HoulihanLawrence.com
Presented by Anthony Cutugno Senior Vice President Director of Luxury Country Properties Direct: 914.234.0308 ACutugno@houlihanlawrence.com
Luxury Market Report 1st Quarter 2013
1st Quarter 2013
Executive Summary
April, 2013
Welcome to our latest luxury market report highlighting 1st Quarter 2013 sales activity for properties priced at $2 Million or more in Westchester County and $1 Million+ in Putnam and Dutchess Counties.
At the end of 1st Quarter 2013, Houlihan Lawrence continued to dominate the luxury marketplace with a 50% market share throughout our 3-county territory. Regionally, 1st Quarter 2013 has been relatively quiet registering 36 luxury sales as compared to 47 in 1st Quarter 2012. This decline comes as the Manhattan luxury market intensifies, fueled by near record low inventory and an influx of both international and local buyers. Our local luxury market typically lags behind Manhattan and we remain optimistic that we will benefit from Manhattan’s robust market. In fact, as we closed the quarter, we were already seeing an increase in the number of new luxury deals.
The trend within Westchester County’s luxury market is a tale of two counties. Southern Westchester markets have been remarkably busy with several $5 Million+ sales this quarter alone. Northern Westchester and points north continue to be impacted by higher inventories and less demand. This dichotomy effects not only the luxury market but the broader Southern and Northern Westchester markets as well. Nonetheless, we are pleased to report that Houlihan Lawrence has participated in 4 of the top 5 sales year-to-date including the region’s highest sale of $9.5 Million for a 400-acre Millbrook equestrian estate. In the coming months, we will be focusing our marketing efforts on new initiatives to further attract the highly active international buyer. Recently we showcased our top properties at Christie’s Asian Art Week auction in Rockefeller Center, which attracted highly qualified art patrons from around the world. There is a natural synergy between fine art and fine real estate and we enjoyed sharing the beauty of our exceptional properties with this elite group of collectors. For more information on our exclusive luxury marketing programs or for help with any of your real estate needs, please contact me at 914.234.0308 or email us at lcp@houlihanlawrence.com. Anthony Cutugno Senior Vice President Houlihan Lawrence Luxury Division
With over 80% of $2 Million+ Home Sales, Westchester County continues to be the number one choice for luxury buyers in our region Total Westchester Homes Sales declined for the quarter, as tax concerns encouraged buyers to close by December 31, 2012, elevating 4th Quarter sales and pulling transactions from 1st Quarter A few high-end sales fueled the significant improvements in Median Sale Price that were registered in both Putnam and Dutchess counties Westchester County Luxury Home Sales - $2 Million & Higher
Q1-2013
Q1-2012
% Change
Full Year 2012
31
42
-26.2%
249
214
16.4%
Total Dollar Volume
$98,424,677
$122,498,300
-19.7%
$782,894,348
$650,141,300
20.4%
Median Sale Price
$2,550,000
$2,600,000
-1.9%
$2,685,000
$2,597,000
3.4%
Average Price Per Square Foot
$570
$545
4.6%
$560
$542
3.3%
Average Days on Market
270
227
18.9%
219
213
2.8%
% Sale Price to List Price
93.3
91.4
2.1%
92.0
92.2
-0.2%
Homes Sold
Full Year 2011 % Change
Putnam County Luxury Home Sales - $1 Million & Higher
Q1-2013
Q1-2012
% Change
Full Year 2012
Full Year 2011
% Change
2
2
0.0%
11
11
0.0%
Total Dollar Volume
$2,900,000
$2,600,000
11.5%
$17,952,500
$20,695,000
-13.3%
Median Sale Price
$1,450,000
$1,300,000
11.5%
$1,420,000
$1,450,000
-2.1%
Average Price Per Square Foot
$383
$235
63.0%
$389
$450
-13.6%
Average Days on Market
283
255
11.0%
252
241
4.6%
% Sale Price to List Price
91.3
82.0
11.3%
87.8
90.7
-3.2%
Homes Sold
Dutchess County Luxury Home Sales - $1 Million & Higher
Q1-2013
Q1-2012
% Change
Full Year 2012
Full Year 2011
% Change
6
3
100.0%
23
21
9.5%
Total Dollar Volume
$17,070,000
$4,175,000
308.9%
$42,061,500
$66,445,450
-36.7%
Median Sale Price
$1,562,500
$1,225,000
27.6%
$1,375,000
$1,500,000
-8.3%
Average Price Per Square Foot
$660
$383
72.3%
$532
$564
-5.7%
Average Days on Market
266
291
-8.6%
295
262
12.6%
% Sale Price to List Price
85.8
80.8
6.2%
88.2
78.1
12.9%
Homes Sold
Source: Hudson Gateway Multiple Listing Service & Mid-Hudson Multiple Listing Service.
Luxury Market Report 1st Quarter 2013
Houlihan Lawrence remains the leader in luxury home sales throughout the region.
Westchester County Luxury Home Sales $2 Million & Higher
Houlihan Lawrence 55%
17%
6%
Putnam & Dutchess Counties Luxury Home Sales $1 Million & Higher
Houlihan Lawrence 40%
9%
7%
Source: Hudson Gateway Multiple Listing Service & Mid-Hudson Multiple Listing Service, 1/1/2012 – 12/31/2012.
