William Pitt-Julia B. Fee Sotheby's International Realty Releases Annual 2021 Market Report

STAMFORD, Conn., Jan. 6, 2022 /PRNewswire-PRWeb/ -- A report detailing market results for the year 2021 in Fairfield and Litchfield Counties, the Shoreline and the Farmington Valley in Connecticut, the Berkshires in Massachusetts, and Westchester County, New York, has just been released by William Pitt-Julia B. Fee Sotheby's International Realty, the company announced today.

The report stated that the year 2021 saw a continuation of the unprecedented housing market momentum that began in the early months of the pandemic. Year over year, single family unit sales and closed dollar volume in 2021 exceeded 2020 across most markets. A notable trend was a consistent spread in the percentage changes between unit sales and dollar volume, highlighting the fact that more properties are transacting at higher price points.

Although the year as a whole demonstrated growth over the year prior, the second half shifted into a period of declining sales. The report pointed out that these declines were not a reflection of waning buyer interest, but rather an expected outcome of comparing to a historic timeframe of record sales. The third and fourth quarters of 2020 were a time of enormous gains. 2021's third and fourth quarters did experience significant growth over those quarters two years ago, however, underscoring the point that markets remain highly active despite declines from the second half of last year.

Westchester County unit sales and dollar volume decreased in the fourth quarter by 26% and 24%, respectively, compared to the same quarter last year, but units increased by 18% and volume by 43% compared to the fourth quarter in 2019. Likewise, neighboring Fairfield County experienced decreases in unit sales and dollar volume by 30% and 31%, respectively, in the fourth quarter versus the same time last year, but units increased by 23% and volume by 111% over the same quarter two years ago. On the Connecticut Shoreline, New Haven County unit sales decreased by 20% and dollar volume by 11% from the fourth quarter last year, while units rose by 19% and volume by 62% over 2019's fourth quarter. In Middlesex County, unit sales and dollar volume dropped by 20% and 12%, respectively, versus last year's fourth quarter, but increased over the same quarter in 2019 by 18% and 59%. New London County unit sales decreased by 15% and volume by 14% compared to the fourth quarter in 2020, but units were up by 9% and volume by 46% over the fourth quarter in 2019. In Litchfield County, units and volume decreased by 35% and 38%, respectively, from last year's fourth quarter, as they increased by 6% and 50% from 2019's fourth quarter. Hartford County unit sales decreased quarter over quarter by 16% and volume by 9%, while units and volume both increased over 2019's fourth quarter by 15% and 44%, respectively. In Massachusetts, Berkshire County saw quarterly unit sales decline by 25% and volume by 22%, while a comparison with this quarter two years ago shows unit sales up by 11% and volume by 74%.

The report found that inventory is a key contributing factor in the decreased sales levels from this time last year. For several quarters active listings have been significantly down versus the prior year. New-to-market listings are not quite as low as the overall active inventory numbers, but these offerings are quick to sell after hitting the market, leaving standing inventory in limited supply. Reduced inventory has affected unit sales and made the market more competitive for the larger buyer pool, leading to rising prices. The 12-month median sale price in the fourth quarter of 2021 increased in every market we serve, rising in the counties of Westchester by 6%, Fairfield by 14%, New Haven by 13%, Middlesex by 13%, New London by 13%, Litchfield by 10%, Hartford by 13% and the Berkshires by 16%.

"The incredible buyer demand we're observing, largely emanating from New York, has shown no sign of abating as we head into 2022," said Paul Breunich, President and Chief Executive Officer of William Pitt-Julia B. Fee Sotheby's International Realty. "For 2021, that demand resulted in another extraordinary year in real estate. The positive economic picture on a national scale leads us to believe our housing markets are unlikely to slow down anytime soon."

The 2021 Year in Review Market Watch is available on the firm's website at williampitt.com.

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About William Pitt - Julia B. Fee Sotheby's International Realty
Founded in 1949, William Pitt - Julia B. Fee Sotheby's International Realty manages a $6.8 billion portfolio with more than 1,100 sales associates in 27 brokerages spanning Connecticut, Massachusetts, and Westchester County, New York. William Pitt - Julia B. Fee Sotheby's International Realty is one of the largest Sotheby's International Realty(R) affiliates globally and the 37th-largest real estate company by sales volume in the United States. For more information, visit the website at williampitt.com.

Sotheby's International Realty's worldwide network includes 1,000 offices throughout 75 countries and territories on six continents.

Media Contact

Andrew Wood, William Pitt - Julia B. Fee Sotheby's International Realty, 203-644-1938, [email protected]

SOURCE William Pitt - Julia B. Fee Sotheby's International Realty