In April 2024, the real estate markets served by William Pitt and Julia B. Fee Sotheby’s International Realty in Connecticut, New York and the Berkshires, Massachusetts, experienced an upswing in sales compared to the same period last year. This positive trend, ongoing since the start of the year, continued to strengthen.
Additionally, the challenge of dwindling inventory levels, a persistent issue in recent times, showed strong signs of improvement in April. Overall inventory levels either increased in many regions or decreased at a slower rate compared to recent months and quarters. Perhaps more importantly, new listings taken increased in every territory by dollar volume over the same month last year by double digit percentages, and by units in most territories. In our current environment of heightened demand, the new inventory is being greeted by a ready base of buyers and quickly absorbed, which is resulting in the increased sales levels.
Most counties reported an increase in closed dollar volume compared to April last year, with some showing significant gains. Volume rose by 2% in Fairfield County, 35% in Westchester County, 23% in New London County, 35% in Middlesex County, 16% in Hartford County, 49% in Litchfield County, 47% in Berkshire County and 64% in Columbia County. Only New Haven County saw a decline in closed volume, dropping by 5%.
Similarly, most areas observed an increase in closed unit sales. Units increased by 22% in Westchester County, 4% in New London County, 7% in Middlesex County, 2% in Hartford County, 3% in Litchfield County, 48% in Berkshire County and 75% in Columbia County. Fairfield County saw a slight dip of 1% in unit sales, while New Haven County experienced a 6% decrease.
With inventory levels in almost every county increasing compared to April of the previous year, volume of new listings taken improved in every market. New listings volume increased by 19% in Fairfield County, 14% in Westchester County, 26% in New Haven County, 27% in New London County, 12% in Middlesex County, 19% in Hartford County, 11% in Litchfield County, 39% in Berkshire County and 41% in Columbia County. Unit levels of new listings also increased in most every market, with Middlesex and Berkshire Counties the only exceptions.
These outcomes align with the projections outlined in our first quarter 2024 market report, which offers a detailed analysis of our market forecasts. For further insights, please consult our latest Market Watch available here.
Accompanying comprehensive charts provide a detailed overview of April data across all market areas, comparing April 2024 to the same month in 2023, sourced from various MLSs.
