LUXURY NY & CT 2021Q3 REPORTMARKET
The higher end of the market ($5M to $9.99M) has experienced explosive growth this year In Westchester, sales are up 200% this quarter, and Greenwich sales have more than doubled.
Sr Vice President, Director of Private Brokerage
EXECUTIVE SUMMARY
The number of luxury homes sales in Westchester County ($2M and higher), Putnam and Dutchess Counties ($1M and higher), Greenwich ($3M and higher), Darien and New Canaan ($2M and higher) posted gains in the third quarter and year-to-date, with nearly every price range realizing an increase.
Over the past six quarters, the sheer number of luxury homes sold has been staggering. The Covid effect has doubled the pace of luxury sales in Westchester and Greenwich. In 18 months, the number of homes sold in Greenwich and Westchester equals the combined total of luxury homes sold in 2017, 2018, and 2019. Buyer appetite, inventory levels, and consumer confidence will determine how long this feverish pace of luxury sales will last. In closing, many NYC employers have postponed their return-to-office plans because of the Delta variant. Nonetheless, Google’s $2B Manhattan office building purchase underscores the value of working in an energetic urban environment and within earshot of fellow workers. The more New York City thrives as a preferred workplace location, the greater intrinsic value our north of NYC homes can claim
Cutugno
ASincerely,nthonyP.
2021Q3 REPORTMARKET
A home can symbolize status and prestige, and despite our best efforts, we can get emotional and fall in love with homes. When a home is tied to happy memories and experiences, as so many are, the value is often beyond anything monetary.
Shifts in buyer attitudes are harder to quantify but equally important to the health and longevity of this robust market. Price range and level of competition influence buyers’ mindset. The low er end of the luxury market ($2M to $2.99M) in Westchester is hyper-competitive, thanks to extremely tight inventory levels. Fewer homes on the market mean fewer options and more competition per home. Consequently, buyers purchased over the asking price on more than half of the homes traded in this price tier
Darien posted five sales year-to-date vs. zero sales in the same period last year.
Since Covid, real estate has become an increasingly important asset class for high-net-worth individuals (HNWI). These buyers are aware of the advantages, including diversification and a hedge against inflation, contributing to the surge in this price range. Putting aside the practical benefits, real estate for many HNWI is an asset of passion that one’s family and friends can enjoy.
AVERAGE
Service,
MARKET
TOTAL
Service and
MARKET
AVERAGE DAYS
LUXURY MARKET REPORT 3rd QUARTER 2021
PRICE $2,622,500
%
Service.
WESTCHESTER COUNTY LUXURY $2M AND HIGHER 2021Q3 2020Q3 CHANGE% YTD2021 2020YTD CHANGE% 240 181 32.6% 526 299 75.9% DOLLAR $703,577,314 $509,421,965 38.1% $1,585,717,626 $850,674,040 86.4% SALE $2,550,000 2.8% $2,655,000 $2,537,500 4.6% FOOT $546 $525 4.0% $547 $516 6.0% ON 54 95 -43.2% 75 111 -32.4% SALE PRICE TO LIST PRICE 99.4% 97.8% 1.6% 98.2% 96.2% 2.1%
TOTAL DOLLAR VOLUME $597,638,896 $462,388,500 29.3% $1,590,983,716 $819,740,560 94.1% SALE PRICE $4,237,500 $3,977,500 6.5% $4,275,000 $3,850,000 11.0% PER SQUARE FOOT $792 $722 9.7% $760 $693 9.7% ON 144 219 -34.2% 170 298 -43.0% SALE PRICE TO LIST 97.7% 95.0% 2.8% 96.8% 92.9% 4.2%
