Welcome to Spring 2018 ~ where winter, unfortunately, refuses to let go and where some of the chill can be felt in the real estate market. Tax law changes can do that; causing up to 15% drop in purchasing power. Fortunately, we are part of a vibrant NY market that has proven resilient over time and is still showing some positive market signs amid other notable decreases.

Q1-18 Sound Shore region median sales price is up 5.7% to $1.1M from $1.042M year ago, while overall sales are down 2.1% versus year ago (YAG). The $2.5M to $2.99M segment had the biggest lift with 10 sales up 150% vs YAG. Other luxury segments were down, with $2M-$2.499M off 46% Q1-18 vs Q1-17 and $3M to $4.999M down 30%. As of 3/31 however, pending sales in the $2M-$2.499M are up significantly.

Mamaroneck School District home sales overall are down 18% with luxury sales $2M+ down 60% from 10 homes YAG to 4 in Q1 2018. The median sales price dipped 13% from $1.34M to $1.16M. Mamaroneck Schools continues to show high demand under $2.5M, with keen buyers finding value in well maintained/updated, walkable homes priced to the market. Days on market increased from 56 to 73 days.

The Larchmont median sale price increased 17.4% from $1.05M to $1.23M. However, Larchmont home sales were down 22% this quarter with the luxury market $2M+ down 50% from six (6) sales to just three (3) sales Q1-18.

Rye City booked strong sales in Q1-18 with 30 homes sold, up 7% from YAG while the median sale price dropped 5.5% from $1.8M to $1.7M. Sales over $2M were highest here, while still down 23% from 13 sales to 10. Rye also noted a sizable decrease in days on market from 120 to 89. The supply/demand equation is high demand until $3M+.

Rye Neck reported encouraging results in Q1-18 with a 46% increase in homes sold from 11 to 16 homes, with two homes sold over $2M+ vs just 1 year ago. The median price was down 14% however to $950k. Rye Neck’s total dollar volume was up 34% in Q1-18 and had a significant drop in days on market (DOM) from 108 days to 58 days.

Harrison School District had the most sales in the region this quarter with 34 homes sold, an increase of 21%, with median sales price jumping 30% from $1.05M to $1.37M, though $pf was only up 4.7% to $336pf; still the lowest in the region. A significant increase in luxury sales $2M+ hit from just 4 homes to 8 sales this quarter. This is the result of many price corrections in the luxury segment, with buyers now seeing value.

I look forward to my business partnerships in the year ahead and jointly navigating the market to reach highest possible pricing levels.

As always, please feel free to call (914-420-8665) or email for a confidential discussion about your current or future real estate needs. And, thank you again for your highly valued referrals!

All the best, 

125 Sun Haven Drive

New Rochelle, NY

$775,000

430 Weaver Street

Larchmont, NY

$729,000

14 Winthrop Avenue

Larchmont, NY 

$699,900

1069 Bayhead Drive

Mamaroneck, NY 

$2,685,000

12 Wildwood Circle

Larchmont, NY

$2,499,000

30 Johnson Place

Rye, NY

$2,295,000

51 Shore Drive

Larchmont, NY

$1,999,900

21 Stuyvesant Avenue

Larchmont, NY

$1,690,000

10 Byron Lane

Larchmont, NY 

$1,475,000

21 Country Club Drive

Larchmont, NY 

$1,398,000

77 Pinebrook Drive

Larchmont, NY 

$1,339,000

63 Willow Avenue

Larchmont, NY

$2,599,900

248 Sterling Road

Harrison, NY

$2,350,000

55 Beach Avenue

Larchmont, NY

$2,095,000

11 Oak Avenue

Larchmont, NY

$1,899,000

8 Winslow Place

Larchmont, NY

$1,535,000

3 South Ridge Road

Larchmont, NY

$1,450,000

92 North Chatsworth Avenue

Larchmont, NY

$1,395,000

67 Echo Lane

Larchmont, NY

$1,199,900

18 Glen Lake Drive

Larchmont, NY

$1,029,000

1147 Old White Plains Road

Mamaroneck, NY

$999,999 

24 Orchard Road

Larchmont, NY

$749,000

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Houlihan Lawrence Q1-2018 Luxury Market Report 

Copyright © 2018 Houlihan Lawrence Real Estate, All rights reserved. This representation is based in whole or in part by the (Westchester/Putnam county) Board of Realtors or its Multiple Listing Service. Neither the Board nor its EAMLS guarantees, or is any way responsible for its accuracy. Data maintained by the Board or its EAMLS may not represent all the activity in the marketplace. All data reflected thru 3/31/2018, only list prices reflected. 

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