“Inventory challenges and robust buyer demand have remained a constant in the second quarter of 2021, according to Liz Nunan, President and CEO if Houlihan Lawrence.
Pent-up-demand still outweighs the supply here in Westchester. Listings declined in the 30-40% range year-over-year in Westchester, Putnam and Dutchess Counties, and pending sales increased anywhere from 25-52%. This imbalance of supply and demand has caused prices in many areas to increase considerably, according to the brokerage.
In Westchester, the last two years have had the highest median sale price since the previous high of 2007.
“Even in these circumstances, if a list price is perceived to be inflated, it will linger on the market until the price is perceived actionable,” according to Nunan. “Currently, most of our luxury markets have seen the most significant percentage increase in pending and closed sales, some in triple digits, and demand remains strong across the board.”