Our latest luxury market report details First Quarter 2015 sales activity for properties priced at $2 Million or more in Westchester County, $3 Million+ in Greenwich and $1 Million and higher in Putnam and Dutchess counties.
The recovery of the luxury market has shown itself to be a bit more unpredictable than expected. After steady gains in 2014, luxury sales dipped in First Quarter 2015 with most of the activity limited to southern Westchester and Greenwich. Sales were partly constrained by the seemingly endless number of snow storms that kept our buyers at home. At the same time, high inventory levels particularly in the top luxury price ranges coupled with relatively low demand has been an on-going challenge to sizeable growth.
Despite the tepid first quarter results, we are seeing positive trends for spring. Recently, a number of noteworthy sales in both Westchester and Greenwich have signaled the return of waterfront buyers who have taken advantage of very attractive pricing on our Long Island Sound offerings. Weekend buyers also continue to stimulate activity throughout the Hudson Valley. At Private Brokerage, we have several pending sales for country properties slated to close later this spring. In addition, several of our new pending transactions are for higher-priced luxury properties, signifying the increasing appeal of the many extraordinary top-tier properties we represent.
As a result, we are looking forward to a brisk spring selling season. For luxury buyers who have been sitting on the sidelines, it’s an exciting time to enter the market where they will find many exceptional homes in a variety of wonderful locations.
Sincerely, Anthony Cutugno Senior Vice President Director of Private Brokerage
View the full 1st Quarter Luxury Market Report here: http://bit.ly/1ctpqRl