houlihan lawrence q4 2020 luxury market report

Q4

MA

RKET

REP

ORT

L U X U R Y N Y & C T

Luxury sales north of NYC 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.

N E W YO R KHeadline-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%. New Yorkers leaving the city fueled a surge in Putnam and Dutchess counties, previously considered a second home area for New Yorkers, and now increasingly a primary home market. Luxury sales ($1M and higher) shattered records with a 300% rise in 2020, though the overall market increased by less than 10%. In Westchester, low inventory and buyers’ newfound sense of urgency contributed to a highly competi-tive environment, and nearly one in five luxury homes sold above the asking price. Multiple offers bid up selling prices an average of $100,000, and the majority of properties sold above asking fell within the $2M to $2.99M price range. Westchester’s ultra-luxury segment ($5M and higher) did not generate the same exuberance as the lower end of the luxury market, posting just a few additional sales year-over-year. Nor did Westchester break the $10M threshold (the highest sale of the year was $8.6M), although the $10M+ market experienced considerable momentum in Dutchess County. In 2020, Dutchess recorded three sales over $10M, all large estates with multiple structures on 300+ acres. Before 2020, it took over ten years for Dutchess to reach the same number of $10M+ sales.

C O N N E C T I C U TCommunities in Connecticut experienced more significant gains than neighboring Westchester County. Darien, Rowayton, and New Canaan ($2M and higher) all benefited from COVID-driven wants and desires that aligned with their luxury inventory. 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. The swift pivot in buyers’ preference for more land and larger homes was partly satisfied by healthy inven-tory levels of homes located in Greenwich’s Back Country (typically four-acre zoning). Before the pandem-ic, Back Country properties were out of favor with buyers, considered too large and too far from downtown Greenwich; hence, these properties were often overlooked, leading to an accumulation of inventory. This spring, those attributes became what buyers desired, and these attractively priced properties that had been sitting on the market were absorbed, making Back Country the comeback story of the year. Looking forward, inventory levels remain low, pended sales are strong, and momentum is likely to contin-ue in the first half of 2021. The hope of widespread vaccinations and a return to some sort of normalcy is within reach. It remains to be seen if the changes that fueled the boom of 2020 are permanent or merely a reaction to the most extraordinary circumstances. We know with certainty that 2020 was a historic year for luxury real estate north of NYC.

Sincerely,

Anthony P. CutugnoSr. Vice President, Private Brokerage

Q4

MA

RKET

REP

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E X E C U T I V E S U M M A R Y

LUXURY MARKET REPORT4th QUARTER 2020

All markets generated tripled digit home sale gains in the fourth quarterPutnam/Dutchess experienced the biggest surge with a 250% gain in home salesIn Greenwich, double the number of homes sold faster compared to last year

