William Pitt Sotheby's International Realty Releases Third Quarter Connecticut Real Estate Market Report

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After an extended period of significant decline, Connecticut housing markets appear on more solid ground through the first three quarters of 2010. On a national scale, we are seeing continuing signs of both a stabilizing economy and a stabilizing housing market. On a local level, since the beginning of the year there have been numerous benchmarks indicating we are turning the corner. Despite variations in quarterly activity, year-to-date unit sales volume is significantly higher than for the same period in 2009. Median sold prices also improved versus year-to-date 2009 – a combination of stabilizing prices in the lower price categories and increased activity in the upper ranges.

William Pitt Sotheby's International Realty

“With each passing quarter, we are increasingly confident that the worst of the housing crisis is behind us for the Connecticut residential housing markets,” said Mr. Breunich.

William Pitt Sotheby’s International Realty recently released its third-quarter Connecticut Real Estate Market Watch, announced Paul Breunich, President and CEO.

“Connecticut housing markets appear on more solid ground through the first three quarters of 2010,” said Mr. Breunich. Since the beginning of the year, numerous benchmarks have indicated that the local market is turning the corner, mirroring the continuing signs of stabilization in the overall national economy and housing market.

As Mr. Breunich’s report states, year-to-date unit sales volume for Fairfield County, the Connecticut Shoreline communities, and Litchfield County is significantly higher than for the same period in 2009. Median sold prices also improved versus year-to-date 2009, through a combination of stabilization in the lower price categories and increased activity in the upper ranges. Fairfield County real estate, in particular, continued to strengthen throughout the summer.

The current buyers in Connecticut represent a cross-section of people including those relocating to the area and renters seeking to purchase, as well as a smaller number of people seeking to trade up or down.

Mr. Breunich reflects on the third quarter of 2010 as a housing market continuing its slow return to normalcy, as consumer confidence in the area becomes more positive. At this time, sellers are generally more realistic with their asking prices, and buyers have a better sense of real value. The results are that in most negotiations, buyers and sellers are continuing to reach mutually satisfactory agreements.

“With each passing quarter, we are increasingly confident that the worst of the housing crisis is behind us for the Connecticut residential housing markets,” said Mr. Breunich. “The combination of historically low interest rates, good inventory levels and a real sense that we are turning the corner will, we believe, motivate more buyers to step forward.”

For the complete quarterly market report and to view local housing statistics in Fairfield County, on the Connecticut Shoreline, and in Litchfield County, visit http://www.williampitt.com and click on “Third Quarter 2010 Connecticut Market Watch”.

Founded in 1949, William Pitt Sotheby’s International Realty manages a $3-billion-plus portfolio with more than 1,100 sales associates in over 30 brokerages spanning Connecticut and Westchester County, NY. The firm operates in Westchester County, NY as Julia B. Fee Sotheby’s International Realty, and throughout Litchfield County, CT as Litchfield Hills Sotheby’s International Realty. A full-service real estate firm, William Pitt Sotheby’s International Realty provides ancillary services including commercial services through its affiliation with Building Land and Technology, a second-generation development company based in Norwalk, CT; William Pitt Mortgage, a Wells Fargo mortgage affiliate; William Pitt Insurance Services; and an award-winning global relocation division. For more information, visit the website at http://www.williampitt.com.

Sotheby’s International Realty’s worldwide network includes more than 10,900 sales associates located in more than 500 offices throughout the United States and 37 other countries and territories.

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