Sotheby’s International Realty Affiliate Releases First Quarter 2013 Market Reports

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Reports find significant sales improvements and a positive shift in consumer confidence

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Two reports detailing first quarter of 2013 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 concluded that relevant metrics indicated strong health across all of these markets. Closed sales demonstrated consistent improvement month over month for each of the past six months, while pending sales improved for each of the past twelve. Days on market dropped below the past three year average to 18% in Connecticut and the Berkshires and 20% in Westchester County, while inventory levels stood at 20% and 21% below the past three-year medians in Connecticut and the Berkshires and in Westchester County, respectively.

In Connecticut, Fairfield County led the housing recovery with pending sales up 61% over the first quarter of 2012 and sold properties up 17%. Litchfield Hills also saw significant increases with pending sales increasing by 12% and closed sales by 16% over the same period last year, while the Shoreline experienced a 5% improvement in pending sales and a 5% decline in closed sales. The Berkshires saw its fourth straight quarter of year-over-year sales gains with pending sales standing 14% higher and closed sales 10% higher than a year ago. In Westchester County overall, pending sales increased 20% and sold properties increased 6%, comparing the first quarter of 2013 to the first quarter of 2012.

The reports also stated that the psychology among buyers and sellers has shifted in a positive direction, with both feeling that marketplace conditions are currently favorable. The increased confidence was the result of several factors, including historically low mortgage interest rates, an average 20% reduction in home prices, the moderate national economic growth, and the media’s positive outlook on housing.

“After the consistently improving 2012 sales picture, we entered 2013 with a strong sense of optimism about how our markets would perform this year. The results have confirmed our outlook,” 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. “All signs are pointing to another year of positive growth, with prices maintaining and sales improving in all price categories. We expect that the high level of confidence among buyers and sellers will only continue.”

The First Quarter 2013 Connecticut and the Berkshires Market Watch and the First Quarter 2013 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.

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