Houlihan Lawrence 1st 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
1st Q–2012 Luxury Market Report houlihanlawrence.com
Welcome to the latest edition of our Luxury Market Report detailing activity in Q-1 2012 for properties priced at $2 Million or more in Westchester County and $1 Million+ in Putnam and Dutchess Counties. With a very busy first quarter behind us, we are delighted to report on substantial improvements in the luxury marketplace in both the number of sales as well as the number of pending transactions. Using Westchester County as our key indicator, there were significant increases in the number of Total Homes Sold - up 28% and Total Dollar Volume - up 24% vs. the same period last year. In select price ranges, pending sales have risen remarkably vs. year ago reflecting the unusually high level of activity we experienced in the luxury marketplace in February and March. Houlihan Lawrence continued to dominate marketwide representing 51% of luxury sales throughout our three-county territory. Why this surge in buyer demand? To some extent, the improved economic outlook and nearly balmy weather drove some of this activity. However, there’s no doubt that both a strong supply of well-priced properties and favorable mortgage rates have stimulated a level of interest in luxury real estate that we have not seen in years. Homes priced between $2-3 Million were particularly popular among high-end buyers and approximately 75% of these homes were either fully renovated or newly constructed. Clearly, today’s luxury buyers are not interested in devoting their time and money to home improvements. At Houlihan Lawrence’s Luxury Division, the good news continues as we are reporting that over 20% of our 100+ listing inventory has either sold or is pending at the end of Q1-2012. Several of these closed or pended sales are for $5 Million or more, and for a select few, we even experienced multiple bidding. We are finding that this boost in interest is not limited to our region alone. Reports from two recent conferences I attended with Houlihan Lawrence’s premier global partners – Christie’s International Real Estate and Luxury Portfolio International – indicate that top-tier real estate is proving popular around the country and across the globe. While it’s too early to predict if this level of demand will be sustainable in the coming months, we are buoyed by these positive results and are expecting a highly successful 2nd Quarter. If you have questions about the luxury market or would like more information about the wide range of distinctive properties that we are currently offering for sale, please contact us at 914.234.0308. A selection of the many impressive properties we represent is found at the end of this report. As the longtime leader for luxury sales, we look forward to sharing our insights with you. Anthony Cutugno Senior Vice-President Houlihan Lawrence Luxury Division
1st Q–2012 Luxury Market Report houlihanlawrence.com
• Regionally, Westchester County remains the strongest luxury market by far with substantial increases in Total Homes Sold and Total Dollar Volume. • Across the board, Median Sales Prices dipped vs. 1st Quarter 2011, a consequence of continued popularity of the lower luxury price ranges. • Quarter vs. quarter decreases in Putnam and Dutchess are not conclusive due to the small number of transactions. Similarly, the exceptional drops in Dollar Volume in these two marketplaces are due to a few exceptionally high-priced sales in 1st Quarter 2011 that have skewed the results.
Westchester County Luxury Home Sales - $2 Million & Higher 1st Q 2012
1st Q 2011
% Change
Full Year 2011
Full Year 2010
% Change
41
32
28%
221
229
- 3.5%
Total Dollar Volume
$238,996,600
$193,442,000
24%
$1,328,282,600
$1,353,228,030
-1.8%
Median Sales Price
$2,600,000
$2,875,000
-10%
$2,575,000
$2,600,000
-1.0%
91.59
90.14
91.95
92.96
-1.1%
230
259
217
204
+6.4%
Total Homes Sold
% Sale Price to List Price Days on Market
2% -11%
Putnam County Luxury Home Sales - $1 Million & Higher 1st Q 2012
1st Q 2011
% Change
Full Year 2011
Full Year 2010
2
3
-33%
12
5
+140.0%
Total Dollar Volume
$5,200,000
$10,630,000
-51%
$43,390,000
$18,235,000
+137.9%
Median Sales Price
$1,300,000
$1,450,000
-10%
$1,412,500
$1,347,500
+4.6%
82.02
92.60
-11%
90.70
89.40
+1.4%
255
222
15%
255
358
-28.8%
Total Homes Sold
% Sale Price to List Price Days On Market
% Change
Dutchess County Luxury Home Sales - $1 Million & Higher 1st Q 2012
1st Q 2011
% Change
Full Year 2011
Full Year 2010
% Change
3
4
-25%
21
18
+16.7%
Total Dollar Volume
$8,350,000
$78,683,200
-89%
$132,890,900
$73,660,312
+80.4%
Median Sales Price
$1,225,000
$9,695,800
-87%
$1,500,000
$1,512,500
-0.8%
% Sale Price to List Price
81
80
1%
85.06
87.19
-2.1%
Days On Market
228
131
74%
261
375
-30.4%
Total Homes Sold
Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service
1st Q–2012 Luxury Market Report houlihanlawrence.com
Houlihan Lawrence is the leader in luxury home sales throughout the region.
