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Archive for the ‘Market Updates’ Category

EXECUTIVE SUMMARY (Excerpt) by Stephen Meyers (CEO) and Chris Meyers (President)

The real estate market in Westchester, Putnam and Dutchess counties remains polarized depending on price point, but the third quarter brought some welcome life into a previously quiet 2019. The first two quarters of the year were anything but frothy, but once buyers were able to put the new tax laws into clear perspective the market turned on quite predictably. The tax reform, however, was not the only factor that kept many buyers on the sidelines. Perception of value remained critical in order for buyers to take action. With a surplus of data readily available to consumers, both online presentation and price must be flawlessly aligned in order to stand out from the competition. In many of our markets, primarily where there are higher price points and growing inventory, sellers needed to adjust downward before the buyers took action. Where the sellers did adjust, Westchester County sales rebounded. Most notably the Sound Shore and parts of Northern Westchester experienced double digit increases over last year. In Westchester, there was an average increase in home sales of 0.6% in the third quarter this year as compared to Q3 2018 and the median sale price increased 3.0%. In the entry level price points multiple bid situations were still prevalent where inventory was low.

Although the market activity started later this year than we’re accustomed, it extended throughout the summer, a traditionally quieter time. August, in fact, was our busiest month in 2019 for closings and the activity has continued throughout September. As we approach an election year, which adds uncertainty to an already fragmented market, you can count on Houlihan Lawrence for proprietary market intelligence to guide your decision making.

To see the full summary and report CLICK HERE.

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EXECUTIVE SUMMARY (Excerpt) by Stephen Meyers (CEO) and Chris Meyers (President)

After the lackluster sales of the first quarter, the second quarter helped to bridge the gap for many Westchester towns. While changes in the tax laws kept buyers at bay in the first quarter, once April rolled around, the buyers rallied. The overall number of single family home sales rose over first quarter, with some exceptions, and are now down 3.9% year over year. The average sale price is $885,309, down 3.7% as compared to this time last year, a nice improvement over last quarter (down 8.2%). The combination of inventory on the rise (up 4.5% over last year) and the number of pending sales relatively unchanged sends a message to sellers.

While the more reasonable price brackets continue to enjoy high demand, the higher price ranges are experiencing the most difficulty. This is amplified by market similarities in New York City where many of our buyers originate. Buyers have more choices across these higher price points and there is no sense of urgency. Value is paramount to luxury buyers, and unless sellers respond with price adjustments, the inventory will continue to grow and languish.

Co-operative and Condominium sales in Westchester County are flourishing and the number of sales is up for both. Average sale price in the second quarter is up 15.6% for condominiums and 6.1% for co-ops. These appeal to both first time buyers and empty nesters looking to lift their tax burden and lower their overall maintenance and costs.

Likewise, Putnam County experienced an increase in activity and number of sales in the second quarter. Homes sold are now up 3% over second quarter last year. This is a refreshing change compared to the first quarter when sales were sluggish. The median sale price was also on the rise to $363,000, up 4% over last year. Supply and demand remains high under $800,000, but there is low demand above that price point. The data for Q2 in Dutchess County varies wildly depending on the area, given the large size of the County. Inventory is steady with pending sales down 1.5%. While that appears to be fairly balanced, sales in Northeast Dutchess are down 32% while in Northwest Dutchess, they’re up 11%. The landscape, as compared to the first quarter of the year, has certainly improved in most areas but not all. We are experiencing a transitioning market. Prices are adjusting downward at the high end to align themselves with buyer aspirations and expectations. That said, with the uncertainty of the new tax reform behind us, and the strong economy and low interest rates in place, we anticipate that buyers will continue to invest in homeownership.

To see the full summary and report CLICK HERE.

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Executive Summary by Anthony Cutugno – Senior Vice President of Private Brokerage

The number of luxury homes sold north of NYC continues to decline, as the consequences of tax reform, a soft NYC market and a generational shift in buyer preferences and attitudes impact our luxury markets.

