The market results for the third quarter of 2014 in Fairfield and Litchfield Counties as well as the Shoreline in Connecticut, the Berkshires in Massachusetts and Westchester County, New York, have just been released by our company.
The report stated that for both the quarter and the year, transaction volume is similar to 2013 levels, and pointed out that while year-over-year growth has been slow, a more moderated market in 2014 was not unexpected as 2013 saw significant double-digit growth. Transaction volume still remains ahead of previous years, and the final closed volume is expected to be approximately even with last year, with dollar volume slightly higher.
Westchester County saw an improvement in home sales from the second quarter to the third of 2014, causing the county as a whole to re-gain most of the ground lost during the slower second quarter, with Southern Westchester County outperforming the northern areas. Fairfield County experienced modest unit sales declines, while activity along the Connecticut Shoreline was parallel to last year’s levels. Litchfield County and the Berkshires saw sales levels that were somewhat slower in comparison to 2013, yet still far ahead of 2011 and 2012. Median selling prices overall remain stable.
The report also explained that while consumers are feeling more positive about the economy, earnings and employment, they are demonstrating an element of caution during the home purchase decision-making process. Buyers are seeking homes in pristine condition that do not require extra work and are priced at a good value. In addition, the report suggested that the largest current constraint on housing is tight credit.
“Holding onto the gains of last year and building a firm foundation to move forward into 2015 is our goal for the remainder of 2014,” said Paul Breunich, President and Chief Executive Officer of William Pitt and Julia B. Fee Sotheby’s International Realty. “With the improving jobs outlook, continued low interest rates, broad array of homes for sale, favorable pricing and current pending sales levels ahead of where they were a year ago, our local Metro New York metrics all point to an ending to the year that will be just as strong as 2013 was, and favorable growth for 2015.”
The 2014 Third Quarter Market Watch is available for download on the firm’s websites: williampitt.com and juliabfee.com.
