HOULIHAN LAWRENCE REPORTS STATUS OF WESTCHESTER TOWNS HOME SALES: DOWN. PRICING A FACTOR.

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WPCNR REALTY REALITY. From Houlihan Lawrence. July 14, 2022:

Despite low inventory and strong buyer demand, sales declined in the second quarter in Westchester (-14.2%), Putnam (-20%), and Dutchess Counties (-25.8%) compared to second quarter of 2021.

However, current home sales are at levels well above those seen in 2018, 2019 and 2020. Median sale prices were up 6.2% in Westchester, 9% in Putnam and 12.1% in Dutchess.

“Well-priced” homes continue to receive multiple bids but there are fewer bidders than before.

The market is also seeing price reductions on homes where sellers were overambitious.

“The supply and demand ratio at every price point has remained unsustainably high for several years. Inventory levels are expected to rise slowly, but right now remain historically low. Paired with current demand, prices should endure. Uncertainty in the economy, however, has caused buyers to be more cautious and discerning. As a result, sellers will have to pay close attention to pricing,” said Liz Nunan, President and CEO of Houlihan Lawrence.

“While changes in the market are inevitable, there is much that continually attracts buyers to our area. Whether it be our parks, Long Island Sound, Hudson River, beaches, lakes, or mountains, there’s so much to love about where we call home,” she added.

Q2 2022 MARKETS AT A GLANCE (Q2 2022 vs Q2 2021)

WESTCHESTER COUNTY

Homes Sold: Down 14.2%

Median Sale Price: Up 6.2%

Greater White Plains

(Greenburgh, Valhalla and White Plains)

Homes Sold: Up 3%

Median Sale Price: Up 3%

New York City Gateway

(Mount Vernon, New Rochelle, Pelham and Yonkers)

Homes Sold: Down 16%

Median Sale Price: Up 13%

Lower Westchester

(Bronxville, Eastchester, Edgemont, Scarsdale and Tuckahoe)

Homes Sold: Down 5%

Median Sale Price: Up 21%

Rivertowns

(Ardsley, Dobbs Ferry, Hastings, Mount Pleasant, Pleasantville, Tarrytown, Briarcliff Manor, Elmsford, Irvington, Ossining and Pocantico Hills)

Homes Sold: Down 16%

Median Sale Price: 0%

Sound Shore

(Blind Brook, Harrison, Mamaroneck, Port Chester, Rye City and Rye Neck)

Homes Sold: Down 14%

Median Sale Price: Up 8%

Northern Westchester

(Bedford, Byram Hills, Chappaqua, Katonah-Lewisboro, North Salem and Somers)

Homes Sold: Down 32%

Median Sale Price: Down 4%

Northwest Westchester

(Croton-on-Hudson, Hendrick Hudson, Lakeland, Peekskill and Yorktown)

Homes Sold: Down 8%

Median Sale Price:  Up 8%

PUTNAM COUNTY

(Brewster, Carmel, Garrison, Haldane, Lakeland, Mahopac and Putnam Valley)

Homes Sold: Down 20%

Median Sale Price:  Up 9%

DUTCHESS COUNTY

Homes Sold: Down 25.8%

Median Sale Price: Up 12.1%

Southwest Dutchess

(Beacon, East Fishkill, Fishkill, La Grange, Poughkeepsie, City of Poughkeepsie and Wappinger)

Homes Sold: Down 30%

Median Sale Price: Up 12%

Southeast Dutchess

(Beekman, Dover, Pawling and Union Vale)

Homes Sold: Down 7%

Median Sale Price: Up 6%

Northwest Dutchess

(Clinton, Hyde Park, Milan, Pleasant Valley, Red Hook and Rhinebeck)

Homes Sold: Down 38%

Median Sale Price: Up 19%

Northeast Dutchess

(Amenia, North East, Pine Plains, Stanford and Washington)

Homes Sold: Up 7%

Median Sale Price: Up 43% 

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