Gateway Multiple
TOTAL DOLLAR VOLUME $83,443,000 $81,261,161 2.7% $239,733,306 $132,234,411 81.3% MEDIAN SALE PRICE $1,550,000 $1,599,000 -3.1% $1,590,115 $1,485,000 7.1% PRICE PER SQUARE FOOT $450 $437 3.0% $459 $434 5.8% DAYS ON MARKET 179 204 -12.3% 182 215 -15.3%
PRICE
Source: Hudson Listing Mid-Hudson Listing Greenwich Listing
HOME SALES
%
Multiple
Multiple
VOLUME
HOMES SOLD
UNITS SOLD 120 92 30.4% 309 169 82.8%
AVERAGE
HOME SALES |
AVERAGE DAYS
MEDIAN
AVERAGE PRICE
% SALE PRICE TO LIST PRICE 98.6% 98.0% 0.6% 95.8% 97.4% -1.6% GREENWICH, CT LUXURY HOME | $3M AND HIGHER 2021Q3 2020Q3 CHANGE% YTD2021 YTD2020 CHANGE%
SALES
HOMES SOLD 46 39 17.9% 118 63 87.3%
AVERAGE PRICE PER SQUARE
PUTNAM AND DUTCHESS COUNTY LUXURY | $1M AND HIGHER 2021Q3 2020Q3 CHANGE% YTD2021 2020YTD CHANGE%
MEDIAN
MEDIAN
PRICE
2021Q3
MEDIAN
AVERAGE
AVERAGE
UNITS 40 22.5% 147 67 119.4% DOLLAR $119,118,500 16.5% $427,920,597 $199,173,650 114.8% SALE PRICE $2,630,500 -3.1% $2,650,000 $2,700,000 -1.9% 5.5% $407 $386 5.4% 180 -68.3% 95 188 -49.5% 100.6% 95.0% 5.9% 99.1% 93.1% 6.4%
AVERAGE DAYS ON MARKET 57
HOME SALES | $2M AND HIGHER 2021Q3 2020Q3 CHANGE%
% SALE PRICE TO LIST PRICE
AVERAGE DAYS ON MARKET 50
HOME SALES | $2
PRICE $2,775,000
%
TOTAL DOLLAR VOLUME $26,667,500 $11,895,000 124.2% $66,865,360 $14,395,000 364.5% SALE PRICE $2,402,500 $2,160,000 11.2% $2,405,000 $2,242,500 7.2% PRICE PER SQUARE FOOT $694 $676 2.7% $706 $688 2.6% DAYS ON MARKET 55 67 -17.9% 59 80 -26.3%
TOTAL
VOLUME $138,728,000
Source: Smart MLS.
UNITS SOLD 10 5 100.0% 25 6 316.7%
VOLUME
PRICE
AVERAGE PRICE PER SQUARE FOOT $419 $397
UNITS SOLD
DARIEN LUXURY M AND HIGHER 2020Q3 CHANGE% YTD2021 2020YTD CHANGE% 48 50 -4.0% 121 76 59.2%
2021Q3
MEDIAN
NEW CANAAN LUXURY YTD2021
2020YTD CHANGE%
ROWAYTON LUXURY M AND HIGHER 2020Q3 CHANGE% YTD2021 YTD2020 CHANGE%
HOME SALES | $2
TOTAL DOLLAR $154,880,781 $149,975,276 3.3% $378,420,032 $225,477,776 67.8% SALE $2,672,500 3.8% $2,800,000 $2,713,750 3.2% $533 5.8% $561 $518 8.3% 134 -62.7% 91 151 -39.7% SALE TO LIST 99.4% 95.3% 4.3% 98.5% 93.8% 5.0%
AVERAGE PRICE PER SQUARE FOOT $564
SOLD 49
% SALE PRICE TO LIST PRICE 98.7% 102.2% -3.4% 98.9% 100.6% -1.7%
$2,550,000
LUXURY MARKET REPORT 3rd QUARTER 2021
$2,000,000 and up
WESTCHESTER COUNTY LUXURY YTD2021 YTD2020
167 132 26% 352 213 65%
$10,000,000 and up
4 4 0% 11 8 37% Source: Hudson Gateway Multiple Listing Service, Mid-Hudson Multiple Listing Service and Greenwich Multiple Listing Service
PUTNAM AND DUTCHESS YTD2021 2020YTD
53 47 12% 138 91 51%
$3,000,000 - $3,999,999
0 0 Not Valid 2 0 Not Valid
33 29 13% 79 49 61%
$5,000,000 - $9,999,999
27 17 58% 60 30 100%
COUNTY LUXURY HOME SALES 2021Q3 2020Q3 CHANGE%
$3,000,000 - $4,999,999
$10,000,000 and up
GREENWICH, CT LUXURY
17 5 240% 33 11 200%
Test
CHANGE%
$2,000,000 - $2,999,999
13 10 30% 39 14 178%
56 44 27% 139 75 85%
LUXURY MARKET REPORT 3rd QUARTER 2021
$1,000,000 - $1,999,999
HOME SALES 2021Q3 2020Q3 CHANGE% YTD2021 YTD2020 CHANGE%
HOME SALES 2021Q3 2020Q3 CHANGE%
CHANGE%
$4,000,000 - $4,999,999
36 24 50% 100 40 150%
$5,000,000 - $9,999,999
HOME SALES 2021Q3 2020Q3 CHANGE% YTD2021 YTD2020 CHANGE%
0 0 Not Valid 0 0 Not Valid
$2,000,000 - $2,999,999
$3,000,000 - $4,999,999
$5,000,000 - $9,999,999
$10,000,000 and up
$3,000,000 - $4,999,999
$2,000,000 - $2,999,999
0 0 Not Valid 0 0 Not Valid Source: Smart MLS.
