Stamford, CT (PRWEB) August 10, 2012
Litchfield Hills Sotheby’s International Realty recently released its Second-Quarter 2012 Connecticut Market Watch, announced Paul Breunich, President and CEO. “Mirroring national trends, Connecticut’s real estate market has continued to strengthen in the first six months of this year,” reports Mr. Breunich.
Litchfield County’s closed sales for the quarter varied by town, with several towns experiencing increases in the range of 50 to 100%. In Litchfield County overall, closed sales were slightly down, by 2% for the quarter and 3% year-to-date, relative to the same time periods in 2011. Year-to-date closed sales were up 14% in the Shoreline communities and up 7% in Fairfield County.
June was the seventh straight month of year-over-year pending sales increases in the three regions, confirming the sustainability of the housing market recovery. Compared with the same period of 2011, pending sales for the second quarter of 2012 have been exceptionally strong – up by 15% in Litchfield County, 52% in Fairfield County, 24% in the Shoreline communities – and are expected to translate to strong third-quarter closed sales.
Another significant development is the heightened potential buyer activity during the first six months of this year. Notes Mr. Breunich, “This renewed market energy has contributed to a general feeling of optimism regarding our housing markets that is a key component for a sustained housing recovery.”
Prices have stabilized in most segments of the real estate market, an important factor in market improvement. Greatly improved sales levels have given both buyers and sellers confidence in current market values.
First- and second-quarter median price data posted slight declines, but these are not a reflection of further erosion of housing values. Rather, they reflect the mix of properties being sold, which are concentrated in the low-to-mid price ranges. Contrary to Fairfield County and the Shoreline communities, Litchfield County’s high-end sales – defined in this area as homes priced over $1,000,000 – have remained steady, with 22 luxury properties sold, versus 21 in the same period of 2011.
Levels of the U.S. Consumer Confidence Index remain higher than in 2011. Importantly, slight declines in numbers over the past four months do not appear to be impacting the Connecticut real estate market, attesting to the resiliency of this market.
More people are entering the housing market. But they remain conservative in their investment decisions, seeking value while not spending more than they can comfortably afford. Buyers continue to hold the upper hand in most real estate negotiations, making it clear they are value-driven. But the percentage of “need to sell” sellers has reduced significantly, so there is more seller confidence as well.
Looking ahead to the remainder of the year, Mr. Breunich concludes, “We expect our housing market to continue to strengthen, as buyers take advantage of the excellent opportunities currently available. All housing recoveries take time, and can experience surges and pauses. But we are confident that, overall, the Connecticut housing market is clearly improving. We expect that the fundamentals of realistic prices, lower inventory levels, and low interest rates will further sustain this recovery.”
For the complete quarterly market report and to view local housing statistics in Litchfield County, Fairfield County, and the Shoreline communities, visit litchfieldhillssir.com.
About Litchfield Hills Sotheby’s International Realty
Litchfield Hills Sotheby’s International Realty serves the luxury home market throughout Litchfield County, Connecticut with a total of 49 full-time sales associates in four offices located in Washington Depot, Salisbury, Kent and Litchfield. Affiliated with Sotheby’s International Realty® since 2002, the Litchfield County offices became part of William Pitt Sotheby’s International Realty in 2009 as Litchfield Hills Sotheby’s International Realty. Founded in 1949, William Pitt Sotheby’s International Realty manages a $2.5-billion-plus portfolio with more than 1,000 sales associates in over 30 brokerages spanning Connecticut and Westchester County, New York. William Pitt Sotheby’s International Realty, combined with partner firms Litchfield Hills Sotheby’s International Realty and Julia B. Fee Sotheby’s International Realty, is now the largest Sotheby’s International Realty affiliate globally, the third-fastest-growing real estate company nationally, and the 23rd-largest real estate company by sales volume in the United States. A full-service real estate firm headquartered in Stamford, Connecticut, William Pitt Sotheby’s International Realty provides ancillary services including commercial services through its affiliation with Building and Land Technology, a second-generation development company based in Stamford, Connecticut; William Pitt Mortgage, a Wells Fargo mortgage affiliate; William Pitt Insurance Services; and an award-winning global relocation division. For more information about Litchfield Hills Sotheby’s International Realty, visit the website at litchfieldhillssir.com.
Sotheby’s International Realty’s worldwide network includes more than 12,000 sales associates located in 585 offices throughout the United States and 46 other countries and territories.