In May 2024, the real estate markets served by William Pitt and Julia B. Fee Sotheby’s International Realty in Connecticut, New York and 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, has begun to turn around in recent months. Inventory showed strong signs of improvement in May in many areas. Overall inventory levels increased in most regions, only decreasing in Westchester County and holding flat in Fairfield County versus May 2023.
Dollar volume in new listings taken also increased in most territories over the same month last year, climbing ahead by 8% in Fairfield County, 18% in New Haven County, 9% in New London County, 21% in Middlesex County, 12% in Harford County, 16% in Litchfield County and 41% in Columbia County. Only Westchester and Berkshire Counties saw a decrease in new listings volume, each declining by 6%. Results on unit levels of new listings taken were more mixed, with Middlesex, Hartford and Columbia Counties the only regions to see increases from last May.
In our current environment of heightened demand, inventory is being greeted by a ready base of buyers and quickly absorbed, which is resulting in increased sales levels.
Several counties reported an increase in closed dollar volume compared to May last year, with some showing significant gains. Volume rose by a substantial 27% in Westchester County, 1% in New Haven County, 10% in New London County, 17% in Middlesex County, and a robust 34% in Litchfield County, while remaining flat in Berkshire County. Hartford County slipped behind the same month last year by a slight 1% in volume, Columbia County by 13% and Fairfield County by 2%, though the latter county experienced an uptick in closed unit sales of 5%.
Westchester and Litchfield Counties also witnessed growth in closed units of 5% in each territory versus May 2023, and units rose by a notable 36% in Berkshire County, but other counties experienced decreased unit sales compared to the same month last year.
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 May data across all market areas, comparing May 2024 to the same month in 2023, sourced from various MLSs.
