Our company recently released the market results for the third quarter of 2014, covering Fairfield and Litchfield Counties as well as the Shoreline in Connecticut, the Berkshires in Massachusetts and Westchester County, New York.
According to the report, transaction volume levels are extremely close to results from 2013 for both the quarter and the year. The quarter’s moderate growth stayed true to what was expected, with year-over-year increases slow due to the significant double-digit growth in the year 2013. Closed volume by year’s end is expected to be around the same as last year, with a slight increase in dollar volume and a transaction volume that still remains ahead of previous years.
Westchester County as a whole re-gained most of the ground lost in the second quarter, with a clear improvement in home sales for the third quarter. Findings show that Southern Westchester County attracted more home buyers than the northern areas. In Fairfield County, unit sales were slightly decreased, while home sales along the Connecticut Shoreline were equivalent to last year’s sales levels. Both Litchfield County and the Berkshires experienced a minor reduction in sales levels from 2013, but still exceeded 2011 and 2012. Overall, median selling prices have maintained stability.
The report also revealed that even though consumers currently have more positive thoughts surrounding the economy, salary and employment, caution is still an important factor in the home buying process. Homes that reach their full value by maintaining top-notch condition, a reasonable price and have little to no work required are in demand. The report also suggested that the most prominent current limitation on the housing market is tight credit.
“Holding onto the gains of last year and building a firm foundation to move forward into 2015 is our goal for the remainder of 2014,” said Paul Breunich, President and Chief Executive Officer of William Pitt and Julia B. Fee Sotheby’s International Realty. “With the improving jobs outlook, continued low interest rates, broad array of homes for sale, favorable pricing and current pending sales levels ahead of where they were a year ago, our local Metro New York metrics all point to an ending to the year that will be just as strong as 2013 was, and favorable growth for 2015.”