Providing a comprehensive picture of the Connecticut (or, Westchester County) residential real estate market, our Quarterly Market Watch Reports offer an extremely valuable resource for consumers, real estate professionals, financial institutions, the media and other professionals associated with the market.
Each report includes in-depth analysis of home sales activity and prices, outlining current conditions, historical trends and emerging directions that point to where the market is headed.
For both the quarter and the year we are seeing transaction volume very similar to 2013 levels and far ahead of 2012 and 2011. The market is stable and the fundamentals are in place to end the year approximately even with 2013 on a unit basis and slightly higher on a dollar basis due to the strengthening upper end. Holding onto the gains of last year and building a firm foundation to grow both unit and dollar volume in 2015 is our goal for the remainder of the year.
After experiencing significant improvement for the past two years, the housing market has at last leveled off with unit and dollar sales year to date on track with the same period last year in most markets. We believe that the current period of more moderated yet sustainable growth is a healthy one, and we are optimistic that our housing markets will remain vibrant throughout the rest of the year. Please read the Second Quarter 2014 Market Watch for our full report.
Home sales in the first quarter of 2014 built upon the strong 2013 annual sales results. Of particular note was the heightened demand for properties in the mid to upper price ranges as well as new construction. The ultraluxury segment, defined as properties at the top of the market in terms of price, was relatively quiet. We believe this was due in large part to the harsh winter’s sub-optimal showing conditions, which impacted the introduction of new inventory. Condominiums and co-ops continued to experience vibrant demand. Median selling prices increased, reflecting the changing mix of properties sold this quarter.