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 2022 Q2 market reports, providing proprietary data-driven insights specific to the communities we serve in New York and Connecticut.
The second quarter of 2022 showed signs that the market is returning to normal from the feverish pace set in early 2020.
While inventory remains low and demand remains strong, sales declined last quarter in Westchester, Putnam, and Dutchess Counties compared to the same period in 2021. However, current home sales are at levels well above those seen well above those seen in 2018, 2019 and 2020.
Multiple bid situations are still common on well-priced properties, but there tend to be fewer bidders than seen before. Price reductions are becoming more common where sellers may have been overambitious.
The luxury markets of NY and CT showed mixed results in the second quarter. After two years of eye popping increases in luxury sales, the market appears to be stabilizing.
A shortage of inventory continues to impact the market north of NYC. The pace of increases in NY is slowing, and the declines in CT are likely driven by a lack of inventory, not a lack of demand. As supply declines, so too do pended sales (those scheduled to close within 60 to 90 days) and ultimately closed sales.
Many buyers are sellers first, and the market is in favor of sellers. However, a confluence of events has convinced many luxury homeowners to stay put.
In the second quarter, the real estate market in Greenwich remained upbeat with significant buyer interest and continued limited inventory. But rising mortgage rates and a turbulent stock market gave buyers a reason to tap the breaks and seek greater value in their home buying than we’ve seen in the last two years. Proper initial pricing remains a key to achieving a strong selling price.
While home sales are down 40% compared to a record-setting 2021, it’s worth noting that our year-to-date sales exceed those from the previous eight years.
While the allure of our communities in Darien, Rowayton and New Canaan is as strong as ever, after an unprecedented two years of pandemic-fueled buyer activity, we are seeing signs of a return to normal in local real estate markets.
The number of homes sold in Darien, New Canaan, and Rowayton during the second quarter was down 47%, 52%, and 20%, respectively, versus the same period last year. Inventory of homes for sale in local markets increased slightly during the second quarter but remained well below normal levels.