Closed sales volume for single family properties increased in several territories compared to the same quarter last year
STAMFORD, Conn., April 5, 2024 /PRNewswire-PRWeb/ -- A report detailing market results for the first quarter 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 the first quarter of 2024 played out similarly to the past several quarters according to most key metrics except one: in a significant turnaround, closed sales volume for single family properties increased in several areas compared to the same quarter last year.
The closed volume increases are representative of an ongoing shift in the product mix sold, the report said. An analysis of declining unit sales broken out by different price ranges found that the majority of the declines are in the lowest price sectors. All markets served by the company experienced certain mid to upper price ranges where unit closings increased over this time last year. In Fairfield County, Connecticut, unit sales between $800,000 and $2 million ticked upward, and again over $3 million, while the sub-$800,000 and $2 to $3 million brackets decreased. In Westchester County, New York, property sales increased between $1 and $2 million as well as $3 and $5 million, while other ranges decreased. Every other market had its own mid or upper price range that saw sales growth.
Despite these jumps in particular brackets, closed unit sales overall decreased this quarter from the first quarter of 2023 in most counties, while closed dollar volume often increased. In Connecticut, Fairfield County unit sales this quarter fell behind last year's first quarter by 9% as volume rose by 4%. Similarly, Hartford County experienced quarterly unit sales declines of 8% and dollar volume growth of 5%. The trend also extended to New London County on the Connecticut Shoreline, where units decreased by 6% and volume increased a small 1%. But Middlesex and New Haven Counties were regions that saw both units and volume decrease, with closed unit sales and dollar volume falling by 3% and 2%, respectively, in Middlesex County and 18% and 5%, respectively, in New Haven County. In Litchfield County, unit sales decreased by 17% as dollar volume was closer to flat, dipping a slight 1%.
In New York, Westchester County also experienced declines in both closed units and closed volume, with the volume decrease less pronounced than the units decrease: units declined by 10% and volume by 5% versus the first quarter of 2023. In Columbia County, unit sales were down from this time last year by 12%, while dollar volume decreased a smaller 2%. Finally, in neighboring Berkshire County, Massachusetts, the market has demonstrated notable improvement overall from last year, with both closed units and closed volume increasing by 3% and 19%, respectively.
Inventory, despite some favorable signs, remains challenged overall. The imbalance between supply and demand has led to a very competitive buying environment that leaves sellers in a strong position to realize the greatest value for their homes, the report said.
"We observed last quarter that sales declines were trending in a positive direction, tracking at percentage decreases that were not quite as steep as prior quarters. Now, it appears that our markets have finally bottomed out and could start to see an upswing," said Paul Breunich, Chairman and Chief Executive Officer of William Pitt-Julia B. Fee Sotheby's International Realty. "The supply and demand dynamics, combined with the upward shift in product mix sold, continues to yield higher home prices in our markets. Potential homeowners who are still waiting on the sidelines would do well to consider listing now before these ripe conditions should change."
The 2024 First Quarter Market Watch is available on the firm's website at williampitt.com.
About William Pitt - 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 $5.8 billion portfolio with more than 1,100 sales associates in 27 brokerages spanning Connecticut, Massachusetts, and Westchester County, New York. The company is one of the largest Sotheby's International Realty(R) affiliates globally and the 35th-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
Share this article