Lower Sales Of HV Luxury Homes In The 3rd Quarter: Report

RYE BROOK, NY — The lack of luxury homes for sale continues to reverberate through the real estate market north of New York City, according to the new Houlihan Lawrence Q3 Luxury Market Report released Friday.

The region experienced lower sales in the third quarter, according to the report — and 4 out of 10 luxury homes sold closed below asking price.

The situation was worst in Westchester, which posted a sales decline of 21.7 percent. The Putnam/Dutchess luxury markets posted a sales decline of 6.3 percent.

The report noted that the number of top "North of NYC" luxury markets has grown as buyers widen their search and rising prices move new communities into the luxury segment.

The inventory of luxury homes on the market continues low. Meanwhile, many areas are accumulating inventory at the higher end.

"This is a reminder of the importance of accurate pricing," Anthony P. Cutugno, Sr. Vice President, Private Brokerage for Houlihan Lawrence, said in the report. "Over-inflated list pricing causes homes for sale to be overlooked by buyers and sellers to be disappointed by lack of activity, and the ultimate selling price. In Westchester, about 40% of this quarter’s luxury sales closed below asking price, averaging a $240K discount."

Cutugno said most luxury sales continue closing over asking price, underscoring the fierce competition for homes that are presented and priced attractively.

"About one-half of this quarter’s Westchester County luxury sales closed over asking, from as little as $10,000 to a whopping $1 million over list price," he said. He noted that with just three months until the close of 2023, their forecast shows that markets will finish down from 2022, but higher total sales compared to pre-Covid years of 2013-19.

Luxury markets at a glance (Q3 2023 vs Q3 2022)

Westchester County Luxury Home Sales /$2M and Higher

• Homes Sold: Down 21.7%
• Median Sale Price: No Change
• Highest Sale Price: $7,995,000 Rye City

Putnam and Dutchess County Luxury Home Sales /$1M and Higher

• Homes Sold: Down 6.3%
• Median Sale Price: Up 8.6%
• Highest Sale Price Putnam: $4,287,500 Garrison
• Highest Sale Price Dutchess: $3,755,000 Red Hook

Greenwich Luxury Home Sales /$3M and Higher

• Homes Sold: Down 18.8%
• Median Sale Price: Up 7.7%
• Highest Sale Price: $138,830,000