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

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Unit sales were higher than quarter one of 2015 across the region, with dollar volume also higher in most areas

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A report detailing first quarter market results for 2016 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 unit sales exceeded those of the first quarter of 2015 in every market area the company serves, and that dollar volume was higher in most of these areas as well. In Westchester County, N.Y., overall, units were 11% higher than last year, with most of that growth occurring in the southern part of the county, where closed sales were 13% up over last year and dollar volume 9%. In Fairfield and Litchfield Counties, there were 7% and 6% more units sold this year than last, respectively, the former also seeing an 11% rise in volume. Even more pronounced increases of 29% in units and 22% in volume occurred on the Shoreline of Connecticut, comprising New Haven, Middlesex and New London Counties, and the Southern Berkshires, Mass., saw a significant 63% increase in unit sales with a commensurate 65% growth in volume.

The Market Watch report pointed out that the lower price points are often driving the marketplace. Moving up the price ladder where there is more inventory, sellers are adjusting their prices in order to better align with the marketplace, providing significant opportunities for buyers in the luxury segment. The consistent trend in every market is that buyers are usually only interested in those properties they perceive to represent the “perfect package”—competitive pricing, excellent condition and an ideal location. With sellers becoming more amenable to meeting buyer expectations along with continued high levels of consumer confidence and ongoing low interest rates, the report predicted a strong selling year ahead.

“Our housing markets have been an active place for some time now, and that trend continued unabated throughout the first quarter of 2016,” said Paul Breunich, President and Chief Executive Officer of William Pitt and Julia B. Fee Sotheby’s International Realty. “With the market so active and our markets now on the cusp of the prime real estate season, we have every reason to believe the momentum will persist throughout the second quarter and the remainder of the year.”

The 2016 First Quarter Market Watch is available for download on the firm’s website, williampitt.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 $3.9-billion portfolio with more than 1,000 sales associates in 28 brokerages spanning Connecticut, Massachusetts, and Westchester County, New York. William Pitt and 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 approximately 18,000 sales associates located in approximately 825 offices throughout 61 countries and territories.

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