2014 results parallel 2013 in most markets, securing prior year’s gains and finishing as second strongest year since 2007
Fairfield, Litchfield, New Haven and New London Counties, Conn., Westchester County, N.Y., and Berkshires, Mass. – January 8, 2015 – A report detailing 2014 market results in Fairfield and Litchfield Counties and the Shoreline in Connecticut, the Berkshires in Massachusetts, and Westchester County, New York, has just been released by William Pitt and Julia B. Fee Sotheby’s International Realty, the company announced today.
The report stated that in most of the market areas the company serves, 2014 was the second strongest year in terms of market performance since 2007, and that annual results typically paralleled those of 2013, securing the gains of that watermark year.
Westchester County, N.Y., ended 2014 with unit volume 1% lower than 2013 and dollar volume 5% higher, reflecting a significant increase in properties sold over $1,000,000. Fairfield County, Conn., finished the year not far behind 2013, with unit volume declining by 6% and dollar volume a slight 2%. Here, the $2,000,000 to $3,000,000 saw the most significant growth, with a 9% increase in both units and dollar volume, and the $3,000,000 and up segment continues to slowly improve.
In the eastern Connecticut Shoreline markets, a vibrant fourth quarter contributed to an annual 5% improvement in both units and dollars from 2013 to 2014. While Litchfield County, Conn., saw a small decline of 1% in units and a small improvement of 1% in dollar volume overall, the market experienced significant growth in its upper end, with unit sales for properties priced over $1,000,000 increasing 16% year over year. In the Southern Berkshires, Mass., annual sales were 2% higher than 2013 due to a resurgence in fall buying activity. Median selling prices were either even with or slightly higher than 2013 in most markets.
The condominium and co-op markets grew in most areas as well, especially in Westchester County, which saw double-digit unit growth in every price category. The report additionally found that new construction properties have sold particularly well recently, as builders have focused on meeting the preferences of buyers, who are often seeking smaller, amenity-rich homes in close-to-town locations.
“2014 will best be remembered as the year where we secured the robust gains of 2013 and positioned our market for strong future growth,” said Paul Breunich, President and Chief Executive Officer of William Pitt and Julia B. Fee Sotheby’s International Realty. “With the economy strengthening and consumer confidence rising, we had our second best year for home sales in the past seven. Looking ahead, all of the financial indicators coupled with an expected loosening of credit suggest that 2015 will be an excellent year of forward movement for our local housing markets.”
About William Pitt and Julia B. Fee Sotheby’s International Realty
Founded in 1949, William Pitt and Julia B. Fee Sotheby’s International Realty manages a $3.3-billion-plus portfolio with more than 1,000 sales associates in 26 brokerages spanning Connecticut, Massachusetts, and Westchester County, New York. William Pitt Sotheby’s International Realty, combined with partner firm Julia B. Fee Sotheby’s International Realty, is the largest Sotheby’s International Realty(R) affiliate globally and the 28th-largest real estate company by sales volume in the United States. A full-service real estate firm headquartered in Stamford, Connecticut, William Pitt and Julia B. Fee Sotheby’s International Realty provides ancillary services including commercial services through its affiliation with Building and Land Technology, a second-generation development company based in Stamford, Connecticut; William Pitt Insurance Services; and an award-winning global relocation division. For more information, visit the website at williampitt.com.
Sotheby’s International Realty’s worldwide network includes more than 15,000 sales associates located in 720 offices throughout the United States and 52 other countries and territories.
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