William Pitt and Julia B. Fee Sotheby’s International Realty Releases Third Quarter Market Report

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Transaction volume holds steady with 2013, remains far ahead of 2011 and 2012.

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A report detailing market results for the third 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.

The report stated that for both the quarter and the year, transaction volume is similar to 2013 levels, and pointed out that while year-over-year growth has been slow, a more moderated market in 2014 was not unexpected as 2013 saw significant double-digit growth. Transaction volume remains far ahead of 2011 and 2012, and the year is expected to end with closed volume approximately even with last year, with dollar volume slightly higher.

Westchester County saw an improvement in home sales from the second quarter to the third of 2014, so that the county as a whole regained most of the ground lost during the slower second quarter, with Southern Westchester County outperforming the northern areas. Fairfield County experienced modest unit sales declines, while activity along the Connecticut Shoreline was parallel to year-ago levels. Litchfield County and the Berkshires saw sales levels that were somewhat slower in comparison to 2013, yet still far ahead of 2011 and 2012. Median selling prices overall remain stable.

The report also stated that while consumers are feeling more positive about the economy, earnings and employment, they are demonstrating an element of caution during the home purchase decision-making process. Buyers are seeking homes in pristine condition that do not require extra work and are priced at a good value. In addition, the report suggested that the largest current constraint on housing is tight credit.

“Holding onto the gains of last year and building a firm foundation to move forward into 2015 is our goal for the remainder of 2014,” said Paul Breunich, President and Chief Executive Officer of William Pitt and Julia B. Fee Sotheby’s International Realty. “With the improving jobs outlook, continued low interest rates, broad array of homes for sale, favorable pricing and current pending sales levels ahead of where they were a year ago, our local Metro New York metrics all point to an ending to the year that will be just as strong as 2013 was, and favorable growth for 2015.”

The 2014 Second Quarter Market Watch is available for download on the firm’s websites: williampitt.com and juliabfee.com.

About William Pitt and Julia B. Fee Sotheby's International Realty

Founded in 1949, William Pitt and Julia B. Fee Sotheby's International Realty manages a $3.3-billion-plus portfolio with more than 1,000 sales associates in 26 brokerages spanning Connecticut, Massachusetts, and Westchester County, New York. William Pitt Sotheby's International Realty, combined with partner firm Julia B. Fee Sotheby's International Realty, is the largest Sotheby's International Realty(R) affiliate globally and the 28th-largest real estate company by sales volume in the United States. A full-service real estate firm headquartered in Stamford, Connecticut, William Pitt and Julia B. Fee 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 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 15,000 sales associates located in 720 offices throughout the United States and 52 other countries and territories.

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