Sales were significantly ahead of the same period of 2014 in most areas
Fairfield, Litchfield, New Haven, Middlesex and New London Counties, Conn., Westchester County, N.Y., and Berkshires, Mass. – October 13, 2015 – A report detailing market results for the third quarter of 2015 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 the local housing markets the company serves saw sales levels that were significantly higher than the same period a year ago. Westchester County and Fairfield County posted 6% and 10% unit sales gains, respectively, for the quarter with similar year-to-date results. Westchester County experienced quarterly sales that mirrored 2004 levels, the height of the real estate market, while Fairfield County sales stood at ten year highs. The Connecticut Shoreline communities in New Haven, Middlesex and New London Counties continued to enjoy strong quarterly growth, while home sales in Litchfield County and Southern Berkshire County expanded by double digits for the quarter as well as the year as a whole. The positive sales performance in the Southern Berkshires was particularly important, the report noted, as activity levels bounced back from a weak winter in the second and third quarters, reaching year-to-date sales that are now commensurate with 2014 levels.
The Market Watch report pointed out that consumer confidence in the economy as a whole continues to grow and help propel the markets forward, achieving its highest level since 2007 in August. Another key finding was that inventory levels have greatly increased, creating heightened competition among sellers and giving buyers greater control. Buyers concentrated their attention on the lower price points, where properly priced properties in good condition frequently went to contract very quickly, while the mid-range was also vibrant with growth rates typically ahead of the market as a whole. Sales continue to improve in the higher end, though at a slower pace.
“We are happy to report that our markets are functioning efficiently with sustained demand and well-qualified buyers,” said Paul Breunich, President and Chief Executive Officer of William Pitt and Julia B. Fee Sotheby’s International Realty. “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 the firm’s website, williampitt.com.
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 29 brokerages spanning Connecticut, Massachusetts, and Westchester County, New York. William Pitt and 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 approximately 17,000 sales associates located in approximately 800 offices throughout 61 countries and territories.
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