Residential real estate markets remain far ahead of last year
Stamford, Conn. – July 7, 2021 – A report detailing market results for the second quarter of 2021 in Fairfield, New Haven, Middlesex, New London, Litchfield and Hartford Counties, 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 found that housing markets remain far ahead of last year, both year to date and quarter over quarter.
In Fairfield County single family unit sales and dollar volume were up by 28% and 78%, respectively, quarter over quarter, and 33% and 85% year to date versus the first six months of 2020. Westchester County experienced an uptick of 44% in unit sales and 75% in dollar volume for the quarter and 43% in units and 70% in volume for the year. On the Connecticut Shoreline, sales increased in New Haven County by 24% in units and 54% in volume for the quarter and 25% in units and 55% in volume year to date, while in Middlesex County sales grew by 29% in units and 62% in volume for the quarter and 28% in units and 62% in volume for the year. In New London County, units increased by 21% and volume by 57% for the quarter, while units rose 19% and volume 52% year to date. Litchfield County saw unit sales climb ahead of the same quarter last year by 11% and dollar volume by 32%, while year to date units rose by 20% and volume by 47%. Hartford County’s sales increased by 5% in units and 29% in volume quarter over quarter, and 6% in units and 27% in volume year over year. Berkshire County’s unit sales were up by 19% and volume by 74% for the quarter, as units increased by 18% and volume by 65% for the year.
The 12-month median selling price for single family homes was on the rise in each of these markets as well, increasing by 27% in Fairfield County, 15% in Westchester County, 15% in New Haven County, 16% in Middlesex County, 18% in New London County, 25% in Litchfield County, 15% in Hartford County and 34% in Berkshire County.
The report stated that more middle and upper end property transactions are dominating the market, with closed dollar volume gains consistently exceeding closed unit sales by 30 to 40%. This same spread between dollars and units is also reflected in the new inventory arriving on the market. Although overall inventory levels are down, a factor that is negatively impacting closings, new inventory was higher than the same time last year. Since the beginning of the second quarter, more new listings were taken than during the same period in 2020. The homes are turning over so rapidly that overall inventory levels remain low.
The analysis also included a look at where the market may be heading. Following more than a year of unprecedented growth in the residential real estate industry, the end of the second quarter represented the first time the market has entered territory where, year over year, it is competing directly with a timeframe of record sales the prior year. Heading into the third quarter, the company said it was not expecting another significant quarterly increase over the third quarter of 2020.
“If we are consistent with or a little behind last year’s third quarter, while remaining substantially above that time in 2019, we will remain on exceptionally strong footing,” said Paul Breunich, President and Chief Executive Officer of William Pitt-Julia B. Fee Sotheby’s International Realty. “As long as the balance of supply and demand tilts so heavily in the home seller’s favor, we will continue to see prices escalate in a hot marketplace.”
The Second Quarter 2021 Market Watch is available on the firm’s website at 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 $5.9 billion portfolio with more than 1,100 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 72 countries and territories on six continents.
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