Page 1

Second Quarter 2017 Westchester County Market Report


Executive summary 2nd Quarter 2017

Welcome to Berkshire Hathaway HomeServices Westchester Properties’ Second Quarter 2017 Westchester County Market Report, our examination of the single family, condominium and cooperative markets throughout the county compared with trends across the state, Northeast and nationwide. Year over year, Westchester County had a 5.2% increase in volume. Single family homes saw the largest gains in pricing, with average price rising to $904,206. Condominiums had decreases in both number of sales (6.1%) and average price (26.3%) while pricing for cooperatives remained flat but saw an 12.9% uptick in number of sales to 525. Although inventory is down in Westchester County for single family homes and condominiums, there continues to be strong demand for upgraded homes close to city centers. The problem is that first time homebuyers, those downsizing and investors alike are all interested in similar inventory which is driving average price up and days on market down. Homes that do not have buyer activity are likely overpriced and sellers should consider viewing competitor home finishes, upkeep and location as the true comparison and not just the numbers of beds and baths. According to the latest Berkshire Hathaway HomeServices Sentiment Survey released in May; large, walk-in closets topped the list of home amenities sought by current and prospective homeowners, ahead of patios/balconies and hardwood floors. Respondents cited energyefficient appliances and smart-home features such as learning thermostats and automated lighting as the most important trends in home interior design. If you have any questions regarding this report, Berkshire Hathaway HomeServices Westchester Properties’ sales executives are here to help you navigate the current market with expert knowledge and exceptional service.

Candace Adams President and CEO

Prepared by: Candace Adams, President/CEO, cadams@bhhsne.com Kathryn Redican, Vice President, Marketing and Business Development, kathrynredican@bhhsne.com Cover Photo: Scarsdale • 21DalessioCourt.bhhsWestchester.com Information here-in is based in whole or part on reports supplied by Collateral Analytics and area Multiple Listing Services (MLS), for residential property transactions as of June 30, 2017, and is being provided “as is.” Data maintained by an MLS may not reflect all real estate activity in the market. It is deemed reliable but not guaranteed.

www.bhhsWestchester.com

WESTCHESTER COUNTY MARKET REPORT • 2


Q2-2017

CLOSED SALES There were a total of 1,628 sales for single family homes in second quarter of 2017, down 1.5% YOY. Condominium sales were at 356, down 6.1%, and cooperative sales were at 525, up 12.9%. Single Family

Condominium

Coop

Closed Sales

Closed Sales

2500

2000

1500

1000

500

0 Q3 2015

Q4 2015

Q1 2016

Q2 2016

Q3 2016

Q4 2016

Q1 2017

Q2 2017

SALES VOLUME When compared to the second quarter of 2016, sales volume increased 5.2% for all home types in the first quarter of 2017. Sales volume for single family homes, condominiums and cooperatives was $1,464,746,937, $155,116,280 and $103,672,999 respectively.

Statewide Sales Volume Q2 2017 vs Q2 2016

$1.8

+5.42%

$1.6

-5.64% Q2 2017 vs Q2 2016

+21.90% Single Family Condominium

$1.4 Dollars in Billions

Q2 2017 vs Q2 2016

$1.2 $1.0 $0.8 $0.6 $0.4 $0.2 $0.0 Q3 2015

Q4 2015

Q1 2016

Q2 2016

Q3 2016

Q4 2016

Q1 2017

Q2 2017

Coop

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WESTCHESTER COUNTY MARKET REPORT • 3


Q2-2017

HOME PRICES Average price for single family homes was $904,206, up 7.3% when compared to the second quarter of 2016. Condominium average prices were down 26.3% ($335,562 vs. $455,533) while cooperative prices dipped 0.4% to $146,671. When compared to the first quarter of 2017, single family homes and cooperative prices increased as well by 2.8% and 20.3% respectively.