Westchester County Luxury Home Sales $2 Million & Higher
Houlihan Lawrence 52%
16%
9%
Putnam & Dutchess Counties Luxury Home Sales $1 Million & Higher
Houlihan Lawrence 22%
19% 18%
Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service
1st Q–2012 Luxury Market Report houlihanlawrence.com
• Properties selling for less than $3 Million account for the majority of luxury home sales region wide. Totally renovated or newly constructed homes accounted for 75% of these sales. • Total number of sales for $3 Million and under homes has surged dramatically vs. 1st Quarter 2011. We expect this segment will remain the most popular range for luxury buyers through year-end. • Few sales have been reported for $3 Million or more and no activity was reported for the $10 Million+ segment. Westchester County Luxury Home Sales 1st Q 2012
1st Q 2011
$2,000,000 – $2,999,999
30
18
67%
$3,000,000 – $4,999,999
9
13
$5,000,000 – $9,999,999
2
$10,000,000 and up Total
Price Range
% 1st Q Change % of Sales
Full Year 2011
Full Year 2010
% Change
2011 % of Sales
73%
150
144
+4.2%
68%
-31%
22%
56
73
-23.3%
25%
1
100%
5%
13
12
+8.3%
6%
0
0
NA
0%
2
0
0
1%
41
32
100%
221
229
-3.5%
100%
Full Year 2011
Full Year 2010
% Change
2011 % of Sales
Source: Empire Access Multiple Listing Service, Single-family homes
Putnam & Dutchess County Luxury Home Sales 1st Q 2012
1st Q 2011
$2,000,000 – $2,999,999
5
4
25%
57%
28
18
+55%
85%
$3,000,000 – $4,999,999
0
1
-100%
14%
2
5
-60%
6%
$5,000,000 – $9,999,999
0
0
NA
0%
1
0
–
3%
$10,000,000 and up
0
2
-100%
29%
2
0
–
6%
Total
5
7
100%
33
23
+43%
100%
Price Range
% 1st Q Change % of Sales
Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service
1st Q–2012 Luxury Market Report 2011 Luxury Market Report houlihanlawrence.com
houlihanlawrence.com
• There has been little change in the top luxury markets with traditional leading southern Westchester County markets Rye and Scarsdale dominating. • Typically ranked within the top 5 luxury markets, Bronxville sales are relatively low vs. previous quarters possibly a result of limited luxury inventories in early 2012. • There were few sales 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
Rye
8
$2,690,250
$7,000,000
Scarsdale
8
$2,435,000
$5,300,000
Bedford
6
$2,675,000
$4,800,000
Mamaroneck
4
$2,937,500
$3,690,000
Katonah-Lewisboro
3
$2,350,000
$3,650,000
Harrison
3
$2,600,000
$2,830,000
Byram Hills
2
$2,766,400
$3,250,000
Bronxville
2
$2,975,500
$3,101,000
Putnam County Luxury Home Sales $1 Million & Higher
Town
# of Sales
Median Luxury Sale Price
Highest Sale Price
Philipstown
1
$1,350,000
$1,350,000
Carmel
1
$1,250,000
$1,250,000
Dutchess County Luxury Home Sales $1 Million & Higher
Town
# of Sales
Median Luxury Sale Price
Highest Sale Price
Millbrook
1
$1,750,000
$1,750,000
Rhinebeck
1
$1,225,000
$1,225,000
Red Hook
1
$1,200,000
$1,200,000
Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service
1st Q–2012 Luxury Market Report houlihanlawrence.com
• There were 571 luxury listings on the market at the end of 1st Quarter 2012, up 17% vs. 1st Quarter 2011. • Despite high inventories, the vitality of the luxury marketplace is best reflected in the notable improvements in the number of pending sales in most price ranges vs. year ago. 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 March 31, 2012 SUPPLY DEMAND Supply/ Active Listings in Demand Listings Contract Ratio* 71 22 3 68 19 4 74 15 5 31 3 10
*Supply Demand Ratio Key
1-4: High Demand
As of March 31, 2011 SUPPLY DEMAND Supply/ Active Listings in Demand Listings Contract Ratio* 69 27 3 41 16 3 63 12 5 27 3 9 5-6: Balanced
7-9: Low Demand
2012 vs. 2011 % % Change in Change in Listings Contracts 3% -19% 66% 19% 17% 25% 15% 0%
