In February 2024, the majority of real estate markets served by William Pitt and Julia B. Fee Sotheby’s International Realty in Connecticut, Westchester County, New York, and the Berkshires, Massachusetts witnessed improvements in sales compared to the corresponding month last year. This positive trend, also observed in January after a year of declining sales, continued to gain momentum. Furthermore, the persistent challenge of reduced inventory levels, which has been prevalent in recent years, exhibited lower declines than usual or, in some instances, even showed improvement compared to the same period in 2023.
Most counties reported growth in closed dollar volume compared to February last year, with volume increasing by 18% in Fairfield County, 10% in Westchester County, 5% in New Haven County, 13% in Hartford County, 13% in Litchfield County, and a robust 58% in Berkshire County. Only New London and Middlesex Counties witnessed small decreases in closed volume, recording declines of 3% and 7%, respectively. Fairfield and Westchester Counties also observed slight upticks in closed unit sales, with Fairfield rising by 1% and Westchester by 2%. Berkshire County unit sales surpassed those of February 2023 by an impressive 42%.
Another encouraging development, noted in our January report as well, is the indication that we may be transitioning out of our prolonged period of low inventory. Although most markets, with the exceptions of New London and Berkshire Counties, continued to experience overall inventory declines, in many cases, these decreases from February 2023 were less substantial when compared to the same period in 2021 and 2022.
These outcomes were anticipated in our comprehensive annual 2023 market report, offering an in-depth analysis of our market projections. For further insights, please refer to our latest Market Watch available here.
Comprehensive charts accompanying this information provide a thorough review of the February data across all market areas, comparing February 2024 to the corresponding month in 2023, sourced from various MLSs.