WESTCHESTER COUNTY LUXURY HOME SALES | $2M AND HIGHER

Q42020

Q42019

%CHANGE

FULL YEAR2020

FULL YEAR2019

%CHANGE

HOMES SOLD 157 64 145.3% 456 299 52.5%

TOTAL DOLLAR VOLUME $463,428,431 $210,950,396 119.7% $1,314,102,471 $896,876,868 46.5%

MEDIAN SALE PRICE $2,495,000 $2,725,000 -8.4% $2,513,000 $2,675,000 -6.1%

AVERAGE PRICE PER SQUARE FOOT $528 $543 -2.8% $520 $522 -0.4%

AVERAGE DAYS ON MARKET 110 137 -19.7% 110 131 -16.0%

% SALE PRICE TO LIST PRICE 96.6% 90.4% 6.9% 96.3% 92.7% 3.9%

PUTNAM AND DUTCHESS COUNTY LUXURY HOME SALES | $1M AND HIGHER

Q42020

Q42019

%CHANGE

FULL YEAR2020

FULL YEAR2019

%CHANGE

HOMES SOLD 55 10 450.0% 118 32 268.8%

TOTAL DOLLAR VOLUME $107,041,943 $13,859,364 672.3% $239,276,354 $53,063,864 350.9%

MEDIAN SALE PRICE $1,584,375 $1,225,000 29.3% $1,519,500 $1,400,000 8.5%

AVERAGE PRICE PER SQUARE FOOT $522 $338 54.4% $475 $404 17.6%


% SALE PRICE TO LIST PRICE 94.4% 98.1% -3.8% 96.1% 90.6% 6.1%

GREENWICH, CT LUXURY HOME SALES | $3M AND HIGHER

Q42020

Q42019

%CHANGE

FULL YEAR2020

FULL YEAR2019

%CHANGE

UNITS SOLD 94 25 276.0% 263 127 107.1%

TOTAL DOLLAR VOLUME $503,435,777 $117,255,000 329.4% $1,323,176,337 $637,295,000 107.6%

MEDIAN SALE PRICE $4,125,000 $3,997,500 3.2% $3,950,000 $4,060,000 -2.7%

AVERAGE PRICE PER SQUARE FOOT $775 $739 4.9% $722 $733 -1.5%



Source: Hudson Gateway Multiple Listing Service, Mid-Hudson Multiple Listing Service and Greenwich Multiple Listing Service.


Luxury sales in Darien, Rowayton, New Canaan soared in the fourth quarter and sold in half the time compared to sameperiod last yearA strong fourth quarter drove year-to-date gains in 2020 in RowaytonThe number of homes sold in New Canaan doubled in 2020

DARIEN LUXURY HOME SALES | $2M AND HIGHER

Q42020

Q42019

%CHANGE

FULL YEAR2020

FULL YEAR2019

%CHANGE

UNITS SOLD 31 12 158.3% 113 61 85.2%



AVERAGE PRICE PER SQUARE FOOT $533 $630 -15.4% $531 $573 -7.3%



ROWAYTON LUXURY HOME SALES | $2M AND HIGHER

Q42020

Q42019

%CHANGE

FULL YEAR2020

FULL YEAR2019

%CHANGE

UNITS SOLD 6 2 200.0% 9 5 80.0%


MEDIAN SALE PRICE $2,412,500 $3,962,500 -39.1% $2,500,000 $2,645,750 -5.5%




NEW CANAAN LUXURY HOME SALES | $2M AND HIGHER

Q42020

Q42019

%CHANGE

FULL YEAR2020

FULL YEAR2019

%CHANGE

UNITS SOLD 26 12 116.7% 93 46 102.2%






Source: Darien Multiple Listing Service and New Canaan Multiple Listing Service.


Test

In Westchester, homes sales increased primarily up to $4.99MDramatic gains in Putnam and Dutchess penetrated every price rangeGreenwich posted consistent gains in every price range

WESTCHESTER COUNTY LUXURY HOME SALES

Q42020

Q42019

%CHANGE

FULL YEAR2020

FULL YEAR2019

%CHANGE

$2,000,000 - $2,999,999 112 37 202% 325 207 57%

$3,000,000 - $4,999,999 33 18 83% 108 73 47%

$5,000,000 - $9,999,999 12 9 33% 23 19 21%

$10,000,000 and up 0 0 Not Valid 0 0 Not Valid

PUTNAM AND DUTCHESS COUNTY LUXURY HOME SALES

Q42020

Q42019

%CHANGE

FULL YEAR2020

FULL YEAR2019

%CHANGE

$1,000,000 - $1,999,999 38 9 322% 87 25 248%

$2,000,000 and up 17 1 1600% 31 7 342%

GREENWICH, CT LUXURY HOME SALES

Q42020

Q42019

%CHANGE

FULL YEAR2020

FULL YEAR2019

%CHANGE

$3,000,000 - $3,999,999 45 13 246% 136 60 126%

$4,000,000 - $4,999,999 16 6 166% 46 26 76%

$5,000,000 - $9,999,999 26 5 420% 66 34 94%

$10,000,000 and up 7 1 600% 15 7 114%

Source: Hudson Gateway Multiple Listing Service, Mid-Hudson Multiple Listing Service and Greenwich Multiple Listing Service


Test

In Darien, luxury sales increased up to $4.99M and showed a slight decline at $5M and higherRowayton experienced a rise in sales at the lower end of the luxuryNew Canaan posted a significant uptick in homes sold from $2M to $4.99M