In Westchester County, Q2-2019 marks the third consecutive quarter of luxury home sales ($2M and higher) declines. From October 1, 2018 through June 30, 2019, the number of homes sold dropped by 28% compared to the previous time period. In Greenwich, luxury sales ($3M and higher) weakened for four consecutive quarters, registering an 18% year over-year decline. Putnam and Dutchess counties sales ($1M and higher) are down 39% year-to-date. Sales in Darien and New Canaan ($2M and higher) are down year-to-date 16% and 12% respectively. The bright spot is pended sales, a forward looking indicator, which are level with the same period last year in most areas. In fact, this time last year the market was stronger, making this a meaningful comparison, and a hopeful sign that the third quarter could reverse the trend of declines. In Dutchess County, luxury pended sales rose dramatically, and may prove to be the first luxury market to rebound. Luxury sales in the ultra-high end of the market (sales $5M and higher) suffered the steepest losses in the first half, down by about half or more in Westchester, Greenwich, Darien and New Canaan. Supply is inching up in some markets and the number of years it will take to absorb these listings is increasing. Westchester County has seven years of $5M+ inventory; Greenwich has over 3 years in the ultra-high end. A balanced market typically has 6 to 12 months of inventory. The bigger conundrum facing our luxury markets is quantifying the changing tastes and attitudes of the new generation of luxury buyers. Their lifestyles are experiential, and they prefer homes located in walkable locations with easy commutability to NYC, child-friendly open floor plans and low maintenance property. Bigger is not always better and renovating or restoring a period home is the desire of scant few. Their expectation about the future value of real estate influences demand for luxury homes. On the whole, they are not bullish about real estate, resulting in a cautious mindset that defaults to under buying rather than reaching for a more significant home within their budget. Though this shift is in its early stages, its impact is tangible. Economic forecasters have more questions than answers, contributing to a general sense of uncertainty. For example, tax reform made home ownership more costly and is a major contributor to the decline in luxury sales. But weakening demand is driving down values in the luxury market, giving opportunistic buyers more bang for their buck. Consumer spending is up the first half, fueled in part by a rising stock market, but many question how much longer the bull market can continue. Economic expansion is a decade strong, but the waning impact of tax reform on corporations and trade war tensions are holding back business spending, pointing to softer growth ahead. A looming presidential election adds another layer to the uncertainty that exists. Despite these perplexing questions, we know the following to be true. Luxury home sales have declined not only north of NYC, but in many luxury markets, including NYC, the Hamptons and Miami. There is a wide selection of beautiful homes for sale and buyers have the wind at their back in a low interest rate environment. We bang the drum with the same message in this seller-challenged market – listings that represent value and appeal to buyers’ aesthetic will capture their attention and have the greatest chance of selling.

Sincerely, Anthony Cutugno

To view full report CLICK HERE.

 

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EXECUTIVE SUMMARY (Excerpt) by Stephen Meyers (CEO) and Chris Meyers (President)

The real estate markets in the suburbs north of New York City finished the first quarter of 2019 with generally slower sales and higher inventory in most markets, signaling a clear opportunity for home buyers. The sale of single family homes in Westchester County declined by 5% in the first quarter, following a decline of 5% in fourth quarter 2018. Cost per square foot dipped below $300 this quarter, the first time since 2013. The supply of homes for sale up to $2.5M grew, giving buyers a bit more selection in an inventory constrained price range. Most communities experienced declines with the exception of Lower Westchester. An uptick in Bronxville and Scarsdale contributed to a 14% increase in homes sold. Westchester’s condo and coop markets are largely unchanged and the appeal of multi-family living remains strong. These markets are buoyed by two significant groups of buyers – downsizers and first time homebuyers –wanting the same product. Convenience, access to transportation and vibrant downtown areas are consistently on their wish list.

The number of buyers originating from NYC has fallen as the market in NYC has softened, negatively impacting our markets. Many NYC buyers have homes to sell before they can actively bid and transact on a new home. They have the motivation to move north, but not the ability to make a purchase. Tax reform has affected our markets especially in Westchester County. Of the near 1,000 homes that sold in Westchester in the first quarter, over 80% had property taxes $10,000 and higher. The average property tax bill was $21,000, and the highest was $131,000. We have some headwinds to manage – namely the effects of tax reform and a challenging luxury market. Our proximity to NYC, energetic neighborhoods and unmatched community amenities make living north of NYC desirable and exciting. The spring market was slow to start and activity has picked up the past six weeks. Interest rates are low, the stock market is healthy and employment – and our optimism for the second quarter – is growing.

To see the full summary and report CLICK HERE.



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Weekly Real Estate Update (4/26/19 – 5/2/19)

RYE CITY SCHOOLS (10580)

  • Active Single Family Homes – 132
  • SF Homes in Contract – 42
  • Average Listing Price – $2,698,212
  • Average LP Per SF – $662.77
  • Average DOM – 89 Days
  • Median Listing Price – $2,312,500
  • Sales YTD: 2019 – 24 | 2018 – 44

12 New Single Family Listings in Rye:

  • 162 Soundview Avenue – $765,000
  • 347 Oakland Beach Avenue – $1,399,000
  • 57 Highland Road – $1,780,000 HL
  • 11 Wilson Drive – $1,895,000
  • 7 Robert Crisfield Place – $2,150,000 HL
  • 10 Graham Court – $2,195,000 HL
  • 97 Fairway Avenue – $2,325,000 HL
  • 10 Stoneycrest Road – $2,525,000 HL
  • 36 Hix Avenue – $3,275,000
  • 1 Barron Place – $4,195,000 HL
  • 4 Philips Lane – $7,195,000 New Construction
70 Hewlett Avenue | $3,895,000 | O’Meara Team| New Construction

