Closed unit sales and volume increased dramatically over a notably robust first quarter of 2020
Stamford, Conn. – April 6, 2021 – A report detailing market results for the first quarter of 2021 in Fairfield, New Haven, Middlesex, New London, Litchfield and Hartford Counties, Connecticut, the Berkshires in Massachusetts, and Westchester County, New York, has just been released by William Pitt-Julia B. Fee Sotheby’s International Realty, the company announced today.
The report found that in the first three months of 2021, closed single family unit sales and volume in most markets increased dramatically over the first quarter of 2020, which was itself a robust quarter with unit closings and dollar volume soaring over the same period the prior year. In the first quarter of 2021, Westchester County single family unit sales and dollar volume grew by 34% and 53%, respectively, over the same period last year, while neighboring Fairfield County saw an uptick of 29% in units and 81% in volume. Moving up the Connecticut Shoreline, sales increased by 19% in units and 46% in volume in New Haven County, 20% in units and 57% in volume in Middlesex County, and 7% in units and 33% in volume in New London County. In Litchfield County, unit sales climbed ahead of the same time last year by 26% and dollar volume by 65%. Hartford County’s sales decreased a small 3% in units but volume rose by 15%, as Berkshire County saw units up by 12% and volume by 44%.
The report also stated that inventory is nonetheless keeping the housing market in check, supplying charts that reveal how low inventory is this year versus years past. The reduction in new listings taken since the beginning of 2021 has created an environment where bidding wars are commonplace and well-priced properties are accepting offers significantly over ask, often all in cash.
The significant spread between unit sales and dollar volume was another key finding. Since the summer, gains in volume are consistently much higher than those in unit sales, a sign that more properties are transacting at higher price points. This trend is also reflected in the rising 12-month median selling price for single family homes, which increased this quarter by 12% in Westchester County, 22% in Fairfield County, 12% in New Haven County, 13% in Middlesex County, 13% in New London County, 28% in Litchfield County, 12% in Hartford County and 25% in Berkshire County.
“The primary driver behind this unprecedented growth is the influx of New York City buyers in our marketplaces amidst the ongoing pandemic,” said Paul Breunich, President and Chief Executive Officer of William Pitt-Julia B. Fee Sotheby’s International Realty. “We feel the momentum will continue well into the future. With our internal company figures show pending unit sales and dollar volume on our own listings tracking to the activity we’re observing in the wider marketplace, we anticipate another substantial quarter in sales ahead.”
The First Quarter 2021 Market Watch is available on the firm’s website at williampitt.com.
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About William Pitt – Julia B. Fee Sotheby’s International Realty
Founded in 1949, William Pitt – Julia B. Fee Sotheby’s International Realty manages a $5.9 billion portfolio with more than 1,100 sales associates in 26 brokerages spanning Connecticut, Massachusetts, and Westchester County, New York. William Pitt – Julia B. Fee Sotheby’s International Realty is one of the largest Sotheby’s International Realty(R) affiliates globally and the 37th-largest real estate company by sales volume in the United States. For more information, visit the website at williampitt.com.
Sotheby’s International Realty’s worldwide network includes nearly 1,000 offices throughout 72 countries and territories on six continents.
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