DARIEN LUXURY HOME SALES

Q42020

Q42019

%CHANGE

FULL YEAR2020

FULL YEAR2019

%CHANGE

$2,000,000 - $2,999,999 19 7 171% 74 42 76%

$3,000,000 - $4,999,999 9 2 350% 34 12 183%

$5,000,000 - $9,999,999 2 3 -33% 3 5 -40%

$10,000,000 and up 1 0 Not Valid 2 2 0%

ROWAYTON LUXURY HOME SALES

Q42020

Q42019

%CHANGE

FULL YEAR2020

FULL YEAR2019

%CHANGE

$2,000,000 - $2,999,999 4 0 Not Valid 6 3 100%

$3,000,000 - $4,999,999 1 2 -50% 2 2 0%

$5,000,000 - $9,999,999 1 0 Not Valid 1 0 Not Valid


NEW CANAAN LUXURY HOME SALES

Q42020

Q42019

%CHANGE

FULL YEAR2020

FULL YEAR2019

%CHANGE

$2,000,000 - $2,999,999 14 7 100% 58 35 65%

$3,000,000 - $4,999,999 12 5 140% 33 11 200%

$5,000,000 - $9,999,999 0 0 Not Valid 2 0 Not Valid


Source: Darien Multiple Listing Service and New Canaan Multiple Listing Service.


TOP NEW YORK LUXURY MARKETS

The highest sale in the fourth quarter was a waterfront property located in Rye

Garrison and Rhinebeck were the most popular luxury locations in Putnam and Dutchess counties respectively


SCHOOL DISTRICT # OF SALES MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE

SCARSDALE 31 $2,750,000 $7,536,000RYE CITY 23 $2,900,000 $7,725,000HARRISON 20 $2,460,025 $7,200,000MAMARONECK 19 $2,405,000 $7,215,000BEDFORD 14 $2,455,000 $5,150,000BYRAM HILLS 11 $2,350,000 $3,400,000KATONAH-LEWISBORO 8 $2,460,000 $4,287,500BRONXVILLE 7 $2,375,000 $2,500,000CHAPPAQUA 4 $2,987,500 $3,400,000IRVINGTON 3 $2,095,000 $2,750,000RYE NECK 2 $2,204,000 $2,298,000DOBBS FERRY 2 $2,537,500 $2,850,000

PUTNAM COUNTY LUXURY HOME SALES | $1M AND HIGHER

SCHOOL DISTRICT/CITY/TOWN # OF SALES MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE

GARRISON 6 $1,521,700 $5,675,000HALDANE 4 $2,324,500 $3,215,049BREWSTER 1 $1,325,000 $1,325,000

DUTCHESS COUNTY LUXURY HOME SALES | $1M AND HIGHER

SCHOOL DISTRICT/CITY/TOWN # OF SALES MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE

RHINEBECK 9 $1,514,000 $2,550,000CLINTON 6 $1,566,687 $2,150,000RED HOOK 5 $1,650,000 $2,810,000MILAN 5 $2,170,494 $2,500,000WASHINGTON 5 $2,750,000 $4,000,000STANFORD 4 $1,247,500 $1,800,000

Source: Hudson-Gateway Multiple Listing Service and Mid-Hudson Multiple Listing Service.


TOP CONNECTICUT LUXURY MARKETS

The highest sale of quarter in Greenwich is located in Belle Haven

A waterfront compound of Long Neck Point is the highest sale in Darien in the fourth quarter


TOWN/CITY # OF SALES MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE

GREENWICH 68 $4,500,000 $17,300,000RIVERSIDE 13 $3,750,000 $17,000,000OLD GREENWICH 13 $3,900,000 $8,950,000

SOUTHERN FAIRFIELD COUNTY, CT LUXURY HOME SALES | $2M AND HIGHER

TOWN/CITY # OF SALES MEDIAN LUXURY SALE PRICE HIGHEST SALE PRICE

WESTPORT 41 $2,675,000 $6,750,000DARIEN 31 $2,550,000 $12,500,000NEW CANAAN 26 $2,887,500 $4,395,000FAIRFIELD 19 $2,500,000 $4,150,000NORWALK 15 $2,550,000 $6,625,000ROWAYTON 6 $2,412,500 $6,625,000STAMFORD 6 $2,275,000 $5,400,000RIDGEFIELD 5 $2,975,000 $5,200,000REDDING 2 $2,504,444 $2,508,888STRATFORD 2 $2,212,500 $2,325,000WESTON 2 $3,712,500 $4,775,000WILTON 2 $2,298,000 $2,488,000

