William Pitt – Julia B. Fee Sotheby’s International Realty reported today that residential real estate sales in November were lower in the New York suburban markets of Connecticut and Westchester County, N.Y., compared to the same time last year, a period of record sales as significant numbers of buyers moved out of the city during the pandemic. At the same time, sales in all territories remained well above November 2019. Inventory continued to decline at high levels compared to November in both 2020 and 2019.
In Fairfield County, Conn., unit sales decreased by 29% and closed volume by 27%, continuing the trend that started in July when sales began to compete with a timeframe of unprecedented growth the prior year. At the same time, sales in November 2021 stood well ahead of the same month in 2019, increasing by 23% in units and 61% in volume as more properties at higher price points transacted. Limited inventory has also impacted the market, with listings down by 37% compared to November 2020 and 57% compared to November 2019.
Westchester County’s period of market growth started several weeks later than other markets last year, coinciding with that county’s later reopening from COVID-related shutdowns. As a result, the county continued to experience sales growth in the third quarter of 2021 compared to the same period last year, finally declining in October for the first time in over a year while remaining ahead of that same month in 2019. In November, the trend continued. Unit sales and dollar volume decreased in November versus the same month last year by 27% and 18%, respectively, but increased over November 2019 by 16% and 47%. As in Fairfield County, inventory remained low, decreasing 41% compared to November last year and 55% compared to November 2019.
Other markets served by the company witnessed the same trends. The Shoreline region of Connecticut, comprising New Haven County, New London County and Middlesex County, generally saw declines in unit sales and volume versus last November’s record month, but sales remained above the same month in 2019. The story was similar in Litchfield and Hartford Counties as well as the Berkshires, Mass. All regions remain challenged by reduced inventory.
“While we can’t expect our markets to experience growth over last year’s record sales period, the increases we’re seeing over 2019 are notable and a strong indication that our markets will be highly active for some time to come,” said Paul Breunich, President and Chief Executive Officer of William Pitt – Julia B. Fee Sotheby’s International Realty. “Limited inventory remains an issue, and a factor in rising home prices.”