Stamford, CT (PRWEB) November 08, 2012
Two reports detailing third quarter market results for Fairfield and Litchfield Counties in Connecticut 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 found a measurable increase in buyer demand across all three markets, attributing this increase to buyers taking advantage of record low interest rates and current price values. The reports also concluded that prices in most sectors have stabilized, which is an important aspect to recovery in the housing market, executives said. Only homes at the very high end have held out on making price adjustments.
Both unit sales and dollar volume for single-family home sales increased in the third quarter of 2012 versus the same period of 2011, according to the reports. Comparing Q3 of 2012 to Q3 of 2011, the reports found unit sales and dollar volume increasing by 19% in Fairfield County, unit sales increasing by 32% and dollar volume by 44% along the Connecticut Shoreline, unit sales rising a significant 35% and dollar volume 34% in Litchfield County, and unit sales growing by 16% and dollar volume a smaller 5% in Westchester County. Rental markets in these areas showed strength as well, as evidenced by higher prices and lower inventory levels.
The reports noted that although the housing recovery is ongoing and lending restrictions have played a part in keeping growth in check, overall the three markets have been seeing steady improvement.
“Given these outstanding results from the third quarter, and the overall build in momentum in the past year, I am bullish about the ongoing housing recovery and believe that the worst days of the real estate crisis are behind us,” 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. “If our third quarter results are any indication, the increases in home sales and the current level of buyer confidence should lead our markets to a strong finish for 2012.”
The Connecticut Market Watch and 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.