Fairfield and Litchfield Counties, Conn., Westchester County, N.Y., and Berkshires, Mass. (PRWEB) January 15, 2014
A report detailing annual market results for Fairfield and Litchfield Counties and the Shoreline in Connecticut, the Berkshires in Massachusetts, and Westchester County, New York, has just been released by William Pitt and Julia B. Fee Sotheby’s International Realty, the company announced today.
The report found that every sector of the local housing market experienced unit and dollar volume growth in 2013 compared to 2012, including single family homes, condominiums and cooperatives, residential land and new construction. Condos and co-ops saw particularly strong volume growth, breaking the trend of previous years, which the report noted was due to low inventory levels in the entry level segment of single family homes. Ultra-luxury home sales significantly outpaced other segments, with a 50%-75% improvement in sales levels in 2013 compared to 2012. New construction also grew at above market rates. In addition, the past year saw modest increases in the median selling price, reflecting a combination of stabilized prices and more transactions of homes in the middle and upper price point tiers.
According to the report, the combination of an improving economy, increasing consumer confidence, home affordability and pent-up demand contributed to the heightened market activity, with buyers participating across all price categories. Consumer confidence now stands at a five-year high, allowing the market to remain resilient despite potential challenges in late 2013 such as the government shutdown and the fiscal cliff.
The report also stated that consumers are tending to purchase those homes that represent value, as indicated by faster sales of properties that are in good condition, have a desirable location and are priced well. Sellers of these types of properties benefitted from multiple bidding wars in 2013.
“We believe that we are in a housing market that is stronger and more sustainable than it has been for five years, and one that will continue to improve in 2014,” said Paul E. Breunich, President and Chief Executive Officer of William Pitt and Julia B. Fee Sotheby’s International Realty. “This year will be the third of our local housing recovery, and we expect that exceptional home affordability and rising demand will support continued growth in all of our market areas.”
The 2013 Year-End Market Watch is available for download on the firm’s website here.