Average Sales

Average

Average Sales

Median Sales

Median

Median Sales

Price Single

Sales Price

Price Coop

Price Single

Sales Price

Price Coop

Family

Condominium

Family

Condominium

Q1 2017

$879,456

$412,019

$121,903

$747,754

$399,562

$110,618

Change

2.8%

-18.6%

20.3%

7.9%

-19.0%

21.5%

Q2 2017

$904,206

$335,562

$146,671

$807,147

$323,512

$134,360

Q2 2016

$842,948

$455,533

$147,331

$754,327

$449,858

$141,446

Change

7.3%

-26.3%

-0.4%

7.0%

-28.1%

-5.0%

Q2 2017

$904,206

$335,562

$146,671

$807,147

$323,512

$134,360

Harrison • 1WhiteOakCircle.bhhsWestchester.com

www.bhhsWestchester.com

WESTCHESTER COUNTY MARKET REPORT • 4


Q2-2017

SECOND QUARTER LUXURY SALES Westchester County had 106 sales over $2 million in the second quarter of the year, compared to 93 sales in 2016. The highest numbers of sales was in the $2 – 3 million range with 77 sales, up 11.6% year over year.

Luxury Sales

Over $5 Million

$3-$5 Million

$2-$3 Million

100

120

Q2 2017

Luxury Sales

Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015 0

20

40

60

80

Number of Sales

White Plains • 181HillairCircle.bhhsWestchester.com

www.bhhsWestchester.com

WESTCHESTER COUNTY MARKET REPORT • 5

140


Q2-2017 WESTCHESTER COUNTY BY THE NUMBERS • Both condominiums and single family homes are on the market for the fewest days in Chappaqua, averaging 24 days and 73 days respectively.

• More cooperatives sold in Yonkers this quarter when compared to the second quarter of 2016 at an average price of $157,699.

• Ardsley single family home sales volume saw a 101.1% increase over the second quarter of 2016 due to a 66.7% increase in the number of sales and 20.6% increase in average sales price to $797,393. AVERAGE SALES PRICE

