dutchess counties, dramatic declines were registered. • Total Home Sales increased in Dutchess County possibly fueled by stronger second-home buyer demand.
Westchester County Luxury Home Sales - $2 Million & Higher 2nd Q 2012
2nd Q 2011
% Change
Full Year 2012
Full Year 2011
80
64
25%
122
96
27%
Total Dollar Volume
$502,244,360
$382,556,340
31%
$747,240,960
$575,998,340
20%
Median Sales Price
$2,750,000
$2,640,000
4%
$2,675,000
$2,694,000
-1%
95.15
93.67
2%
93.22
92.97
––
208
250
215
253
Total Homes Sold
% Sale Price to List Price Days on Market
-17%
% Change
-15%
Putnam County Luxury Home Sales - $1 Million & Higher 2nd Q 2012
2nd Q 2011
% Change
Full Year 2012
Full Year 2011
% Change
3
4
-25%
5
7
-29%
Total Dollar Volume
$10,115,000
$20,170,000
-50%
$15,315,000
$30,800,000
-50%
Median Sales Price
$1,420,000
$1,917,500
-26%
$1,350,000
$1,495,000
-10%
91.83
89.51
3%
88.08
90.17
-2%
249
235
6%
251
229
10%
Total Homes Sold
% Sale Price to List Price Days On Market
Dutchess County Luxury Home Sales - $1 Million & Higher 2nd Q 2012
2nd Q 2011
% Change
Full Year 2012
Full Year 2011
6
3
100%
9
7
29%
Total Dollar Volume
$23,530,000
$16,800,000
40%
$31,880,000
$95,483,200
-67%
Median Sales Price
$1,825,000
$2,350,000
-22%
$1,700,000.00
$3,800,000.00
-55%
93.26
84.68
10%
82.74
83.03
––
348
596
-42%
329
363
-9%
Total Homes Sold
% Sale Price to List Price Days On Market
Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service
% Change
2nd 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 54%
18%
7%
Putnam & Dutchess Counties Luxury Home Sales $1 Million & Higher
Houlihan Lawrence 67%
8% 5%
Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service
2nd Q–2012 Luxury Market Report houlihanlawrence.com
• Nearly two-thirds of all luxury homes purchased in Westchester sold for under $3 Million so far this year. For luxury buyers in Putnam and Dutchess, the most popular price range was under $2 Million. • The $3-5 Million segment grew in importance as well registering a 35% increase in Westchester County vs. Q-2 2011. • On a regional basis, there have been few top-tier sales. As of Q-2, the highest reported sale was a Westchester equestrian estate that sold for $9.3 Million.
Westchester County Luxury Home Sales 2nd Q 2012
2nd Q 2011
% Change
$2,000,000 – $2,999,999
51
42
21%
81
60
35%
$3,000,000 – $4,999,999
23
17
35%
33
30
10%
$5,000,000 – $9,999,999
6
5
20%
8
6
33%
$10,000,000 and up
0
0
NA
0
0
0
Total
80
64
25%
122
96
27%
Price Range
Year-to-Date Year-to-Date 2012 2011
% Change
Source: Empire Access Multiple Listing Service, Single-family homes
Putnam & Dutchess County Luxury Home Sales 2nd Q 2012
2nd Q 2011
% Change
$1,000,000 – $1,999,999
7
2
250%
12
5
140%
$2,000,000 and up
2
5
-60%
2
9
-78%
Total
9
7
29%
14
14
--
Price Range
Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service
Year-to-Date Year-to-Date 2012 2011
% Change
2nd Q–2012 Luxury Market Report 2011 Luxury Market Report houlihanlawrence.com
houlihanlawrence.com
• Rye and Scarsdale continue to reign as the top luxury markets in the region • Bronxville enjoyed an especially active Q-2 and regained its traditional third-place ranking in terms of overall luxury sales. • Bedford reported the highest number of luxury sales in northern Westchester County. To the North, the Millbrook/Washington area was the most popular Dutchess County area. Top Luxury Markets Westchester County Luxury Home Sales $2 Million & Higher
School District
# of Sales
Median Luxury Sale Price
Highest Sale Price
Rye City
28
$2,715,250
$7,000,000
Scarsdale
27
$2,480,000
$5,300,000
Bronxville
15
$2,800,000
$5,450,000
Bedford
11
$2,900,000
$4,800,000
Mamaroneck
8
$3,105,000
$6,235,000
Harrison
7
$2,850,000
$4,000,000
Byram Hills
7
$3,250,000
$9,300,000
Putnam County Luxury Home Sales $1 Million & Higher
Town
# of Sales
Median Luxury Sale Price
Highest Sale Price
Kent
2
$1,278,750
$1,420,000
Patterson
1
$2,500,000
$2,500,000
Carmel
1
$1,250,000
$1,250,000
Phillipstown
1
$1,350,000
$1,350,000
Dutchess County Luxury Home Sales $1 Million & Higher
Town
# of Sales
Median Luxury Sale Price
Highest Sale Price
Washington
2
$2,750,000
$3,750,000
Clinton
2
$1,462,500
$1,700,000
Rhinebeck
1
$1,950,000
$1,950,000
Amenia
1
$1,950,000
$1,950,000
Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service
2nd Q–2012 Luxury Market Report houlihanlawrence.com
