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 2021 Q2 market reports, providing proprietary data-driven insights specific to the communities we serve in New York and Connecticut.
Inventory challenges and robust buyer demand have remained a constant in the second quarter of 2021. While buyers looked to the city with renewed confidence and the exodus to less congested communities lessened, pent-up-demand still outweighed the supply. Listings declined in the 30-40% range year-over-year in all three counties and pending sales increased anywhere from 25-52%. This imbalance of supply and demand has caused prices in many areas to increase considerably.
While the current market is one of the best environments to list a home, buyers remain value conscious. Even in these circumstances, if a list price is perceived to be inflated, it will linger on the market until the price is perceived actionable.
In every area north of NYC, the number of luxury sales is higher in the first half of 2021 (post-Covid) vs. the same period in 2019 (pre-Covid), indicating the Covid effect is still impacting our luxury markets. Pending sales, a forward-looking indicator, provide the most relevant data points to best analyze luxury markets in NY and CT. The absorption rate of homes for sale north of NYC is strong. Buyers are motivated and decisive due to limited supply, and competitive bidding is not uncommon. Approximately 30% of luxury sales closed over asking price in Westchester County since the beginning of 2021.
Home sales in Greenwich remained brisk in the second quarter of 2021 as buyers continued to seek out the quality of life that our beautiful hometown offers. Low inventory and high demand kept the market tilted in favor of home sellers, but strategic pricing remained a critical pillar of a successful sale.
Sales along the coast attracted the most buyer attention in Greenwich. Home sales south of the Post Road spiked more than 300%. Homes in Riverside sold, on average, at or above their asking prices, and nowhere in town did we see quicker sales than in Old Greenwich, with average days on the market of just over 60 days.
During the second quarter of 2021, home sales in all local markets continued at record-setting levels.
As of June 30, 2021, the number of homes sold in Darien, New Canaan and Rowayton outpaced the first half of 2020 by 51%, 94%, and 35% respectively. The result of these record-breaking sales is a similarly record-breaking shortage of inventory. Put simply, the supply of homes for sale in our markets has been unable to keep pace with the incredible demand.