15 Price Reductions in Rye

  • 162 Soundview Avenue – $765,000 to $749,000
  • 51 Dearborn Avenue – $925,000 to $899,000
  • 10 Newberry Place – $1,199,000 to $1,165,000
  • 45 Oakwood Avenue – $1,375,000 to $1,327,500
  • 11 Howard Place – $1,775,000 to $1,695,000 New Construction
  • 6 Indian Hill Road – $1,775,000 to $1,695,000
  • 10 Roger Sherman Place – $1,789,000 to $1,694,000
  • 140 Grace Church Street – $2,175,000 to $2,095,000
  • 10 Florence Avenue – $2,295,000 to $2,195,000 New Construction
  • 40 Hughes Avenue – $2,595,000 to $2,495,000 New Construction
  • 2 Warriston Lane – $2,900,000 to $2,850,000
  • 5 Ellen Court – $2,975,000 to $2,875,000
  • 133 Grandview Avenue – $2,995,000 to $2,875,000
  • 6 S. Manursing Island Road – $5,325,000 to $5,095,000
  • 855 Forest Avenue – $5,750,000 to $5,495,000 New Construction

31 Public Open Houses in Rye This Weekend

RYE NECK SCHOOLS (10580)

  • Active Single Family Homes – 19
  • SF Homes in Contract – 3
  • Average Listing Price – $2,271,416
  • Average LP per SF – $489.25
  • Average DOM – 89 Days
  • Median Listing Price – $1,899,900
  • Sales YTD: 2019 – 3 | 2018 – 5

2 New Single Family Listings in Rye Neck 10580

  • 5 Harbor Lane – $1,550,000
15 Johnson Place | $2,195,000 | O’Meara Team

2 Price Reductions in Rye Neck 10580

  • 29 Chester Drive – $1,499,000 to $1,449,000
  • 32 Norman Drive – $2,195,000 to $1,999,998

7 Public Open Houses in Rye Neck (10580) This Weekend

HARRISON SCHOOLS (10577, 10580, 10528)

  • Active Single Family Homes – 119
  • SF Homes in Contract – 35
  • Average Listing Price – $2,288,880
  • Average LP per SF – $407.85
  • Average DOM – 143 Days
  • Median Listing Price – $1,899,000
  • Sales YTD: 2019 – 35 | 2018 – 38

11 New Single Family Listings in Harrison:

  • 107 Old Lyme Road (10577) – $809,900
  • 16 Pinehurst Drive (10577) – $999,000
  • 5 Union Avenue (10528) – $1,200,000
  • 38 Rolling Hills Lane (10528) – $1,295,000
  • 20 Genesee Trail (10528) – $1,395,000 HL
  • 201 Union Avenue (10528) – $1,459,900 HL
  • 4 Union Avenue (10528) – $1,599,000 HL
  • 3 Parkside Court (10577) – $1,585,000
  • 519 Woodlands Road (10528) – $1,879,000
  • 16 Homestead Place (10528) – $2,350,000 HL
  • 40 Polly Park Road (10580) – $4,750,000

10 Price Reductions in Harrison

  • 26 Old Lyme Road (10577) – $969,000 to $939,000
  • 79 Highfield Road (10528) – $1,349,000 to $1,299,000
  • 11 Bates Road (10528) – $1,475,000 to $1,399,000
  • 8 Shawnee Trail (10528) – $1,625,000 to $1,495,000
  • 11 Flagler Drive (10580) – $2,350,000 to $2,150,000
  • 124 Haviland Road (10528) – $2,395,000 to $2,195,000
  • 12 Windsor Court (10577) – $2,695,000 to $2,599,000
  • 11 Lincoln Lane (10577) – $2,995,000 to $2,699,000
  • 8 Pilgrim Road (10580) – $3,250,000 to $3,175,000
  • 39 Winfield Avenue (10528) – $3,495,000 to $2,990,000

19 Public Open Houses in Harrison (10580,10528,10577) This Weekend

For more information on any of the above properties or the current real estate market please contact me at jomeara@houlihanlawrence.com.

