William Pitt – Julia B. Fee Sotheby’s International Realty reported that residential real estate markets in Connecticut, Westchester County, N.Y., and the Berkshires, Mass., continued to experience sales declines in July versus the same month last year. Reduced housing supply, an ongoing issue for several quarters now, also continued to impact the market in July. Both new listings taken and overall inventory declined by significant percentages versus July 2021 in most markets.
Buyer demand remained elevated, if not as high as recent quarters, with New York City residents still seeking suburban housing in historic numbers. Economic turbulence is playing a role in the reduced sales, but our unique proximity to New York City is nevertheless keeping our markets active.
In Fairfield County, Conn., unit sales and closed dollar volume declined in July versus the same month last year by 27% and 29%, respectively. Overall inventory was down 23% compared to July last year while new listings for the month decreased by 24%.
In Westchester County, N.Y., unit sales and closed volume decreased by 16% and 9%, respectively, from July last year. As in Fairfield County, limited inventory affected the market, with overall inventory and new listings both down by 17% compared to July 2021.
Other markets served by the company witnessed similar trends. New Haven, New London, Litchfield and Hartford Counties in Connecticut all experienced significant decreases in unit sales and dollar volume versus last July. Middlesex County alone saw an uptick in closed volume while unit sales stayed down, an indication of more higher priced properties transacting, while volume in the Berkshires in Massachusetts was approximately flat as unit sales decreased. All markets were challenged by lower inventory.
Please see the accompanying charts for a full review of the data for all market areas, comparing July 2022 to both July 2021 and July 2020, sourced from various MLSs.