Source: Darien Multiple Listing Service, New Canaan Multiple Listing Service and Greater Fairfield CMLS


SUPPLY/DEMAND SNAPSHOT

SOUTHERN WESTCHESTER COUNTY | $2M AND HIGHER

AS OF DECEMBER 31, 2020 AS OF DECEMBER 31, 2019 2020 vs. 2019

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$2,000,000 - $2,999,999 67 57 1 96 24 4 -30.2% 137.5%

$3,000,000 - $4,999,999 58 25 2 59 16 4 -1.7% 56.3%

$5,000,000 - $9,999,999 34 7 5 26 3 9 30.8% 133.3%

$10,000,000 and up 3 1 3 3 0 Not Valid 0.0% 0.0%

NORTHERN WESTCHESTER COUNTY | $2M AND HIGHER



DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*


DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$2,000,000 - $2,999,999 29 9 3 50 7 7 -42.0% 28.6%

$3,000,000 - $4,999,999 27 5 5 22 3 7 22.7% 66.7%

$5,000,000 - $9,999,999 20 2 10 18 0 Not Valid 11.1% 0.0%

$10,000,000 and up 11 0 Not Valid 1 0 Not Valid 1000.0% 0.0%

PUTNAM COUNTY | $1M AND HIGHER



DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*


DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$1,000,000 - $1,999,999 27 5 5 17 6 3 58.8% -16.7%

$2,000,000 and up 19 2 10 19 0 Not Valid 0.0% 0.0%

DUTCHESS COUNTY | $1M AND HIGHER



DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*


DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$1,000,000 - $1,999,999 52 16 3 72 3 24 -27.8% 433.3%

$2,000,000 and up 50 6 8 45 1 45 11.1% 500.0%*Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand

Source: Hudson-Gateway Multiple Listing Service and Mid-Hudson Multiple Listing Service.


SUPPLY/DEMAND SNAPSHOT

GREENWICH, CT | $3M AND HIGHER



DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*


DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$3,000,000 - $3,999,999 53 23 2 81 18 5 -34.6% 27.8%

$4,000,000 - $4,999,999 27 11 2 40 3 13 -32.5% 266.7%

$5,000,000 - $9,999,999 77 12 6 74 3 25 4.1% 300.0%

$10,000,000 and up 26 2 13 26 1 26 0.0% 100.0%

DARIEN | $2M AND HIGHER



DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*


DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$2,000,000 - $2,999,999 17 4 4 26 1 26 -34.6% 300.0%

$3,000,000 - $4,999,999 17 4 4 18 1 18 -5.6% 300.0%

$5,000,000 - $9,999,999 7 0 Not Valid 7 1 7 0.0% -100.0%

$10,000,000 and up 0 0 0 3 0 Not Valid -100.0% 0.0%

ROWAYTON | $2M AND HIGHER



DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*


DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$2,000,000 - $2,999,999 1 0 Not Valid 4 0 Not Valid -75.0% 0.0%

$3,000,000 - $4,999,999 2 0 Not Valid 3 0 Not Valid -33.3% 0.0%

$5,000,000 - $9,999,999 0 0 0 0 0 0 0.0% 0.0%

$10,000,000 and up 0 0 0 0 0 0 0.0% 0.0%

NEW CANAAN | $2M AND HIGHER



DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*


DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$2,000,000 - $2,999,999 30 11 3 34 1 34 -11.8% 1000.0%

$3,000,000 - $4,999,999 21 9 2 21 3 7 0.0% 200.0%

$5,000,000 - $9,999,999 5 1 5 8 0 Not Valid -37.5% 0.0%

$10,000,000 and up 1 0 Not Valid 1 0 Not Valid 0.0% 0.0%

*Supply Demand Ratio Key 1-4: High Demand 5-6: Balanced 7-9: Low Demand 10+: Very Low Demand

Source: Greenwich MLS,Darien Multiple Listing Service and New Canaan Multiple Listing Service.


TEN-YEAR MARKET HISTORY


PUTNAM COUNTY LUXURY HOME SALES | $1M AND HIGHER

Source : Hudson Gateway Multiple Listing Service.