MEDIAN SALES PRICE QTR 2 %CHG 2017 16-17

SALES QTR 2 2017

%CHG 16-17

DAYS ON MARKET QTR 2 %CHG 2017 16-17

DOLLAR VOLUME QTR 2 %CHG 2017 16-17

QTR 2 2017

%CHG 16-17

Single Family

797,393

20.6%

717,500

7.1%

40

66.7%

50

-16.7%

31,895,722

101.1%

Condo

882,417

13.5%

845,000

5.6%

6

20.0%

108

-12.2%

5,294,500

36.2%

Co-op

0

0.0%

0

0.0%

0

0.0%

0

0.0%

0

0.0%

ARDSLEY

BEDFORD Single Family

1,019,832

-12.2%

780,000

-10.9%

77

13.2%

113

-7.4%

78,527,050

-0.6%

Condo

266,298

-19.0%

257,420

-21.6%

4

-71.4%

106

30.9%

1,065,190

-76.8%

Co-op

129,850

11.1%

111,500

3.7%

10

-23.1%

80

0.0%

1,298,500

-14.6%

BLIND BROOK Single Family

912,634

4.8%

795,000

-1.1%

39

30.0%

83

13.7%

35,592,738

36.3%

Condo

0

-100.0%

0

-100.0%

0

-100.0%

0

-100.0%

0

-100.0%

Co-op

0

0.0%

0

0.0%

0

0.0%

0

0.0%

0

0.0%

BRIARCLIFF MANOR Single Family

1,075,478

4.9%

947,951

14.2%

18

-33.3%

59

-16.9%

19,358,602

-30.1%

Condo

0

-100.0%

0

-100.0%

0

-100.0%

0

-100.0%

0

-100.0%

Co-op

0

0.0%

0

0.0%

0

0.0%

0

0.0%

0

0.0%

2,447,476

5.3%

2,300,000

2.2%

21

5.0%

80

42.9%

51,397,000

10.6%

Condo

0

-100.0%

0

-100.0%

0

-100.0%

0

-100.0%

0

-100.0%

Co-op

637,400

4.3%

631,500

35.8%

20

81.8%

78

-20.4%

12,748,000

89.6%

1,278,686

9.7%

988,150

-9.1%

58

52.6%

124

21.6%

74,163,799

67.4%

Condo

0

-100.0%

0

-100.0%

0

-100.0%

0

-100.0%

0

-100.0%

Co-op

0

0.0%

0

0.0%

0

0.0%

0

0.0%

0

0.0%

1,056,902

11.2%

921,500

4.1%

64

3.2%

73

-26.3%

67,641,749

14.8%

BRONXVILLE Single Family

BYRAM HILLS Single Family

CHAPPAQUA Single Family Condo

638,857

9.5%

590,000

1.6%

7

-12.5%

24

-81.1%

4,472,000

-4.2%

Co-op

0

0.0%

0

0.0%

0

0.0%

0

0.0%

0

0.0%

Single Family

627,696

-4.0%

526,000

-3.5%

28

0.0%

100

66.7%

17,575,500

-4.0%

Condo

673,650

22.7%

582,500

6.1%

6

500.0%

146

192.0%

4,041,900

636.2%

Co-op

0

0.0%

0

0.0%

0

0.0%

0

0.0%

0

0.0%

CROTON-HARMON

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WESTCHESTER COUNTY MARKET REPORT • 6