• Reduced inventories in many price segments have stimulated healthy demand for luxury homes in southern Westchester. • In contrast, the higher inventories and smaller pool of luxury buyers continue to present challenges in northern Westchester, Putnam and Dutchess Counties. Supply/Demand Snapshot Southern Westchester County - $2 Million & Higher
Price Range $2,000,000 - $2,499,999 $2,500,000 - $2,999,999 $3,000,000 - $4,999,999 $5,000,000 and up
As of June 30, 2012 SUPPLY DEMAND Supply/ Active Listings in Demand Listings Contract Ratio* 61 31 2 67 17 4 59 13 5 34 4 9
*Supply Demand Ratio Key
1-4: High Demand
As of June 30, 2011 SUPPLY DEMAND Supply/ Active Listings in Demand Listings Contract Ratio* 86 32 3 61 21 3 71 11 6 27 5 5 5-6: Balanced
7-9: Low Demand
2012 vs. 2011 % % Change in Change in Listings Contracts -29% -3% 10% -19% -17% 18% 26% -20%
10+: Very Low Demand
Northern Westchester County - $2 Million & Higher
Price Range $2,000,000 - $2,499,999 $2,500,000 - $2,999,999 $3,000,000 - $4,999,999 $5,000,000 and up
As of June 30, 2012 SUPPLY DEMAND Supply/ Active Listings in Demand Listings Contract Ratio* 43 6 7 40 5 8 49 4 12 34 1 34
*Supply Demand Ratio Key
1-4: High Demand
As of June 30, 2011 SUPPLY DEMAND Supply/ Active Listings in Demand Listings Contract Ratio* 48 9 5 29 1 29 50 2 25 43 1 43 5-6: Balanced
7-9: Low Demand
2012 vs. 2011 % % Change in Change in Listings Contracts -10% -33% 38% 400% -2% 100% -21% 0%
10+: Very Low Demand
Putnam County - $1 Million & Higher
Price Range $1,000,000 - $1,999,999 $2,000,000 and up
SUPPLY Active Listings 46 12
As of June 30, 2012 DEMAND Supply/ Listings in Demand Contract Ratio* 3 15 1 12
*Supply Demand Ratio Key
1-4: High Demand
SUPPLY Active Listings 41 16 5-6: Balanced
As of June 30, 2011 DEMAND Supply/ Listings in Demand Contract Ratio* 2 21 0 NA 7-9: Low Demand
2012 vs. 2011 % % Change in Change in Listings Contracts 12% 50% -25% NA
10+: Very Low Demand
Dutchess County - $1 Million & Higher
Price Range $1,000,000 - $1,999,999 $2,000,000 and up
SUPPLY Active Listings 73 66
As of June 30, 2012 DEMAND Supply/ Listings in Demand Contract Ratio* 5 15 0 NA
*Supply Demand Ratio Key
1-4: High Demand
Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service
SUPPLY Active Listings 69 55 5-6: Balanced
As of June 30, 2011 DEMAND Supply/ Listings in Demand Contract Ratio* 3 23 0 NA 7-9: Low Demand
2012 vs. 2011 % % Change in Change in Listings Contracts 6% 67% 20% NA
10+: Very Low Demand
Southern Westchester (Zones 3-8), Northern Westchester (Zone 1-2)
2nd Q–2012 Luxury Market Report houlihanlawrence.com
Ten-Year Market History Westchester County Median Luxury Sale Price
$3,000,000 $2,500,000
$2,625,000 $2,600,000 $2,660,000 $2,725,000 $2,497,000 $2,600,000 $2,575,000 $2,675,000 $2,550,000 $2,600,000
$2,000,000
341
326
189 123
400
153
300
308 237
208
$1,000,000
500
375
297
$1,500,000
$500,000
Number of Units Sold
Homes Sold $2 Million & Higher
151
229
221
100
96
2010
2011
200
164 122
82
122
100
52
0
0 2003
2004
2005
2006
2007
2008
2009
2012
Units Sold Full Year
Units Sold Year-to-Date
Putnam County Number of Units Sold
Homes Sold $1 Million & Higher
Median Luxury Sale Price
50 $2,000,000 $1,600,000
$1,444,450 $1,432,500 $1,385,000
$1,200,000
26 20
$800000 14
$400000 5
$0
$1,287,500
2003
16 12 8
2004
$1,385,750 $1,347,500 $1,412,500 $1,350,000 $1,150,000 $1,200,000
30
23 14
7
20 16
14 7
2005
2006
2007
6 1
2008
Units Sold Year-to-Date
5 1
2009
2010
12 7
2011
10 5
2012
Number of Units Sold
Homes Sold $1 Million & Higher
$2,000,000
60 $1,705,000 $1,565,000 $1,500,000
$1,600,000 $1,325,000
38
37
$1,200,000
$1,625,000 $1,387,500 $1,327,500 38
$1,700,000
40
24 19
15
18
15
14
$0
16
10 5
2003
18
2005
2006
2007
Units Sold Year-to-Date
2008
2009
21
25
30 20
9
7
9
2010
2011
2012
4
2004
50
$1,512,500 $1,500,000
29
$800,000 $400,000
0
Units Sold Full Year
Dutchess County Median Luxury Sale Price
40
10 0
Units Sold Full Year
Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service
2nd Q–2012 Luxury Market Report houlihanlawrence.com A Selection of Houlihan Lawrence’s Recent Luxury Sales
THE PINNACLE
AT
CONYERS FARM
OLD WORLD SPLENDOR
ARMONK Last Offered at $12,995,000
BRONXVILLE Last offered at $5,875,000
LARCHMONT MANOR MASTERWORK
STATELY ELEGANCE
LARCHMONT Last Offered at $6,195,000
SCARSDALE Last offered at $4,995,000
RIVERDALE
CLASSIC BEDFORD ELEGANCE
MILLBROOK Last offered at $3,900,000
BEDFORD Last offered at $2,999,000
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