$10,000,000 and up
$10,000,000 and up
8 4 100% 18 5 260%
$3,000,000 - $4,999,999
HOME SALES 2021Q3 2020Q3 CHANGE% YTD2021 YTD2020 CHANGE%
0 2 -100% 3 3 0%
CANAAN
DARIEN LUXURY HOME SALES 2021Q3 2020Q3 CHANGE% YTD2021 YTD2020 CHANGE%
4 0 Not Valid 5 0 Not Valid
NEW LUXURY
0 0 Not Valid 0 0 Not Valid
0 1 -100 0 1 -100%
$5,000,000 - $9,999,999
17 14 21% 45 23 95%
Test
2 1 100% 7 1 600%
$5,000,000 - $9,999,999
$2,000,000 - $2,999,999
15 13 15% 47 21 123%
27 35 -22% 71 52 36%
34 25 36% 97 43 125%
ROWAYTON LUXURY
LUXURY MARKET REPORT 3rd QUARTER 2021
LUXURY MARKET REPORT 3rd QUARTER 2021 TOP NEW YORK LUXURY MARKETS WESTCHESTER COUNTY LUXURY HOME SALES | $2M AND HIGHER SCHOOL DISTRICT # OF SALES MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE SCARSDALE 62 $2,632,500 $9,850,000 MAMARONECK 37 $2,625,000 $6,000,000 RYE CITY 35 $2,625,000 $5,350,000 HARRISON 19 $2,875,000 $4,200,000 BYRAM HILLS 16 $2,505,000 $4,300,000 BRONXVILLE 14 $2,612,500 $5,275,000 BEDFORD 13 $2,900,000 $5,625,000 CHAPPAQUA 10 $2,287,500 $3,200,000 KATONAH-LEWISBORO 7 $2,750,000 $3,495,000 RYE NECK 6 $2,247,500 $5,500,000 DOBBS FERRY 4 $2,217,500 $2,500,000 IRVINGTON 3 $2,450,000 $2,650,000 PELHAM 2 $2,307,500 $2,500,000 BLIND BROOK 2 $2,047,500 $2,075,000 NEW ROCHELLE 2 $2,098,165 $2,146,331 PUTNAM COUNTY LUXURY HOME SALES | $1M AND HIGHER SCHOOL DISTRICT/CITY/TOWN # OF SALES MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE GARRISON 7 $1,550,000 $3,500,000 HALDANE 3 $2,300,000 $2,300,000 MAHOPAC 3 $1,500,000 $1,750,000 PUTNAM VALLEY 2 $1,287,500 $1,475,000 DUTCHESS COUNTY LUXURY HOME SALES | $1M AND HIGHER SCHOOL DISTRICT/CITY/TOWN # OF SALES MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE RHINEBECK 8 $1,500,000 $2,100,000 WASHINGTON 7 $2,140,000 $3,900,000 CLINTON 3 $2,100,000 $3,900,000 MILAN 2 $1,075,000 $1,125,000 PAWLING 2 $1,318,750 $1,525,000 UNION VALE 2 $2,150,000 $2,550,000 Source: Hudson-Gateway Multiple Listing Service and Mid-Hudson Multiple Listing Service.
