Be sure to check out the entire Third Quarter Market Watch report here for an in-depth look at the strength of our markets.
The close of the third quarter found Westchester County with sales levels similar to 2016, both year to date and quarter over quarter. In comparing the first three quarters of each year, the market appears steady with unit sales county-wide increasing by 3% and dollar volume by 2%, while comparing the third quarter of each year alone reveals a slight decline in unit sales of 2% even as volume rose by 11%. Broken out by region, sales in Southern Westchester look much like this time last year, with units flat and volume up 3% year over year, and units and dollar volume each declining a slight 1% quarter over quarter. Northern Westchester is one of our few market areas that has experienced some decline, with units down 4% and volume 1% for the year, and units dropping 14% and volume 16% for the quarter. Pockets of vibrancy do exist in the region, most notably in Armonk/Byram Hills.
In Connecticut, Fairfield County is enjoying healthy growth this year, with unit sales increasing by 5% and dollar volume by 10% year to date versus the same time in 2016, and units up by 3% and volume 10% quarter over quarter. In the southern county, the $1.5 to $3 million sector represents a particularly hot spot in the market. The Shoreline, including New Haven, Middlesex and New London counties, is also ahead of 2016, with the latter two witnessing a surge in waterfront activity. Year over year, unit sales stand above 2016 by 5% and dollar volume 9%, while units are up 3% and volume 11% quarter over quarter. Up in Litchfield County, the market is generally stable compared to last year, with year-to-date unit sales and dollar volume a slight 1% and 4% higher, respectively. After hitting its market peak earlier in the year, the market was down a bit for the quarter, with unit sales decreasing by 7% and volume 11%. We continue to observe a promising uptick in the high end in this area. Across the state line in Berkshire County, Massachusetts, the market is still moving along with units ahead of 2016 by 3% and volume 5% year over year, and units increasing by 2% and volume 12% for the quarter. The recent flurry of activity in that area’s $550,000 to $750,000 range has continued unabated, and properties in the luxury segment are selling as well.
The fundamentals of the economy, which I refer to as our “True North,” remain strong and point to continued momentum in the housing market. Consider that the most recent reading of the GDP indicated a rate increase of 3.1 percent, the fastest pace of growth in over two years. At the same time, the job market is steadily improving, the stock market stands at an all-time high, and interest rates, though inching up slowly, remain low. Further, consumer confidence currently stands at 119.8 (1985=100) according to the Conference Board Consumer Confidence Index®, a figure that has seen small fluctuations throughout the year since a March peak of 125.6 but remains much higher than those levels reached in recent years. Certainly there are national and international events playing out that may temporarily affect the market, but with our real estate markets supported by a healthy economy, we remain bullish.
I hope you find this report informative on what’s happening in your market, and invite you to contact one of our sales associates if we can help you with any of your own real estate needs.
Paul E. Breunich
President and Chief Executive Officer
William Pitt • Julia B. Fee Sotheby’s International Realty
