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    North of NYC North of NYC By Houlihan Lawrence By Houlihan Lawrence by

    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 Q1 market reports, providing proprietary data-driven insights specific to the communities we serve in New York and Connecticut.

    Westchester, Putnam & Dutchess, NY

    During the first quarter of 2022, the markets North of New York City continued to experience unprecedented buyer demand. First triggered by various housing needs stemming from the pandemic, buyer demand has not wavered, and inventory levels remain low.

    While the story of the hot real estate market has been with us for years, Houlihan Lawrence’s dominant market share affords us detailed proprietary buyer data, keeping us on point with changing trends. In 2020, for example, the number of buyers from NYC was significant. In Larchmont, 50% of the buyers were from the city in Q1 2020 compared to 29% this year, as buyers are no longer fleeing the city. The shift is to more local first-time buyers and trade up, trade down buyers who previously were holding off.

    Today’s supply and demand ratio indicates that the market will remain a strong seller market for the foreseeable future.

    Luxury: NY & CT

    Supply and demand of luxury homes for sale continues to drive the market in Westchester County ($2M and higher), Putnam and Dutchess counties ($1M and higher), Greenwich ($3M and higher), Darien and New Canaan (sales $2M and higher).

    With historically low inventory and continued high demand north of New York City, it is not surprising that several markets posted a decline in closed sales – fewer homes are available to purchase. 2020 and 2021 reached record-breaking sales; it is unlikely that the pace achieved during the past two years will continue unabated unless supply of luxury homes significantly increases.

    Greenwich, CT

    In our local real estate market, the temperature remains hot as buyer demand exceeds a limited supply of available homes. At the close of the first quarter, there were just 145 homes for sale, a 49% decline from the same period a year ago. The market is tilted in favor of sellers, with median prices rising 13% in the quarter. In short, it remains an opportune time to
    sell a home in Greenwich.

    However, buyers have their pricing limits. Despite the headline-grabbing stories of properties that garner multiple bids and sell at or over the asking price, it’s important to note that 61% of the homes sold in Q1 sold at a discount to the asking price. Proper initial pricing remains the single best way to yield the highest selling price.

    Darien, New Canaan & Rowayton, CT

    The first quarter of 2022 was marked by a continued increase in buyer demand across all local markets. At the same time, the supply of homes for sale is reaching all-time lows. While supply and demand are rarely balanced, the current situation in Darien, New Canaan, and Rowayton is something few of us in local real estate has ever experienced.

    The low-supply/high-demand environment has created stiff competition for the dwindling number of listings. Multiple offers have pushed up median selling prices in all local markets. For example, in Darien, approximately 45% of first-quarter sales had a closing price above the property’s list price – the highest being $305,000 above the asking price.

    Westchester County Commercial Market Report

    Throughout the recent six-month period marked by subsiding Covid fears, rebounding economic activity, emerging inflationary pressures and, war in Ukraine, most commercial real estate investors have continued to enjoy recovering rents and positive trends in asset prices. In contrast, public equity and bond markets have been volatile.

    Once again, investors have flocked to commercial real estate, perceiving it to be a bastion of strength and a hedge during inflationary periods. Many commercial real estate investors, having secured long term financing at advantageous low rates, and are well positioned to maintain their investment positions as the economy navigates toward stabilization or a possible soft landing. However, those investors that are facing imminent maturities- and a refinancing of property related debt- may be required to increase the equity in their investments, to meet the financial demands imposed by higher interest rates.