Market results for the second quarter of 2016 in the counties of Fairfield and Litchfield, as well as the Shoreline of Connecticut, the Berkshires in Massachusetts and Westchester County, New York, have been revealed, and are looking positive. The report concluded that unit sales for each market area in the first six months of the year exceeded those of the same period in 2015. Dollar volume increased in most areas as well.
Westchester County as a whole saw a 16% rise in units county-wide for the first half of 2016, and a 13% increase in volume. Similar growth patterns occurred in both the southern and northern portions of the county, with Southern Westchester unit sales growing by 17%, and dollar volume by 10%. The northern part of the county experienced a 17% unit sales increase, and a 9% spike in dollar volume. Units also increased throughout all of Fairfield County, rising 7% from this time last year, while dollar volume held approximately even. Out on the Shoreline, unit sales experienced an 18% increase, particularly in the lower segments, which led to a smaller 4% volume increase compared to 2015. Litchfield County activity accelerated as the quarter came to a conclusion, with record unit sales occurring in June, and an overall uptick of 12% in units and 7% in volume for the first six months of 2016 compared to last year. The Southern Berkshires saw gains of 28% in units and 19% in volume for the year, with a recent surge in under-contract properties suggesting that the third quarter may mirror the Berkshires’ incredible first quarter, which saw a significant 63% increase in unit sales with a commensurate 65% growth in volume.
Taking all findings into consideration, the report indicated that it is the lower price points that are typically driving the marketplace. Upon venturing up the price point ladder, more inventory exists, causing many sellers to adjust their prices in order to effectively align with today’s market. The result?—significant opportunities for buyers in the luxury segment. In every market, buyers are looking for properties that offer an incredible value in terms of price, condition and location.
It is important to note that other mitigating economic factors such as Brexit and the upcoming election may additionally influence certain segments as the year progresses, yet the majority of the activity occurring in the lower price ranges should remain largely unaffected. Selling success here is expected to continue through the remainder of the year.
“After a very robust first quarter, with unit sales significantly up year over year in the majority of the markets we serve and sales volume higher in most areas as well, the second quarter held steady with continued growth compared to the same period last year,” said our President and CEO Paul Breunich. “With the overall picture one of good health, and so many positive indicators including high consumer confidence and historically low interest rates, we remain bullish that 2016 will prove another strong year in sales in our market areas.”
Want to learn more? The 2016 Second Quarter Market Watch is available for download here.