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Weekly Real Estate Update (4/19/19 – 4/25/19)

RYE CITY SCHOOLS (10580)

  • Active Single Family Homes – 132
  • SF Homes in Contract – 42
  • Average Listing Price – $2,755,398
  • Average LP Per SF – $669.17
  • Average DOM – 93 Days
  • Median Listing Price – $2,347,500
  • Sales YTD: 2019 – 20 | 2018 – 38

8 New Single Family Listings in Rye:

  • 1 Garden Drive – $650,000 HL
  • 55 Meadow Place – $1,375,000
  • 12 Sharon Lane – $1,495,000
  • 141 Soundview Avenue – $1,925,000
  • 138 Oakland Beach Avenue – $1,975,000
  • 85 Fairway Avenue – $2,795,000 HL
  • 115 Drake Smith Lane – $5,295,000
30 Centre Street | $2,595,000 | O’Meara Team at HL

4 Price Reductions in Rye

  • 21 Brookdale Place – $875,000 to $825,000
  • 20 Vale Place – $1,199,000 to $1,169,000
  • 101 Glen Oaks Drive – $2,195,000 to $2,095,000
  • 110 Hix Avenue – $2,695,000 to $2,595,000

42 Public Open Houses in Rye This Weekend

RYE NECK SCHOOLS (10580)

  • Active Single Family Homes – 17
  • SF Homes in Contract – 4
  • Average Listing Price – $2,332,759
  • Average LP per SF – $485.09
  • Average DOM – 93 Days
  • Median Listing Price – $1,899,900
  • Sales YTD: 2019 – 2 | 2018 – 5

0 New Single Family Listings in Rye Neck 10580

0 Price Reductions in Rye Neck 10580

5 Public Open Houses in Rye Neck (10580) This Weekend

HARRISON SCHOOLS (10577, 10580, 10528)

  • Active Single Family Homes – 114
  • SF Homes in Contract – 31
  • Average Listing Price – $2,297,630
  • Average LP per SF – $411.21
  • Average DOM – 145 Days
  • Median Listing Price – $1,980,000
  • Sales YTD: 2019 – 34 | 2018 – 35

4 New Single Family Listings in Harrison:

  • 43 Park Avenue (10528) – $635,000
  • 24 Harwich Lane (10577) – $899,000 HL
  • 11 Puritan Road (10580) – $1,695,000
  • 519 Woodlands Road (10528) – $1,879,000

5 Price Reductions in Harrison

  • 107 Old Lyme Road (10577) – $850,000 to $809,900
  • 16 Sunset Lane (10528) – $1,225,000 to $1,199,000
  • 12 Hampton Road (10577) – $1,699,000 to $1,649,000
  • 18 Lakeside Drive (10580) – $1,725,000 to $1,695,000
  • 39 Winfield Avenue (10528) – $3,495,000 to $2,990,000

20 Public Open Houses in Harrison (10580,10528,10577) This Weekend

For more information on any of the above properties or the current real estate market please contact me at jomeara@houlihanlawrence.com.



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1st Quarter 2019 Executive Summary – Luxury Market Report
by Anthony Cutugno (Senior Vice President/Director of Private Brokerage):

Over the past 6 months, the number of luxury home sales North of NYC experienced a decline of 33%. Westchester County (sales $2M and higher) suffered the steepest drop – down 38%. There is no isolated incident that accounts for losses, but rather a confluence of events that negatively impact our markets and effectively shrinks the number of luxury buyers north of NYC. The real estate market in NYC has softened resulting in fewer buyers leaving the city to head north because their apartments remain unsold. This important feeder market was robust just 18 months ago. Condos, coops and town-homes appreciated in value, sold quickly, and reliably drove buyers leaving the city to our area. Now listings are sitting on the market longer as inventory grows, selling for less than expected. As the market leader, Houlihan Lawrence tracks where buyers come from and our data indicates a 40% decline this year in the number of NYC buyers moving to the suburbs compared to same period last year.

As NYC finds its footing in a changing real estate market, this April marks the first tax season with new tax laws. Homeownership is now more costly without property tax deductibility, especially in NY which has among the highest property taxes in the country. Consequently, many would-be move-up buyers – another important segment for the luxury market – are now more likely to stay in their current home than trade-up to a bigger and more expensive property. Instead, they may add an extra bedroom or renovate their kitchen rather than assume higher property taxes, a larger mortgage and increased maintenance costs. Tax reform has also pushed some residents of NY and CT to strategically relocate to more tax-friendly states. Low-tax states such as Florida, Texas and North Carolina gained the most population in 2018.

Sharp declines in the market represent an opportunity for savvy buyers. Deals are coming together albeit at lower prices with sellers who meet the market. Luxury buyers have high standards – they want a turnkey property that represents value. Razor sharp pricing and impeccable presentation are the best tools a seller has to attract buyers actively in the market. Houlihan Lawrence participated in 71% of all luxury transactions in the first quarter and our pulse on the market is reliable. Our agents are busy and we are anticipating deals will come together at a faster pace in the second quarter than these past six months. Continued confidence in the economy is evident in the rebounding stock market and stable interest rate environment. The spring market had a late start and the next eight weeks will be pivotal during this important selling season.

To view full report CLICK HERE.

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