Pace of sales remains robust but declines relative to prior recent months
due to lower inventory levels
Stamford, Conn. – June 1, 2021 – Closed sales volume continued to surge in New York’s suburban housing markets in May, reflecting a consistent trend since the end of the second quarter of 2020, according to data compiled by William Pitt-Julia B. Fee Sotheby’s International Realty. While still increasing over the same month last year, sales were less robust than recent prior months as lower inventory levels impacted unit closings.
In Fairfield County, Conn., closed volume increased by 41.2% versus May 2020, but unit sales were about the same month over month, only increasing 1% as more properties transacted at higher price points. The lack of growth in unit sales can be attributed to inventory standing a significant 31% lower than last May. New listings taken since the beginning of May show that the inventory shortage may be improving slightly, only declining by 14.2% in units and 13.2% in volume versus the same month a year ago.
In Westchester County, N.Y., dollar volume experienced an uptick of 38.9% and unit sales grew by 16.5%, indicating an increase in higher priced property sales. Here, too, inventory is notably lower than the same time last year, decreasing by 33.2%. Yet more properties are starting to come to market, as new listings taken since the beginning of the month rose over the same time last year by 7.5%, while dollar volume in new listings decreased by 5.5%.
The same trends were witnessed in the Shoreline region of Connecticut. New Haven County, New London County and Middlesex County all saw notable dollar volume increases, with smaller upticks in unit sales and in the case of Middlesex County, a very small decline. Inventory was significantly down in all three counties, but new listings in May improved in New Haven and Middlesex Counties.
Other inventory challenged market areas including Hartford and Litchfield Counties experienced a downward trend in sales for the first time since the second quarter of 2020. Berkshire County, Mass., on the other hand, saw the most severe inventory shortage of all market areas served by the firm, but still experienced growth in unit sales and dollar volume.
“We remain encouraged by the unparalleled demand we are still experiencing in our territories,” said Paul Breunich, President and Chief Executive Officer of William Pitt-Julia B. Fee Sotheby’s International Realty. “We believe activity will continue at an unprecedented pace for the rest of the year and beyond as buyers from the city seek to relocate to the suburbs.”