Homebuyers are still looking to Westchester County amid the pandemic, with dwindling inventory driving up prices.
There were 2,489 sales in the first quarter, according to the latest report from Douglas Elliman, compiled by appraiser Miller Samuel. That was 37 percent over the 1,817 sales recorded at the same time last year, when the coronavirus was just starting to take hold in and around New York City.
Because Westchester — like many suburbs — experienced a sizzling housing market for much of last year, Q1 figures were actually a slight from the sky-high total at the end of 2020. The latest numbers were down 6.1 percent from Q4, when 2,651 homes sold, according to the report.
First quarter average sale price of $690,378 was also below the previous quarter’s $727,957. But it was also 13 percent above the $611,026 from Q1 in 2020.
The report noted that despite the dip, “the frenetic market pace continued where it left off at the end of last year.”
A lack of inventory has also helped push up prices. Across the county, listing inventory fell to 2,533 homes in Q1. That was 16.7 percent below the 3,039 homes on the market at the same time in 2020.
The pandemic has caused buyers in Westchester to look for larger homes with more amenities. There has also been a rise in the amount of bidding battles.
Meanwhile, in Putnam and Dutchess counties sales remained steady and Q1 listing inventory dropped 51 percent and 42 percent, respectively, compared to the same period in 2020. In Dutchess, the average sale price stood at $418,455 with 466 deals. In Putnam, the average sale price was $437,192 with 397 transactions.