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Third Quarter 2013 Market Update on the Real Estate Market in Connecticut & the Berkshires, and Westchester County

Have you been watching the market? We have, and our latest Market Watch is now live on williampitt.com and juliabfee.com! This report includes market results for Fairfield and Litchfield Counties and the Shoreline in Connecticut, the Berkshires in Massachusetts, and Westchester County, NY.

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Paul stated that, “this is the fourth quarter of consistent sales growth, and all indicators support a market that is in full recovery mode.”

The reports concluded that the third quarter market results are the highest the company has seen post-recession in most of our housing markets. Activity is at a five-year high, since inventory levels and days on the market are consistently declining, and prices are level with the median selling price rising. The entry-level home sales have been leading this recovery and are experiencing lower sales gains than the broader market because of depleted inventory levels.

Look at the reports to learn all of the stats, and compare with year-to-date averages of closed sales, under contract sales, and unit sales in each of our counties. The single family home sales are continuing in an upward trajectory because of an increase in mortgage interest rates during the third quarter. The median selling price for a single-family home continues to rise, increasing between 1% and 6% in the majority of communities in Connecticut versus the same time in 2012. In Westchester the median selling price for a single family home rose by 4% during the third quarter of 2013 compared to the third quarter of 2012, which was the result of a combination of leveling prices and more high-end properties being sold. The reports continue to explain the change in the market regarding condominiums and housing inventory, as well as the predicted rise in consumer confidence levels.

Not only do the reports have all of the year-to-date comparison stats, but you can also find some interesting psychological data about real estate consumers. Find out why turnkey properties are currently the most desired properties and command the highest prices in their range. Learn about the “sweet spot” in the housing market, where demand for quality inventory is outpacing supply. You will learn what buyers are actually looking for, and about the return of the luxury buyer to these markets. These results provide added consumer confidence in the market, and are a reflection of the inventory.

To view our spectacular homes in Westchester County and see a detailed market analysis of your community visit our website, www.juliabfee.com. To view our impressive inventory and Third Quarter Market Watch of Fairfield and Litchfield counties (and the Berkshires) visit our website, www.williampitt.com.

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Fall Foliage Tour in Litchfield CountyThird Quarter 2013 Market Update on the Real Estate Market in Connecticut & the Berkshires, and Westchester County

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