From the Westchester market report: Those worried about chronically stalled luxury property sales at the high end of the Westchester residential market finally have a reason to exhale, thanks to Douglas Elliman’s second-quarter report.
In the single-family luxury market — made up of the top 10 percent of home sales — the median sale price increased 6.7 percent over the same quarter last year to $2.2 million, the report states. Luxury properties have seen three consecutive quarters of price gains, the report found.
The improvement at the high end reflects the overall health of the Westchester residential market, insiders say. The county saw the greatest number of second-quarter sales recorded since 1982, with 2,654 in total. The average sales price went up 2.1 percent year over year to $675,509, Elliman found. With the lowest second-quarter inventory in 14 years — 4,431 homes — listing discounts dipped to 2.1 percent, down from 2.9 percent in the same quarter last year.