Housing markets witnessed significant gains over the same quarter the prior year, but future remains uncertain
Stamford, Conn. – April 8, 2020 – A report detailing market results for the first quarter of 2020 in Fairfield and Litchfield Counties, the Shoreline and the Farmington Valley in Connecticut, the Berkshires in Massachusetts, and Westchester County, New York, has just been released by William Pitt-Julia B. Fee Sotheby’s International Realty, the company announced today.
The report commented that all of the housing markets in the regions served by the company witnessed significant gains in the first quarter over the same time the prior year. Coming off a strong back half of 2019 in residential real estate sales, closed units and dollar volume experienced notable increases across the board.
Despite the robust first quarter, the report reserved most of its commentary for the dramatic impact of COVID-19 moving into the second quarter. The company provided new weekly charts in some sections to demonstrate how supply and demand responded in real time as the crisis took hold in March. For the Connecticut sections, the company provided statistics on new properties hitting the market, closed transactions, withdrawn listings and more on a weekly basis. In the Berkshires, Mass., only unit sales figures were available for each week in March, and these were included. Accurate weekly numbers in Westchester County were not available. The report commented that the numbers leave reason for cautious optimism that demand remains strong and that people are still active in the market.
The report also cited recent comments made by Lawrence Yun, Chief Economist with the National Association of Realtors, who suggested the likelihood of a healthy V-shaped economic recovery later in the year, pointing to the strength of the housing market prior to the pandemic. Yun also said that damage to the economy may be mitigated by the recently passed Coronavirus Aid, Relief and Economic Security (CARES) Act, which allocates $2 trillion to support impacted individuals and businesses and contains provisions related to the real estate industry.
“We are encouraged by Yun’s words as we head into the second quarter. We also understand that no one can say for sure what lies ahead,” said Paul Breunich, President and Chief Executive Officer of William Pitt-Julia B. Fee Sotheby’s International Realty. “With the States of New York, Connecticut and Massachusetts having deemed real estate transactions and related services essential businesses, we are serving the needs of our clients and customers while practicing social distancing, following CDC safety protocols, and reducing person to person contact to the greatest extent possible. Real estate can continue, but these are unprecedented times and the future remains uncertain.”
The First Quarter 2020 Market Watch is available for download on the firm’s website, williampitt.com.
About William Pitt-Julia B. Fee Sotheby’s International Realty
Founded in 1949, William Pitt-Julia B. Fee Sotheby’s International Realty manages a $4 billion portfolio with more than 1,000 sales associates in 26 brokerages spanning Connecticut, Massachusetts, and Westchester County, New York. William Pitt-Julia B. Fee Sotheby’s International Realty is one of the largest Sotheby’s International Realty(R) affiliates globally and the 37th-largest real estate company by sales volume in the United States. For more information, visit the website at williampitt.com.
Sotheby’s International Realty’s worldwide network includes nearly 1,000 offices throughout 71 countries and territories on six continents.
William Pitt-Julia B. Fee Sotheby’s International Realty Contact:
Vice President, Public Relations and Communications