Sales Declines Continue as Inventory Remains at Historic Lows

Our residential real estate markets continued to experience significant declines in November versus the same month last year as historically low inventory restricted sales. Both new listings taken and overall inventory decreased by large percentages versus November 2021 in most markets. The Berkshires and New Haven County alone experienced small increases in inventory compared to the same month last year, while Middlesex County was flat.

Economic turbulence is playing a role in the reduced sales, but our unique proximity to New York City is nevertheless keeping our markets active. Sales declines in 2022 appear less severe when compared to 2019, a more normalized market than the one we have operated in throughout the pandemic years. Unit closings are still down versus that year, but not at such high levels as they are versus 2021 and 2020, even as closed volume has increased by double digit percentages in every market. These data points indicate that more properties at the higher end of the spectrum have sold as prices overall have risen. Notably, inventory is down by very high percentages across all our markets compared to 2019.

In Fairfield County, Conn., unit sales and closed dollar volume declined in November versus the same month last year by 34% and 26%, respectively. Overall inventory was down 17% compared to November last year. In Westchester County, N.Y., unit sales and closed volume decreased by 20% and 25%, respectively, from November last year. Overall inventory was down by 12%.

Other markets served by the company witnessed similar trends. New Haven, New London, Middlesex, Litchfield and Hartford Counties in Connecticut and the Berkshires in Massachusetts all experienced decreases in unit sales and dollar volume versus last November.

Please see the accompanying charts for a full review of the data for all market areas, comparing November 2022 to the same months in 2021, 2020 and 2019, sourced from various MLSs.

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