Hot off the press! Our Market Watch report for the first quarter of 2016 is now out and available for viewing. Findings focus on market results in Fairfield and Litchfield Counties and the Shoreline in Connecticut, as well as the Berkshires in Massachusetts, and Westchester County, New York.
When compared to last year at this time, there was a clear increase in first quarter unit sales for each market area that we serve, and a reported higher dollar volume in most of these areas as well. Overall units were up 11% from last year in Westchester County, N.Y., with the majority of growth occurring in the southern part of the county. Closed sales here also saw a 13% increase, and dollar volume 9%. Fairfield and Litchfield Counties experienced similar results, with 7% and 6% more units sold this year than last, respectively, and Fairfield County additionally seeing an 11% rise in volume. More significant gains were seen on the Shoreline of Connecticut, comprising New Haven, Middlesex and New London Counties, where units grew by 29% and volume by 22%. The Southern Berkshires, Mass., saw an even greater increase of 63% in unit sales and an almost equal 65% growth in volume.
After evaluation, the Market Watch concluded that it is the lower price points that are driving the marketplace. Therefore, the upper price ranges hold more inventory, leading sellers to frequently adjust their prices in order to effectively align with the current trends. This provides significant opportunities for buyers in the luxury segment. A universal desire to attain the “perfect package,” which includes competitive pricing, excellent condition and an ideal location, was consistent among all markets. A strong willingness to meet buyer expectations, coupled with continued high levels of consumer confidence and low interest rates, points towards a predicted strong selling year ahead.
“Our housing markets have been an active place for some time now, and that trend continued unabated throughout the first quarter of 2016,” said President and CEO Paul Breunich. “With the market so active and our markets now on the cusp of the prime real estate season, we have every reason to believe the momentum will persist throughout the second quarter and the remainder of the year.”
The 2016 First Quarter Market Watch is available for download on our website here.