Q2-2017 AVERAGE SALES PRICE

SALES

QTR 2 2017

%CHG 16-17

MEDIAN SALES PRICE QTR 2 %CHG 2017 16-17

Single Family

1,082,083

35.7%

937,000

28.4%

Condo

445,000

-50.6%

445,000

-50.6%

Co-op

237,000

9.0%

237,000

4.2%

Single Family

758,332

-2.7%

725,000

-5.2%

25

Condo

360,750

-22.0%

360,750

-22.0%

2

Co-op

253,434

-10.4%

237,500

-2.1%

32

Single Family

1,390,641

26.0%

1,275,000

20.6%

29

45.0%

Condo

560,000

-5.9%

560,000

-4.7%

1

-75.0%

Co-op

260,625

12.5%

274,500

1.7%

8

DAYS ON MARKET QTR 2 %CHG 2017 16-17

QTR 2 2017

%CHG 16-17

12

-42.9%

56

1

0.0%

2

-50.0% 0.0%

DOLLAR VOLUME QTR 2 %CHG 2017 16-17

DOBBS FERRY -48.1%

12,985,000

-22.5%

39

-38.1%

445,000

-50.6%

39

-54.7%

474,000

-45.5%

51

-37.0%

18,958,295

-2.7%

0.0%

86

126.3%

721,500

-22.0%

45.5%

60

-11.8%

8,109,875

30.3%

77

30.5%

40,328,591

82.7%

15

-46.4%

560,000

-76.5%

60.0%

87

-23.7%

2,085,000

80.1%

EASTCHESTER

EDGEMONT

ELMSFORD Single Family

465,295

22.0%

415,000

5.1%

16

0.0%

128

47.1%

7,444,721

22.0%

Condo

0

0.0%

0

0.0%

0

0.0%

0

0.0%

0

0.0%

Co-op

0

0.0%

0

0.0%

0

0.0%

0

0.0%

0

0.0%

Single Family

528,014

3.9%

502,500

-3.4%

38

-2.6%

71

10.9%

20,064,550

1.3%

Condo

358,476

-12.5%

326,500

-4.0%

29

26.1%

44

-40.5%

10,395,800

10.4%

Co-op

180,747

-4.1%

169,000

-6.1%

36

16.1%

66

-25.0%

6,506,900

11.4%

1,528,832

7.5%

1,437,500

10.6%

46

4.5%

109

-6.0%

70,326,250

12.4%

Condo

608,250

268.6%

651,500

294.8%

4

300.0%

20

-87.0%

2,433,000

1374.5%

Co-op

206,500

32.8%

217,500

85.1%

7

0.0%

130

39.8%

1,445,500

32.8%

Single Family

845,375

4.8%

712,500

-1.9%

8

-52.9%

79

-9.2%

6,763,000

-50.7%

Condo

620,000

48.6%

620,000

55.0%

1

-80.0%

35

-62.4%

620,000

-70.3%

Co-op

137,300

-29.2%

130,000

-19.5%

5

66.7%

55

-59.0%

686,500

18.1%

5.7%

425,000

14.2%

40

-2.4%

93

-7.0%

18,012,358

3.1%

GREENBURGH

HARRISON Single Family

HASTINGS

HENDRICK HUDSON Single Family

450,309

Condo

385,000

23.7%

350,000

15.7%

4

0.0%

91

5.8%

1,540,000

23.7%

Co-op

88,967

-30.5%

72,000

-53.1%

3

-40.0%

55

-57.4%

266,900

-58.3%

IRVINGTON Single Family

1,352,955

14.4%

1,249,510

32.9%

22

15.8%

66

-19.5%

29,765,019

32.5%

Condo

719,900

-2.7%

719,000

-2.8%

5

400.0%

34

17.2%

3,599,500

386.4%

Co-op

288,083

59.2%

170,750

-1.9%

6

0.0%

45

-43.0%

1,728,500

59.2%

KATONAH-LEWIBORO Single Family

770,057

1.5%

607,500

-1.2%

54

-16.9%

119

19.0%

41,583,099

-15.7%

Condo

276,722

0.0%

240,000

-22.3%

9

-35.7%

94

5.6%

2,490,500

-35.7%

Co-op

70,000

-33.3%

70,000

-33.3%

1

0.0%

133

504.5%

70,000

-33.3%

LAKELAND Single Family

363,786

0.6%

350,000

-2.8%

79

2.6%

75

-23.5%

28,739,088

3.2%

Condo

306,333

15.2%

297,000

13.7%

27

12.5%

76

-11.6%

8,271,000

29.6%

Co-op

128,000

-4.5%

128,000

-4.5%

1

-50.0%

121

-9.7%

128,000

-52.3%

www.bhhsWestchester.com

WESTCHESTER COUNTY MARKET REPORT • 7


Q2-2017 AVERAGE SALES PRICE QTR 2 2017

%CHG 16-17