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 March 31, 2012 SUPPLY DEMAND Supply/ Active Listings in Demand Listings Contract Ratio* 39 6 7 31 6 5 40 3 13 35 1 35
*Supply Demand Ratio Key
1-4: High Demand
As of March 31, 2011 SUPPLY DEMAND Supply/ Active Listings in Demand Listings Contract Ratio* 41 5 8 22 1 22 44 2 22 37 1 37 5-6: Balanced
7-9: Low Demand
2012 vs. 2011 % % Change in Change in Listings Contracts -5% 20% 41% 500% -9% 50% -5% 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 35 20
As of March 31, 2012 DEMAND Supply/ Listings in Demand Contract Ratio* 2 18 1 20
*Supply Demand Ratio Key
1-4: High Demand
As of March 31, 2011 SUPPLY DEMAND Supply/ Active Listings in Demand Listings Contract Ratio* 26 1 26 8 1 8 5-6: Balanced
7-9: Low Demand
2012 vs. 2011 % % Change in Change in Listings Contracts 35% 100% 150% 0%
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 63 62
As of March 31, 2012 DEMAND Supply/ Listings in Demand Contract Ratio* 2 32 2 31
*Supply Demand Ratio Key
1-4: High Demand
Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service
As of March 31, 2011 SUPPLY DEMAND Supply/ Active Listings in Demand Listings Contract Ratio* 57 0 NA 51 2 26 5-6: Balanced
7-9: Low Demand
2012 vs. 2011 % % Change in Change in Listings Contracts 11% NA 22% 0%
10+: Very Low Demand
Southern Westchester (Zones 3-8), Northern Westchester (Zone 1-2)
1st Q–2012 Luxury Market Report houlihanlawrence.com
Ten-Year Market History Westchester County
Median Luxury Sale Price
$3,000,000
$2,625,000 $2,600,000 $2,660,000 $2,725,000 $2,497,000 $2,600,000 $2,575,000 $2,600,000 $2,550,000 $2,600,000
500 400
375
341
$2,000,000
326
297
300 237
208
229
$1,000,000
0
Number of Units Sold
Homes Sold $2 Million & Higher
221
204
39
32
41
2010
2011
2012
200
164 55
33
38
54
2003
2004
2005
79
100 62 17
2006
2007
2008
2009
0
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 $1,500,000
$1,444,450 $1,432,500 $1,385,000
$1,287,500
26
$1,000,000
20
$500,000 0
14 2
2003
$1,150,000 $1,200,000
2004
20 14
5
3
2005
2006
5
2007
12 6
3
5 0
0
2008
2009
2010
3
2011
7 2
Number of Units Sold
Homes Sold $1 Million & Higher
$2,000,000
60 $1,705,000 $1,565,000 $1,500,000 $1,325,000
38
37
$1,000,000
$1,625,000 $1,387,500 $1,327,500 38
$1,225,000
29 15 2
2003
7
3
2004
40 30
10
0
50
$1,512,500 $1,500,000
24
$500,000
0
2012
Dutchess County
$1,500,000
10
Units Sold Full Year
Units Sold Year-to-Date
Median Luxury Sale Price
40 30
23
16 4
$1,385,750 $1,347,500 $1,412,500 $1,300,000
2005
2006
5
2007
Units Sold Year-to-Date
18
18
2
4
4
3
2009
2010
2011
2012
20 10
8
2008
21
16
0
Units Sold Full Year
Source: Empire Access Multiple Listing Service & Mid-Hudson Multiple Listing Service
1st Q–2012 Luxury Market Report houlihanlawrence.com A Selection of Houlihan Lawrence’s Recent Luxury Sales
ISLAND DRIVE
BURGESS ROAD
RYE Last Offered at $7,000,000
SCARSDALE Last Offered at $5,600,000
PENWOOD
OLD APPLE FARM
BEDFORD CORNERS Last Offered at $5,250,000
KATONAH Last Offered at $3,850,000
COURSEVIEW
WEST LAKE MANOR
BRONXVILLE Last Offered at $2,850,000
MAHOPAC Last Offered at $1,675,000
1st Q–2012 Luxury Market Report houlihanlawrence.com A Selection of Properties From Our Current Inventory
DEVONSHIRE
SKY BLUE FARM
NORTHSHIRE
BEDFORD CORNERS Offered at $26,500,000
MILLBROOK Offered at $23,000,000
NORTH SALEM Offered at $18,500,000
GREACEN POINT MAMARONECK Offered at $13,000,000
THE LODGE
AT
LOCH LYALL
BEDFORD HOUSE
GARRISON Offered at $8,900,000
BEDFORD CORNERS Offered at $7,850,000
CIRCA 1920’S PURCHASE ESTATE
ELDERSLIE
MURRAY HILL
PURCHASE Offered at $7,850,000
BRIARCLIFF MANOR Offered at $6,500,000
SCARSDALE Offered at $5,800,000
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