Pace of sales remains robust as New York City buyers enter suburban markets
Stamford, Conn. – December 2, 2020 – Residential real estate contracts and closings continued to surge in November, reflecting a consistent trend since the end of the second quarter of 2020, according to data compiled by William Pitt-Julia B. Fee Sotheby’s International Realty. The record pace of pending and closed sales remained at historic levels, though less robust relative to prior months as the market quieted slightly.
Closed unit sales, closed dollar volume, pending unit sales and pending dollar volume across Westchester County, N.Y., Connecticut and the Berkshires, Mass., saw double and sometimes triple digit percentage increases versus November of 2019 in nearly every territory. The high percentages of pending sales suggest the significant sales growth will continue unabated. Closed and pending volume outpaced closed and pending units in every market, indicating a notable increase in higher priced property transactions.
In Westchester County, N.Y., single family closed sales increased by 53% and closed volume by 74% over the same month last year, while units under contract increased by 24% and volume by 48% versus the same month in 2019. In Fairfield County, Conn., November single family closed sales increased by 66% versus the same month in 2019 and closed volume increased by 113%. Units under contract increased by 28% while dollar volume of contracts rose by 78%.
The Connecticut Shoreline, encompassing New Haven, Middlesex and New London Counties, saw unit sales increase by 36% and volume by 72% versus the same month last year, while pending units held steady with a 1% increase and pending volume grew by 29%. Litchfield County, Conn., experienced a 39% uptick in unit sales and 97% in closed volume, as units under contracts increased by 49% and volume by 73%. The Farmington Valley region of Hartford County, Conn., saw unit sales increase by 38% and volume by 50%. This was the one region where pending sales quieted down from the surges of prior months, with unit sales decreasing by 15% and volume by 3%. In the Berkshires, Mass., closed units increased by 29% and volume by 90%, while unit contracts increased by 6% and volume by 22%.
According to the company, the unrivaled sales growth is driven by New York City buyers relocating to the suburbs amidst the ongoing pandemic.
“As we enter the holiday season, typically a quieter period in our marketplaces, we are encouraged by the unparalleled demand we are still experiencing in our territories,” said Paul Breunich, President and Chief Executive Officer of William Pitt-Julia B. Fee Sotheby’s International Realty. “We believe activity will continue at an unprecedented pace into next year as buyers from the city seek to relocate to the suburbs.”