LUXURY MARKET REPORT 3rd QUARTER 2021 TOP CONNECTICUT LUXURY MARKETS GREENWICH, CT LUXURY HOME SALES | $3M AND HIGHER TOWN/CITY # OF SALES MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE GREENWICH 80 $4,562,500 $15,088,000 OLD GREENWICH 20 $3,710,000 $7,375,000 RIVERSIDE 16 $3,731,250 $6,600,000 COS COB 4 $3,692,500 $4,000,000 SOUTHERN FAIRFIELD COUNTY, CT LUXURY HOME SALES | $2M AND HIGHER TOWN/CITY # OF SALES MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE WESTPORT 66 $2,650,000 $7,675,000 NEW CANAAN 49 $2,550,000 $4,995,000 DARIEN 48 $2,775,000 $7,500,000 FAIRFIELD 20 $2,775,000 $10,900,000 NORWALK 10 $2,402,500 $4,600,000 RIDGEFIELD 6 $2,360,000 $2,650,000 STAMFORD 6 $2,797,500 $7,500,000 WILTON 6 $2,375,000 $2,700,000 WESTON 3 $2,550,000 $2,695,000 NEW FAIRFIELD 1 $2,500,000 $2,500,000 SHERMAN 1 $3,207,000 $3,207,000 Source: Greenwich MLS and Smart MLS
SNAPSHOT SOUTHERN
COUNTY | $2
AS
$10,000,000 and up 1 6 7 0 Not Valid -14.3% 0.0%
$3,000,000 - $4,999,999 3 -27.6% -20.8%
$2,000,000 - $2,999,999 16 4 -42.0% 50.0%
LISTINGSACTIVESUPPLY: SALESPENDINGDEMAND: RATIO*DEMANDSUPPLY/ LISTINGSACTIVESUPPLY: SALESPENDINGDEMAND: RATIO*DEMANDSUPPLY/ CHANGE% IN LISTINGS CHANGE% PENDINGSIN
IN LISTINGS
AS
$1,000,000 - $1,999,999 6 4 31 5 6 -22.6% 20.0%
$2,000,000 - $2,999,999 2 -45.8% -45.7%
$2,000,000 and up 2 8 19 4 5 -21.1% -50.0%
40 24 2 69
LISTINGSACTIVESUPPLY: SALESPENDINGDEMAND: RATIO*DEMANDSUPPLY/ LISTINGSACTIVESUPPLY: SALESPENDINGDEMAND: RATIO*DEMANDSUPPLY/ CHANGE% IN LISTINGS CHANGE% PENDINGSIN
*Supply
Source: Multiple Listing and Mid-Hudson Multiple Listing Service.
71 38 2 131 70
$10,000,000 and up -75.0% 0.0%
25 6 4 38 7 5
52
DUTCHESS COUNTY | $1M AND HIGHER AS OF SEPTEMBER 30, 2021 AS OF SEPTEMBER 30, 2020 2021 vs. 2020 PRICE RANGE
29
Key 1-4:
1 1 1 4 0 Not Valid
15
Service
26
LISTINGSACTIVESUPPLY: SALESPENDINGDEMAND: RATIO*DEMANDSUPPLY/ LISTINGSACTIVESUPPLY: SALESPENDINGDEMAND: RATIO*DEMANDSUPPLY/ CHANGE% IN LISTINGS CHANGE% PENDINGSIN
NORTHERN WESTCHESTER $2M AND HIGHER OF SEPTEMBER 30, 2021 AS OF SEPTEMBER 30, 2020 2021 vs. 2020 PRICE RANGE
30
55 19 3 76 24
6
$5,000,000 - $9,999,999 1 22 -4.5% 100.0%
$2,000,000 and up 5 6 53 8 7 -45.3% -37.5% Demand Ratio High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand
21 2 11 22
COUNTY |
$1,000,000 - $1,999,999 17 3 81 22 4 -35.8% -22.7%
Hudson-Gateway
$3,000,000 - $4,999,999 8 4 7 4 15.4% 14.3%
24
$5,000,000 - $9,999,999 -34.2% -14.3%
PUTNAM COUNTY | $1M AND HIGHER OF SEPTEMBER 30, 2021 AS OF SEPTEMBER 30, 2020 2021 vs. 2020 PRICE RANGE
LISTINGSACTIVESUPPLY: SALESPENDINGDEMAND: RATIO*DEMANDSUPPLY/ LISTINGSACTIVESUPPLY: SALESPENDINGDEMAND: RATIO*DEMANDSUPPLY/ CHANGE% CHANGE% PENDINGSIN
SUPPLY/DEMAND WESTCHESTER M AND HIGHER OF SEPTEMBER 30, 2021 AS OF SEPTEMBER 30, 2020 2021 vs. 2020 PRICE RANGE
LUXURY MARKET REPORT 3rd QUARTER 2021
AS
LISTINGSACTIVESUPPLY: SALESPENDINGDEMAND: RATIO*DEMANDSUPPLY/ LISTINGSACTIVESUPPLY: SALESPENDINGDEMAND: RATIO*DEMANDSUPPLY/ CHANGE%
AS
1 0 Not Valid 0 1 0
LUXURY MARKET REPORT 3rd QUARTER 2021
$2,000,000 - $2,999,999
$4,000,000 - $4,999,999 -17.9% -41.7%
AS
IN LISTINGS
$3,000,000 - $4,999,999 0.0% -50.0%
$5,000,000 - $9,999,999 0.0% -100.0%
$3,000,000 - $3,999,999 -53.3% -52.9%
ROWAYTON | $2 AND HIGHER OF SEPTEMBER 30, 2021 AS OF SEPTEMBER 30, 2020 2021 vs. 2020 PRICE RANGE
vs. 2020 PRICE RANGE
$10,000,000 and up -36.4%
0 0 0 0 0 0
58 16 4 95 15 6
M
32 7 5 39 12 3
DARIEN OF SEPTEMBER 30, 2021 OF SEPTEMBER 30, 2020 2021 2020
$3,000,000 - $4,999,999
14 4 4 24 4 6
AS
3 0 Not Valid 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 Source: Greenwich MLS and Smart MLS.
