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, [email protected], williampitt.com
SOURCE William Pitt Sotheby's International Realty
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