1,526,848

8.9%

Condo

519,656

Co-op

247,548

MEDIAN SALES PRICE QTR 2 %CHG 2017 16-17

SALES

DAYS ON MARKET QTR 2 %CHG 2017 16-17

QTR 2 2017

%CHG 16-17

69

-21.6%

48

-7.7%

DOLLAR VOLUME QTR 2 %CHG 2017 16-17

MAMARONECK Single Family

1,386,018

22.9%

105,352,536

-14.6%

-24.4%

557,500

-20.9%

16

-23.8%

42

11.4%

245,000

15.6%

22

-8.3%

63

-19.2%

8,314,500

-42.4%

-35.1%

5,446,050

2.1%

23

-20.7%

86

1.2%

14,176,960

-10.1%

MOUNT PLEASANT Single Family

616,390

13.4%

600,000

17.6%

Condo

210,000

-46.1%

210,000

-46.1%

1

-50.0%

26

-81.9%

210,000

-73.0%

Co-op

0

0.0%

0

0.0%

0

0.0%

0

0.0%

0

0.0%

MOUNT VERNON Single Family

483,685

32.4%

432,500

20.8%

54

14.9%

109

17.2%

26,118,963

52.2%

Condo

224,000

-29.9%

224,000

-31.6%

2

-50.0%

115

-56.8%

448,000

-65.0%

Co-op

115,517

-5.9%

96,500

-8.1%

30

-9.1%

140

-13.6%

3,465,500

-14.5%

NEW ROCHELLE Single Family

757,488

11.3%

702,000

8.0%

102

7.4%

92

33.3%

77,263,740

19.5%

Condo

412,208

-9.2%

420,000

-13.8%

12

-33.3%

97

27.6%

4,946,500

-39.5%

Co-op

164,833

1.3%

140,500

2.2%

38

22.6%

102

-32.5%

6,263,666

24.1%

626,222

0.9%

650,000

26.2%

18

5.9%

153

302.6%

11,272,000

6.8%

Condo

0

0.0%

0

0.0%

0

0.0%

0

0.0%

0

0.0%

Co-op

0

0.0%

0

0.0%

0

0.0%

0

0.0%

0

0.0%

Single Family

464,158

10.2%

420,000

9.1%

66

8.2%

68

-18.1%

30,634,450

19.2%

Condo

390,391

14.2%

328,875

2.8%

16

-23.8%

90

-10.0%

6,246,250

-13.0%

Co-op

185,259

37.9%

135,000

33.9%

19

58.3%

111

-9.0%

3,519,918

118.4%

Single Family

215,897

-17.0%

225,000

-15.1%

24

-35.1%

81

-24.3%

5,181,530

-46.2%

Condo

246,082

1.3%

249,750

2.4%

34

54.5%

55

-5.2%

8,366,800

56.6%

Co-op

73,453

5.1%

72,990

4.4%

13

44.4%

93

-7.0%

954,890

51.8%

1,136,697

13.2%

1,125,000

26.1%

37

-36.2%

80

25.0%

42,057,776

-27.8%

Condo

539,250

45.7%

533,500

44.2%

4

300.0%

71

-41.8%

2,157,000

483.0%

Co-op

203,000

-9.6%

186,000

-17.1%

4

100.0%

90

5.9%

812,000

80.8%

NORTH SALEM Single Family

OSSINING

PEEKSKILL

PELHAM Single Family

PLEASANTVILLE Single Family

649,590

-3.7%

590,000

-6.7%

13

-45.8%

70

-27.8%

8,444,672

-47.9%

Condo

338,967

36.3%

300,000

20.6%

3

50.0%

40

66.7%

1,016,900

104.4%

Co-op

129,000

-21.8%

129,000

-21.8%

1

0.0%

88

-56.0%

129,000

-21.8%

POCANTICO HILLS Single Family

883,444

-15.2%

786,881

-24.5%

6

200.0%

181

108.0%

5,300,662

154.4%

Condo

0

-100.0%

0

-100.0%

0

-100.0%

0

-100.0%

0

-100.0%

Co-op

0

0.0%

0

0.0%

0

0.0%

0

0.0%

0

0.0%

PORT CHESTER Single Family

516,198

-7.8%

545,000

13.8%

29

0.0%

76

-10.6%

14,969,750

-7.8%

Condo

320,281

15.2%

307,500

17.6%

16

100.0%

35

-50.0%

5,124,500

130.4%

Co-op

86,713

-18.4%

76,250

-23.8%

8

-38.5%

96

-19.3%

693,700

-49.8%

www.bhhsWestchester.com

WESTCHESTER COUNTY MARKET REPORT • 8


Q2-2017 AVERAGE SALES PRICE QTR 2 2017

%CHG 16-17

MEDIAN SALES PRICE QTR 2 %CHG 2017 16-17

506,333

124.8%

529,999

Condo

0

0.0%

Co-op

