Stamford, CT (PRWEB) August 10, 2012
William Pitt 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.
Year-to-date closed sales are in positive territory in most markets – up 7% in Fairfield County, up 14% in the Shoreline communities, and down by a slight 3% in Litchfield County. The strong sales performance of the Shoreline communities is a significant development, as prior to 2012, this region’s housing market had not previously experienced the magnitude of improvement seen in Fairfield County and Litchfield 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 52% in Fairfield County, 24% in the Shoreline communities, and 15% in Litchfield County – 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. Activity in the luxury segment varies by community, with the strongest performance in Greenwich, where year-to-date sales of homes listed at $3,000,000 and above have experienced a 66% increase relative to the same period in 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 Fairfield County, the Shoreline communities, and Litchfield County, visit williampitt.com.
About William Pitt 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 Julia B. Fee Sotheby’s International Realty and Litchfield Hills 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. Julia B. Fee Sotheby’s International Realty serves the luxury home market throughout Westchester County, New York; and Litchfield Hills Sotheby’s International Realty serves the luxury home market throughout Litchfield County, Connecticut. 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, visit the website at williampitt.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.