DUTCHESS COUNTY LUXURY HOME SALES | $1M AND HIGHER


Source : Mid-Hudson and Greenwich Multiple Listing Service.



DARIEN, CT LUXURY HOME SALES | $2M AND HIGHER

ROWAYTON, CT LUXURY HOME SALES | $2M AND HIGHER

Source : Darien Multiple Listing Service.



NEW CANAAN, CT LUXURY HOME SALES | $2M AND HIGHER

Source : New Canaan Multiple Listing Service.

Q4 LUXURY MARKET REPORTA S E L E C T I O N O F 2 0 2 0 L U X U R Y S A L E S

H O U L I H A N L A W R E N C E . C O M/ H O U L I H A N L A W R E N C E @ H O U L I H A N L A W R E N C E@ H O U L I H A N R E

32 INDIAN POINT LANERIVERSIDE, CT Offered at $20,995,000 · 203.869.0700

49 MIDWOOD ROADGREENWICH, CT Offered at $11,950,000 · 203.869.0700

17 WALSH LANEGREENWICH, CT Offered at $18,500,000 · 203.869.0700

313 STANWICH ROADGREENWICH, CT Offered at $7,495,000 · 203.869.0700

217 HOMMOCKS ROADLARCHMONT, NY Offered at $7,900,000 · 914.833.0420

17 WINDABOUT DRIVEGREENWICH, CT Offered at $8,100,000 · 203.869.0700

5 NORTH WILTON ROADNEW CANAAN, CT Offered at $6,700,000 · 203.966.3507

12 DOGWOOD LANERYE, NY Offered at $5,695,000 · 914.967.7680

96 RYE ROADRYE, NY Offered at $6,345,000 · 914.967.7680

Q4 LUXURY MARKET REPORTA S E L E C T I O N O F 2 0 2 0 L U X U R Y S A L E S

H O U L I H A N L A W R E N C E . C O M/ H O U L I H A N L A W R E N C E @ H O U L I H A N L A W R E N C E@ H O U L I H A N R E

4 OLD ROUND HILL LANEGREENWICH, CT Offered at $9,495,000 · 203.869.0700

40 PARK ROADSCARSDALE, NY Offered at $8,500,000 · 914.723.8877

543 N MABBETTSVILLE ROADMILLBROOK, NY Offered at $9,950,000 · 845.677.6161

20 ARGYLE PLACEBRONXVILLE, NYOffered at $6,975,000 · 914.337.0400

73 BELLEVUE AVENUERYE PO, NY Offered at $6,995,000 · 914.967.7680

21 BELLEVUE AVENUERYE PO, NY Offered at $7,185,000 · 914.967.7680

79 ASPETONG ROADBEDFORD, NY Offered at $4,500,000 · 914.234.9099

43 PRESCOTT AVENUEBRONXVILLE, NY Offered at $4,850,000 · 914.337.0400

8 W ISLAND DRIVERYE, NY Offered at $4,900,000 · 914.967.7680

914.234.0308HOULIHANLAWRENCE.COM

HOULIHAN LAWRENCEPRIVATE BROKERAGE

Designed expressly for our region's most exceptional properties, HoulihanLawrence Private Brokerage offers discreet advisory and brokerage servicesto our valued luxury clients. Since its inception in 1990, our exclusive luxuryprogram directed by Senior Vice President, Anthony P. Cutugno has earneda reputation for personalized boutique-style service and nuanced marketingthat best serves the interests of our clientele. Known for our prudence andreliability, Houlihan Lawrence has worked with many of the area's mostprominent families, charitable trusts, banks and estate trustees in facilitatingthe sale of the region's most prestigious properties.

Based on the private banking model, Tony is personally involved in everytransaction offering invaluable insight and advice honed by decades ofexperience in international trade and luxury real estate.

What sets Private Brokerage apart is our ability to leverage HoulihanLawrence's vast resources and impressive global partners to successfullyposition a property within the international marketplace. With a reach thatextends to 6 continents, Houlihan Lawrence Private Brokerage understandsthe world of luxury and has cultivated relationships with international partnersand high net-worth clients across the globe. These world-class connectionssupported by the personal oversight of Tony and his Private Brokerageteam create a powerful combination that drives results year-after-year.

houlihan lawrence q4 2020 luxury market report

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