William Pitt – Julia B. Fee Sotheby’s International Realty reported today that residential real estate sales in January were lower in the New York suburban markets of Connecticut and Westchester County, N.Y., compared to the same time last year, attributing the decline to a substantial decrease in new listing inventory in the face of ongoing elevated buyer demand. In addition, the company noted that the timeframe of comparison, January 2021, was a period of record sales as significant numbers of buyers moved out of the city during the pandemic.
At the same time, sales in all territories remained well above January 2020, while a significant spread between the percentage changes in unit sales and dollar volume was an indication of more properties transacting at higher price points. Both new listings taken and overall inventory continued to decline at high levels compared to January in both 2021 and 2020.
“Buyer demand is still vibrant, but that demand is significantly overriding the supply available. While homeowners are still listing their houses, these properties are quick to sell, leaving little inventory on the market,” said Paul Breunich, Chairman and Chief Executive Officer of William Pitt – Julia B. Fee Sotheby’s International Realty. “We believe the incredible buyer demand we are seeing, largely emanating from New York, will continue unabated in the months ahead, and we encourage potential sellers to take advantage of this rare moment in the market and list their homes for sale.”
In Fairfield County, Conn., unit sales and closed volume each decreased by 23% from January last year, continuing the trend that started in July of 2021 when sales began to compete with a timeframe of unprecedented growth the prior year. Limited inventory has greatly impacted the market, with overall inventory down by 40% compared to January 2021 and new listings down by 35%.
In Westchester County, N.Y., unit sales and dollar volume decreased in January versus the same month last year by 17% and 12%, respectively. As in Fairfield County, inventory remained low, decreasing 43% overall compared to January last year while new listings for the month decreased by 22%.
Other markets served by the company witnessed the same trends. The Shoreline region of Connecticut, comprising New Haven County, New London County and Middlesex County, each saw declines in unit sales and volume versus last January’s record month. The story was similar in Litchfield and Hartford Counties. Only the Berkshires, Mass., defied the trend, demonstrating sales growth over January 2021. All regions remain significantly challenged by reduced inventory.
