As the market leader North of NYC, Houlihan Lawrence is armed with the best-in-class data providing our elite agents with hyperlocal insights shaping our markets. Read on for our 2020 year end market reports, providing proprietary data-driven insights specific to the communities we serve in New York and Connecticut.
In 2020, the real estate market in Westchester, Putnam, and Dutchess Counties experienced a surge in sales directly related to the COVID-19 epidemic. Almost unilaterally, the volume of overall unit sales, as well as median sale prices, rose.
The 4th Quarter numbers reflect an unprecedented level of activity in the Fall 2020 Market. Every price point was active, including the luxury market that lagged in some locations during previous years. Year over Year, Westchester County inventory is down 27% while pending sales are up 46%. In Lower Westchester, sales remain strong as buyers anticipate returning to commuting to New York City and the ease offered by these communities. However, it is noted that many buyers anticipate continuing the “work from home” model and have ventured further North. Northern Westchester stands out as home sales soared 40% and inventory declined 40%.
Home sales in Greenwich, Connecticut closed outD the year at a vigorous pace. The spike in buying activity that began in the spring gained momentum through the summer and fall as the combination of low inventory and a surge of motivated buyers tilted the market in favor of sellers.
Every price range experienced a robust pickup in sales and the year ended with a 97% increase in homes in contract, indicating 2021 starts on solid footing.
The number of homes sold during 2020 increased by an astounding 55% in Darien, 60% in New Canaan and 30% in Rowayton compared to last year. Seemingly, this increased level of activity will continue into early 2021 given that the number of pending transactions as of year-end in Darien, New Canaan and Rowayton is up 58%, 123% and 71%, respectively, compared to year-end last year.
Given the staggering increase in sales activity, it comes as no surprise that inventory of homes for sale in our local markets has declined significantly. As of year-end, the number of homes for sale in Darien, New Canaan and Rowayton is down 56%, 37% and 74%, respectively, compared to year-end 2019.
2020 was a historic year for luxury real estate north of NYC. Luxury sales in our communities began soaring this spring and continued into the summer and fall. The rare combination of low inventory, a surge of highly motivated buyers, coupled with low-interest rates and a booming stock market, created a seller’s market and generated record-breaking sales.
Pandemic-driven changes in buyer preferences were especially prevalent in NYC buyers who now focused more on the attributes and amenities of a home and less on proximity to NYC.
Headline-making gains in home sales were concentrated in the luxury segment of the market. For example, in Westchester County, luxury sales ($2M and higher) grew by approximately 50%; the overall market by 11%.
Greenwich was by far the best performing market at all luxury price points in 2020. Luxury sales ($3M and higher) more than doubled in 2020, and every price bracket achieved consistent growth in sales. Similar to Dutchess County, $10M+ sales in Greenwich were robust. This year’s 15 closed sales are more than double year-over-year and well within striking distance of peak numbers achieved in 2007.