Most markets climb ahead of the first half of 2023 in closed
volume while unit sales continue to decline; standing inventory
increases year over year in every territory
STAMFORD, Conn., July 8, 2024
/PRNewswire-PRWeb/ -- A report detailing market results for
the first half of 2024 in Fairfield, Litchfield and Hartford Counties and the Shoreline in
Connecticut, the Berkshires in
Massachusetts, and
Westchester and Columbia
Counties, New York, has just been
released by williampitt.com [William Pitt-Julia
B. Fee Sotheby's International Realty __title__
], the company announced today.
The report stated that during the second quarter of 2024,
housing markets experienced the continuation of a positive trend
that emerged at the start of the year. Last quarter, increases in
closed dollar volume in single family home sales were observed
across many markets, a notable turnaround following several
consecutive quarters of consistent declines. But now most markets
have now climbed ahead of the first six months of last year in
closed volume. Closed unit sales were largely down year over year
last quarter and remain so at the close of the first half of the
year. Yet in a handful of areas, unit closings are ahead of the
first six months of 2023.
In Connecticut, closed dollar
volume for single family home sales in Fairfield County year to date was behind the
same period last year by a slight 2%, while unit sales dipped
behind last year by 8%. The Connecticut Shoreline markets of
Middlesex and New London Counties saw year over year volume
increases of 11% and 4% and unit decreases of 2% and 7%,
respectively, while New Haven
County experienced decreases in both volume and units of 5%
and 14%, respectively. In Hartford
County, dollar volume was up year over year by 4% and unit
sales down by 9%, while in Litchfield
County, volume grew by 10% as units declined by 8%.
In New York, dollar volume in
Westchester County rose year over year by 7%, and unit sales were
down by 5% compared to the first half of 2023. Columbia County
witnessed growth in both dollar volume and unit sales of 11% and
2%, respectively. Next door in Berkshire
County, Massachusetts, notable sales increases occurred year
over year, with closed volume up by 10% and unit sales by 11%.
Standing inventory levels have been increasing for a few months
now following years of declines, so that at the end of the first
half of 2024, almost every territory now has more listings for sale
than at this time in 2023. The increase in standing inventory
suggests that the typically low-inventory markets have bottomed out
and begun to normalize, the report stated.
The level of buyer demand remains outsized compared to the
available supply of inventory, which is leading to a rise in median
sale prices. 12-month median single family home sale prices at the
end of the first half of 2024 increased in the counties of
Westchester by 10%, Fairfield by
11%, New Haven by 9%, Middlesex by 8%, New
London by 9%, Litchfield by
12%, Hartford by 13%, Columbia by 10% and the Berkshires by 8%,
compared to this time last year.
"The market is effectively sustaining itself, for as new
listings launch they are generally being absorbed by a ready and
waiting pool of buyers," said Paul
Breunich, Chairman and Chief Executive Officer of William
Pitt-Julia B. Fee Sotheby's International Realty. "In addition, the
upward trend in closed sales volume throughout our markets
indicates an ongoing change in the product mix being sold, with
more transactions falling in the higher price ranges. We are
optimistic that the increases we have seen will continue in the
months ahead."
The 2024 First Half Market Watch is available on the firm's
website at https://www.wil liampitt.com/market-watch/
[williampitt.com __title__ ].
About William Pitt Sotheby's International Realty and Julia B.
Fee Sotheby's International Realty
Founded in 1949, William Pitt Sotheby's International Realty and
Julia B. Fee Sotheby's International Realty manages a $5.1 billion portfolio with more than 1,100 sales
associates in 29 brokerages spanning Connecticut, Massachusetts and New York. The company is one of the largest
Sotheby's International Realty(R) affiliates globally and the
34th-largest real estate company by sales volume in the United States. For more information, visit
the website at williampitt.com [williampitt.com __title__ ].
Sotheby's International Realty's worldwide network includes
1,075 offices throughout 81 countries and territories on six
continents.
Media Contact
Andrew Wood, William Pitt
Sotheby's International Realty, 203-644-1938,
awood@williampitt.com, williampitt.com
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SOURCE William Pitt Sotheby's International Realty