Following a significant increase in pending sales at the end of the second quarter, residential real estate contracts and closings surged in July, according to data compiled by William Pitt-Julia B. Fee Sotheby’s International Realty, the company announced today. All territories served by the company across Connecticut, Westchester County, N.Y., and the Berkshires, Mass., saw record numbers of buyers in the marketplace.
In Fairfield County, Conn., July single family closed sales increased by 38% versus the same month in 2019 and closed volume increased by 56%, indicating an uptick in higher priced property transactions. The percentage of properties under contract was even higher, with unit contracts increasing 63% and dollar volume of contracts by 104%.
Westchester County, N.Y., which endured greater restrictions for showing houses than Connecticut during the months of lockdown, experienced decreases in closed sales and volume in July by 16% and 13%, respectively, after business reopened at a later date than neighboring Fairfield County. Yet properties under contract in July were significantly higher than last year, with units increasing by 92% and volume by 123% versus the same month in 2019.
On the Connecticut Shoreline, comprising New Haven, Middlesex and New London Counties, July single family closed sales increased by 20% versus the same month in 2019 and closed volume increased by 31%, indicating an uptick in higher priced property transactions. The percentage of properties under contract was high as well, with unit contracts increasing 19% and dollar volume of contracts by 45%.
In the Berkshires, July single family closed sales increased by 34% versus the same month in 2019 and closed volume increased by 107%, indicating an uptick in higher priced property transactions. The percentage of properties under contract was high as well, with unit contracts increasing 22% and dollar volume of contracts by 69%.
In the Farmington Valley region of Hartford County, Conn., July single family closed sales increased by 4% versus the same month in 2019 and closed volume increased by 6%, indicating an uptick in higher priced property transactions. The percentage of properties under contract was even higher, with unit contracts increasing 8% and dollar volume of contracts by 14%.
According to the company, the unprecedented sales growth is driven by a continuation of New York City buyers relocating to the suburbs amidst the ongoing pandemic.
“We believe buyer demand will remain unparalleled in the months to come,” said Paul Breunich, President and Chief Executive Officer of William Pitt-Julia B. Fee Sotheby’s International Realty. “The level of buyer interest in our markets is unmatched in recent memory, and it serves as an enormous incentive for potential sellers to list their properties. In my 30 years in the real estate industry, I have never seen a market like the one we’re in now.”
