Stamford, CT (PRWEB) January 17, 2013
Two reports detailing annual market results for Fairfield and Litchfield Counties and the Shoreline in Connecticut, the Berkshires in Massachusetts, and Westchester County, New York, have just been released by partner firms William Pitt Sotheby’s International Realty, Litchfield Hills Sotheby’s International Realty and Julia B. Fee Sotheby’s International Realty, executives of the three companies announced today.
The reports found 13 consecutive months of month-over-month pending sales improvements as well as substantial quarterly and annual closed unit sales gains. For Connecticut in 2012, the Connecticut Shoreline was the strongest performer with annual unit sales increasing 23% and a dollar volume increase of 21% versus 2011. Fairfield County experienced a 17% unit sales increase versus 2011, while annual dollar volume rose by 14%. Litchfield Hills saw a 12% unit increase and a 4% improvement in dollar volume. In the Berkshires, single family home unit sales increased by 26% versus 2011, while dollar volume was 30% higher. In Westchester, the year concluded with dollar volume increases of 10% versus 2011 and unit volume increases of 14%.
The reports stated that several factors came together to result in a healthy housing market for 2012, including improvements in consumer confidence, pent-up consumer demand, low interest rates, stabilized housing prices, unified buyer and seller perspectives on home valuation, and increases in rental prices, driving many consumers to consider purchasing over renting.
Activity during the period of November and December was especially strong given the anticipated influences of Hurricane Sandy, the elections and the fiscal cliff, according to the reports. This was partly due to both sellers wishing to close deals before the New Year to avoid higher taxes in 2013 and buyers sensing that the timing was right to make a purchase.
“We have been saying for some time that momentum has been building in our markets, and these reports confirm that 2012 was a watershed year for residential real estate in all of the areas we serve,” said Paul E. Breunich, President and Chief Executive Officer of William Pitt Sotheby’s International Realty, Litchfield Hills Sotheby’s International Realty and Julia B. Fee Sotheby’s International Realty. “Based on what we are seeing now, we have many reasons to feel optimistic about our residential real estate markets as we enter 2013.”
The 2012 Year-End Connecticut and the Berkshires Market Watch and the 2012 Year-End Westchester Market Watch reports are available for download on each company’s website: williampitt.com, juliabfee.com and litchfieldhillssir.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 http://www.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.