Homes selling between $2 and $3 Million represented the most active price range in Westchester. Further north, 7 of the 8 Putnam/Dutchess sales traded under $2 Million A sizeable improvement reported in 1st Quarter 2013 occurred in the $5-$10 Million segment A Dutchess County equestrian estate, which sold for $9.5 Million, represented the top sale in the entire region year-to-date Westchester County Luxury Home Sales Price Range
Q1-2013
Q1-2012
% Change
Full Year 2012
Full Year 2011
% Change
$2,000,000 - $2,999,999
21
30
-30%
167
150
11%
$3,000,000 - $4,999,999
6
10
-40%
67
56
19%
$5,000,000 - $9,999,999
4
2
100%
15
13
15%
$10,000,000 and up
0
0
Not Valid
2
2
0%
Market Totals
31
42
-26%
251
221
14%
Source: Hudson Gateway Multiple Listing Service & Mid-Hudson Multiple Listing Service
Putnam & Dutchess County Luxury Home Sales Price Range
Q1-2013
Q1-2012
% Change
Full Year 2012
Full Year 2011
% Change
$1,000,000 - $1,999,999
7
5
40%
28
24
16%
$2,000,000 and up
1
0
Not Valid
6
9
-33%
Market Totals
8
5
60%
34
33
3%
Source: Hudson Gateway Multiple Listing Service & Mid-Hudson Multiple Listing Service
Harrison emerged as the most active luxury market for 1st Quarter with a total of 5 sales The top sale in Westchester County - a Larchmont Manor waterfront property that closed for $7.5 Million - contributed to Mamaroneck’s second place tie for the period Rye, Scarsdale and Bronxville maintained strong sales for the quarter as well Top Luxury Markets Westchester County Luxury Home Sales $2 Million & Higher
School District
# of Sales
Median Luxury Sale Price
Highest Sale Price
Harrison
5
$2,850,000
$3,455,000
Byram Hills
4
$2,729,950
$3,900,000
Mamaroneck
4
$2,562,500
$7,570,777
Rye City
4
$2,317,500
$3,595,000
Scarsdale
3
$2,355,000
$5,000,000
Bronxville
2
$4,500,000
$7,000,000
Chappaqua
2
$2,875,000
$3,500,000
Irvington
2
$2,137,000
$2,199,000
Putnam County Luxury Home Sales $1 Million & Higher
School District Haldane
# of Sales
Median Luxury Sale Price
Highest Sale Price
2
$1,450,000
$1,800,000
Dutchess County Luxury Home Sales $1 Million & Higher
Town/City
# of Sales
Median Luxury Sale Price
Highest Sale Price
Washington
2
$5,700,000
$9,500,000
La Grange
1
$1,750,000
$1,750,000
Stanford
1
$1,355,000
$1,355,000
Milan
1
$1,190,000
$1,190,000
North East
1
$1,375,000
$1,375,000
Source: Hudson Gateway Multiple Listing Service & Mid-Hudson Multiple Listing Service
Reduced inventories and a large number of pending sales has continued to stimulate the high demand for luxury properties in Southern Westchester County Though inventory levels have also declined in Northern Westchester, Putnam and Dutchess counties, the smaller pool of luxury buyers continues to pose challenges Supply/Demand Snapshot Southern Westchester County - $2 Million & Higher As of March 31, 2013
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, 2012
2013 vs. 2012
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
% Change in Listings
% Change in Pendings
127 71 20 9
53 16 5 0
2 4 4 Not Valid
136 62 25 6
41 15 3 0
3 4 8 Not Valid
-6.6% 14.5% -20.0% 50.0%
29.3% 6.7% 66.7% 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, 2013
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, 2012
2013 vs. 2012
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
% Change in Listings
% Change in Pendings
71 44 15 12
10 5 2 0
7 9 8 Not Valid
69 39 21 10
12 2 0 1
6 20 Not Valid 10
2.9% 12.8% -28.6% 20.0%
-16.7% 150.0% 0.0% -100.0%
*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, 2013
Price Range $1,000,000 - $1,999,999 $2,000,000 and up
As of March 31, 2012
2013 vs. 2012
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
% Change in Listings
% Change in Pendings
28 12
1 0
28 Not Valid
33 19
2 1
17 19
-15.2% -36.8%
-50.0% -100.0%
*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, 2013
Price Range $1,000,000 - $1,999,999 $2,000,000 and up
As of March 31, 2012
2013 vs. 2012
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
SUPPLY Active Listings
DEMAND Pending Sales
Supply/ Demand Ratio*
% Change in Listings
% Change in Pendings
56 48
5 2
11 24
67 56
2 2
34 28
-16.4% -14.3%
150.0% 0.0%
*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.
Luxury Market Report 1st Quarter 2013
Houlihan Lawrence presents a selection of the world’s most exclusive properties from our global networks
LYONS DEMESNE Kildare, Ireland Price Upon Request Christie's International Real Estate
FAIRHOLME Newport, Rhode Island Offered at $17,900,000 Christie's International Real Estate
ELEGANT TOWNHOME Paris, France Price Upon Request Christie's International Real Estate
PRIVATE 100 ACRE ISLAND Little Bokeelia Island, FL Offered at $29,500,000 Luxury Portfolio International
HI-RISE LIVING Hong Kong, China Offered at $78,000,000 Luxury Portfolio International
BEACHFRONT VILLA Phuket, Thailand Offered at $5,950,000 Luxury Portfolio International
COUNTRY CHARM Arlington, England Offered at $1,288,175 Mayfair International Realty
AGAPANTHUS Paget, Bermuda Offered at $19,500,000 Mayfair International Realty
CASA DE CAMPO ENCLAVE Dominican Republic Offered at $19,500,000 Christie's International Real Estate
For personalized service on these featured properties contact Elizabeth Nunan 1.888.454.7356 ENunan@houlihanlawrence.com