10 8 1 39 7 6 -74.4% 14.3%
SUPPLY/DEMAND OF SEPTEMBER 30, 2021 OF SEPTEMBER 30, 2020 2021
$10,000,000 and up
$2,000,000 - $2,999,999
6.7%
IN LISTINGS CHANGE% PENDINGSIN
$10,000,000 and up 0.0% 0.0%
$2,000,000 - $2,999,999 -33.3% -100.0%
4 0 Not Valid 6 4 2
9 1 9 11 0 Not Valid -18.2% 0.0%
NEW CANAAN | $2M AND HIGHER
$5,000,000 - $9,999,999 -38.9%
LISTINGSACTIVESUPPLY: SALESPENDINGDEMAND: RATIO*DEMANDSUPPLY/ LISTINGSACTIVESUPPLY: SALESPENDINGDEMAND: RATIO*DEMANDSUPPLY/ CHANGE% CHANGE%
-75.0%
2 1 2 0 2 0
$5,000,000 - $9,999,999
AS OF SEPTEMBER 30, 2021 AS OF SEPTEMBER 30, 2020 2021 vs. 2020 PRICE RANGE LISTINGSACTIVESUPPLY: SALESPENDINGDEMAND: RATIO*DEMANDSUPPLY/ LISTINGSACTIVESUPPLY: SALESPENDINGDEMAND: RATIO*DEMANDSUPPLY/ CHANGE% IN LISTINGS CHANGE% PENDINGSIN
$10,000,000 and up
7 1 7 7 0 Not Valid 0.0% 0.0%
0.0%
2 0 Not Valid 1 0 Not Valid 100.0% 0.0%
27 6 5 34 7 5 -20.6% -14.3%
PRICE RANGE
PENDINGSIN
LISTINGSACTIVESUPPLY: SALESPENDINGDEMAND: RATIO*DEMANDSUPPLY/ LISTINGSACTIVESUPPLY: SALESPENDINGDEMAND: RATIO*DEMANDSUPPLY/ CHANGE% CHANGE%
SNAPSHOT GREENWICH, CT | $3M AND HIGHER AS
| $2M AND HIGHER AS
$5,000,000 - $9,999,999
43 16 3 92 34 3
vs.
IN LISTINGS
24 7 3 46 8 6 -47.8% -12.5%
$3,000,000 - $4,999,999 -41.7%
PENDINGSIN
21 1 21 33 4 8
LUXURY MARKET REPORT 3rd QUARTER 2021 TEN-YEAR MARKET HISTORY WESTCHESTER COUNTY LUXURY HOME SALES | $2M AND HIGHER PUTNAM COUNTY LUXURY HOME SALES | $1M AND HIGHER Source : Hudson Gateway Multiple Listing Service. *2021 homes sold are annualized based on actual sales year-to-date.
LUXURY MARKET REPORT 3rd QUARTER 2021 TEN-YEAR MARKET HISTORY DUTCHESS COUNTY LUXURY HOME SALES | $1M AND HIGHER GREENWICH, CT LUXURY HOME SALES | $3M AND HIGHER Source : Mid-Hudson and Greenwich Multiple Listing Service. *2021 homes sold are annualized based on actual sales year-to-date.
LUXURY MARKET REPORT 3rd QUARTER 2021 TEN-YEAR MARKET HISTORY DARIEN, CT LUXURY HOME SALES | $2M AND HIGHER ROWAYTON, CT LUXURY HOME SALES | $2M AND HIGHER Source : Smart MLS. *2021 homes sold are annualized based on actual sales year-to-date.
LUXURY MARKET REPORT 3rd QUARTER 2021 TEN-YEAR MARKET HISTORY NEW CANAAN, CT LUXURY HOME SALES | $2M AND HIGHER Source : Smart MLS. *2021 homes sold are annualized based on actual sales year-to-date.
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