0

0.0%

2,262,407

2.4%

Condo

622,500

Co-op

410,227

SALES

DAYS ON MARKET QTR 2 %CHG 2017 16-17

DOLLAR VOLUME QTR 2 %CHG 2017 16-17

QTR 2 2017

%CHG 16-17

113.7%

3

-25.0%

46

-50.5%

1,518,999

68.6%

0

0.0%

0

0.0%

0

0.0%

0

0.0%

0

0.0%

0

0.0%

0

0.0%

0

0.0%

1,830,000

15.8%

54

0.0%

100

31.6%

122,170,000

2.4%

25.3%

622,500

63.8%

2

-33.3%

20

-78.3%

1,245,000

-16.5%

19.9%

288,500

-3.0%

11

37.5%

57

-14.9%

4,512,500

64.8%

PUTNAM VALLEY Single Family

RYE CITY Single Family

RYE NECK Single Family

1,080,365

1.1%

935,000

6.9%

17

13.3%

88

137.8%

18,366,200

14.6%

Condo

395,000

120.7%

395,000

120.7%

2

100.0%

24

-91.4%

790,000

341.3%

Co-op

241,875

-18.5%

246,250

-16.5%

4

33.3%

48

-39.2%

967,500

8.7%

SCARSDALE 1,769,784

-5.2%

1,584,000

-2.5%

62

21.6%

92

17.9%

109,726,593

15.3%

Condo

Single Family

0

-100.0%

0

-100.0%

0

-100.0%

0

-100.0%

0

-100.0%

Co-op

530,000

-18.9%

530,000

-34.6%

1

-66.7%

72

118.2%

530,000

-73.0%

Single Family

615,291

0.5%

550,000

-1.2%

37

0.0%

111

15.6%

22,765,749

0.5%

Condo

415,532

2.1%

424,000

7.3%

31

-24.4%

72

9.1%

12,881,500

-22.8%

Co-op

0

0.0%

0

0.0%

0

0.0%

0

0.0%

0

0.0%

1,050,700

34.0%

846,500

17.6%

14

-41.7%

49

-9.3%

14,709,800

-21.8%

Condo

556,117

-21.3%

560,000

-12.7%

27

22.7%

67

-26.4%

15,015,150

-3.4%

Co-op

151,667

-6.5%

117,000

-16.4%

3

-57.1%

27

-70.3%

455,000

-59.9%

Single Family

885,980

30.5%

640,000

-1.5%

10

-33.3%

106

20.5%

8,859,799

-13.0%

Condo

288,033

-45.8%

255,000

-59.3%

3

-50.0%

28

-40.4%

864,100

-72.9%

Co-op

211,143

17.3%

180,000

0.0%

7

250.0%

87

248.0%

1,478,000

310.6%

545,954

-4.2%

510,500

-6.5%

26

18.2%

65

-8.5%

14,194,799

13.2%

Condo

0

-100.0%

0

-100.0%

0

-100.0%

0

-100.0%

0

-100.0%

Co-op

152,150

-18.4%

142,500

-23.6%

6

200.0%

89

134.2%

912,900

144.7%

SOMERS

TARRYTOWN Single Family

TUCKAHOE

VALHALLA Single Family

WHITE PLAINS Single Family

666,144

1.9%

614,000

-7.0%

62

5.1%

65

-28.6%

41,300,944

7.0%

Condo

656,958

35.9%

496,250

29.6%

48

-7.7%

78

14.7%

31,534,000

25.5%

Co-op

191,035

-3.9%

189,750

5.4%

66

10.0%

78

-12.4%

12,608,300

5.7%

YONKERS Single Family

524,948

1.4%

475,000

5.7%

139

0.7%

77

-17.2%

72,967,784

2.1%

Condo

305,961

8.7%

320,000

7.0%

32

10.3%

88

-16.2%

9,790,750

19.9%

Co-op

157,699

9.4%

139,750

3.9%

160

11.1%

94

-8.7%

25,231,900

21.5%

YORKTOWN Single Family

536,145

16.6%

503,000

15.6%

49

-24.6%

63

-23.2%

26,271,100

-12.1%

Condo

215,440

-28.8%

215,440

-20.2%

1

-80.0%

258

426.5%

215,440

-85.8%

Co-op

144,500

17.5%

144,500

17.5%

1

0.0%

403

-29.7%

144,500

17.5%

www.bhhsWestchester.com

WESTCHESTER COUNTY MARKET REPORT • 9

Second Quarter 2017 Westchester Market Report  

Welcome to Berkshire Hathaway HomeServices Westchester Properties’ Second Quarter 2017 Market Report, our examination of the single family,...

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