Fairfield and Litchfield Counties, Conn., Westchester County, N.Y., and Berkshires, Mass. (PRWEB) April 16, 2014
A report detailing market results for the first quarter of 2014 in 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.
While the prolonged cold of winter affected the start of the traditional spring selling season, and delayed fresh inventory as sellers waited for better weather to place their homes on the market, the report stated that the housing market continued to improve this quarter with unit and dollar volume increasing in most markets.
For the first quarter of 2014, Westchester County closed unit sales rose 19% versus the same period last year, while dollar volume was 42% higher. Closed sales in Fairfield County were in line with the first quarter of 2013, while pending sales improved by 53%. For the Shoreline, closed sales and median selling prices tracked in line with prior year results. Litchfield County and the Southern Berkshires both demonstrated significant closed sales improvements.
The report also found that new construction started to exhibit above market sales gains, as it meets the needs of today’s buyer, who has less free time and places convenience at the forefront. Raw land also captured the attention of buyers. Entry to mid-tier properties that were priced correctly and well maintained often saw bidding contests, while sales at the very high end were quiet as a result of low inventory. Condominium and co-op sales saw gains in most areas, especially in Fairfield County where supply could not keep pace with demand.
“Coming off a very strong fourth quarter, we were pleased to see sustained market activity flowing into the first quarter of 2014, particularly in light of the unusual weather disruptions and constrained inventory,” said Paul E. Breunich, President and Chief Executive Officer of William Pitt and Julia B. Fee Sotheby’s International Realty. “Looking forward, we believe that the general sense of confidence prospective buyers now enjoy, influenced by job growth, stable and attractive prices, and low interest rates, will help propel our markets this year.”
The 2014 First Quarter Market Watch is available for download on the firm’s websites: williampitt.com and juliabfee.com.