Market results for the third quarter of 2015 are in! Our company’s quarterly Market Watch report details current happenings in the local housing market for all the areas that we serve, including Fairfield and Litchfield Counties, the Shoreline in Connecticut, the Berkshires in Massachusetts, and Westchester County, New York.
Sales levels in the market were notably higher than this time last year, with Westchester County and Fairfield County respectively posting 6% and 10% unit sales gains for the quarter with similar year-to-date results. While Fairfield County sales reached ten-year highs, the Westchester County market produced quarterly sales similar to that of 2004 levels, when real estate was booming and at its height. Strong home sales growth continued in the Connecticut Shoreline counties of New Haven, Middlesex and New London, and expanded by double digits in Litchfield County and Southern Berkshire County for both the quarter and year as a whole. The report especially highlighted the importance of this increase in sales for the Berkshires, as activity levels have reignited in the second and third quarters after a winter lull. Year-to-date sales are now proportionate with 2014 levels.
The report brings to our attention that as consumer confidence in the economy continues to increase, propelling real estate forward, markets have reached their highest levels since August of 2007. Inventory levels have also increased, which has encouraged competition among sellers and provided greater control for buyers. It was found that homes at lower price points in good condition and offered for a reasonable price went to contract in no time, with mid-range sales following suit, also resulting in vibrant growth rates that were typically ahead of the market as a whole. Though occurring at a slower rate, sales steadily improved in the higher end range as well.
“We are happy to report that our markets are functioning efficiently with sustained demand and well-qualified buyers,” said President and CEO Paul Breunich. “There has not been a time in recent memory when so many beautiful homes in all price ranges have been available for sale, with interest rates at historic lows and the economy so strong. This point in time represents a superb buying opportunity, and we are hopeful that we will end 2015 on a high note.”
The 2015 Third Quarter Market Watch is available for download on our website: williampitt.com.