Douglas Elliman report shows Q1 pre-pandemic housing strength in Westchester

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Westchester County’s single-family housing market barely escaped the COVID-19 chaos at the end of the first quarter with year-over-year increases in sales and prices, according to new data from Douglas Elliman Real Estate.

The complete Westchester market – consisting of single-family, condominium, co-op and two-to-four family properties – recorded an average sales price of $611,026, down from $616,053 in the fourth quarter of 2019 and up from the $556,579 price in the first quarter of 2019.

The median sales price of $510,000 represented an uptick from the previous quarter’s $500,000 and a jump from the $463,000 in the previous year. The first quarter saw 1,817 properties with closed sales, down from the 2,350 transaction in the fourth quarter but only slightly down the 1,845 transactions one year earlier.

For the single-family market, Westchester’s first quarter average sales price of $790,691 was down from the $796,109 price in the fourth quarter, but was up from the $755,318 price set one year earlier.

The median sales price of $639,900 was up from the $615,000 price in the previous quarter and the $600,000 level set in the first quarter of 2019. The first quarter’s 1,063 closed sales were down from the fourth quarter’s 1,403 transactions but was higher than the 989 closed sales from one year earlier.

In the county’s luxury housing sector – defined as 10% of the single-family sales prices – the first quarter’s average sales price of $2.14 million was down from the $2.29 million in the fourth quarter but higher than the $2.04 million from the first quarter of 2019.

The median sales price of $1.89 million was up from the previous quarter’s $1.80 million and the $1.78 million set one year earlier. The first quarter’s 108 closed sales were down from the 143 transactions in the previous quarter but higher than the 99 deals closed one year earlier.

Douglas Elliman also took a look at the combined Putnam and Dutchess counties’ market for single-family and condominium sales. During the first quarter, the average sales price of $361,795 was down from the fourth quarter’s $373,900 and up from the $329,841 price in the first quarter of 2019.

The median sales price of $327,500 was down from the previous quarter’s $335,000 and slightly up from the $325,000 price set one year earlier. The first quarter saw 248 closed sales, a drop from the 307 transactions in the previous quarter but a rise from 222 transactions that closed one year ago.

Posted by Westfair
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