Year to date, dollar volume and unit sales are up across most housing markets compared to the first six months of 2016
Fairfield, Litchfield, New Haven, Middlesex and New London Counties, Conn., Westchester County, N.Y., and Berkshires, Mass. – July 13, 2017 – A report detailing market results for the second quarter of 2017 in Fairfield and Litchfield Counties and the Shoreline in Connecticut, the Berkshires in Massachusetts, and Westchester County, New York, has just been released by William Pitt and Julia B. Fee Sotheby’s International Realty, the company announced today.
The Market Watch reported positive trends in all regions served by the company. In Westchester County overall, sales for single family homes dipped about 1 percent compared to the second quarter of 2016, with dollar volume improving by 5 percent. Units are up 2 percent for the year versus the first six months of 2016, and dollar volume year over year is up by 8 percent.
In Fairfield County, unit sales for the quarter were 3% ahead of the same period in 2016, and dollar volume showed an 8 percent increase. Year over year, unit sales of single family homes and dollar volume are both up about 5 percent.
Connecticut’s Shoreline communities, comprising New Haven, Middlesex and New London Counties, showed a 7 percent increase in units sold compared to the second quarter last year, and a 9 percent increase in dollar volume. For the year, sales of single family homes have increased 4 percent on the coastline towns of Connecticut versus the first half of 2016, and volume 6 percent.
Litchfield County showed a significant increase in homes sold between $2-$5 million in the second quarter versus the same time last year, which helped drive dollar volume up 8 percent quarter over quarter, while units increased by 2 percent. Year to date, units sold for the region has risen 5 percent compared to 2016, and dollar volume has escalated 15 percent.
Single family home sales in the Berkshires were even compared to the second quarter last year, with a 1 percent increase in dollar volume. For the year, sales for the first six months are up 3 percent from the first half of 2016 and dollar volume down 3 percent.
The report commented that all the economic signs that traditionally affect real estate are holding steady or improving: Stock markets are climbing, unemployment is dropping and consumer confidence has remained steady, standing at 118.9 in June (1985=100) according to The Conference Board Consumer Confidence Index®.
“Our market areas entered the second quarter with a solid head of steam built on a solid finish to the fourth quarter of 2016 and a strong first quarter in 2017,” said Paul Breunich, President and Chief Executive Officer of William Pitt and Julia B. Fee Sotheby’s International Realty. “Overall, we remain in a healthy market, and the most important economic indicators suggest the real estate picture should remain sound for the foreseeable future.”
The 2017 Second Quarter Market Watch is available for download on the firm’s website, williampitt.com.
###
About William Pitt and Julia B. Fee Sotheby’s International Realty
Founded in 1949, William Pitt and Julia B. Fee Sotheby’s International Realty manages a $3.9-billion portfolio with more than 1,000 sales associates in 24 brokerages spanning Connecticut, Massachusetts, and Westchester County, New York. William Pitt and Julia B. Fee Sotheby’s International Realty is the largest Sotheby’s International Realty(R) affiliate globally and the 28th-largest real estate company by sales volume in the United States. A full-service real estate firm headquartered in Stamford, Connecticut, William Pitt and Julia B. Fee Sotheby’s International Realty provides ancillary services including commercial services through its affiliation with Building and Land Technology, a second-generation development company based in Stamford, Connecticut; William Pitt Insurance Services; and an award-winning global relocation division. For more information, visit the website at williampitt.com.
Sotheby’s International Realty’s worldwide network includes more than 20,000 sales associates located in approximately 880 offices throughout 70 countries and territories.
William Pitt Sotheby’s International Realty Contact:
Andrew Wood
Director of Content
AWood@williampitt.com
(203) 644-1938