Many regions experience an uptick in closed sales volume year to date compared to the first three quarters of 2023, alongside a decline in unit sales and an increase in inventory
STAMFORD, Conn., Oct. 4, 2024 /PRNewswire-PRWeb/ -- A report detailing market results for the first three quarters of 2024 in Fairfield, Litchfield and Hartford Counties and the Shoreline in Connecticut, the Berkshires in Massachusetts, and Westchester and Columbia Counties, New York, has just been released by William Pitt-Julia B. Fee Sotheby's International Realty, the company announced today.
Noting that housing markets served by the firm increasingly experienced growth in closed dollar volume for single family homes year over year throughout the first two quarters of 2024, the report found the trend maintaining in most every market at the close of the third quarter. Single family unit sales were lower than last year across markets, as was the case in the prior two quarters, largely due to the limited inventory for sale. Yet even with inventory low relative to historic levels, it continues to improve in most areas.
Several markets demonstrated even greater strength in the third quarter than they did during the first two by a variety of metrics. Comparing the third quarter on its own to the full year of 2024 to date, all territories in Connecticut served by the company saw an improvement in closed unit sales this quarter. Even where closed units were in the red, as in Fairfield County where quarterly unit closings registered at a 2% decline versus last year's third quarter, the decrease was smaller for the quarter than for 2024 year to date.
Closed dollar volume was higher this quarter than the full year to date in all of the Connecticut Shoreline counties—New Haven, Middlesex and New London—as well as Hartford County. Regarding inventory, new listing units were up this quarter versus the third quarter of last year in most areas, and by a higher percentage than new listing units year to date in several areas including Westchester County, New York, and the Connecticut counties of Litchfield, Hartford, New London and Middlesex.
Despite increases in inventory, the balance between supply and demand is still tipped in the favor of sellers. Competition among home purchasers is one element that continues to elevate median sale prices. Compared to the same time last year, 12-month median single family home sale prices at the end of the third quarter of 2024 rose in the counties of Westchester by 10%, Fairfield by 10%, New Haven by 11%, Middlesex by 9%, New London by 11%, Litchfield by 8%, Hartford by 12%, Columbia by 7% and the Berkshires by 6%. Growth in both closed dollar volume and median sale prices is also partly a reflection of an ongoing shift in the product mix that is transacting, with more sales are occurring in higher price brackets.
"As the trend of increasing inventory continues, it will support ongoing growth in closed dollar volume across our territories in the months ahead," said Paul Breunich, Chairman and Chief Executive Officer of William Pitt-Julia B. Fee Sotheby's International Realty. "In addition, while mortgage rates have negatively impacted housing in recent years, they are fortunately on a downward slope. The continuous decline will help to increase affordability of homes and bring more buyers to the market, while also motivating those sellers who have been hesitant to list their properties for sale."
The 2024 Third Quarter Market Watch is available on the firm's website at williampitt.com.
About William Pitt Sotheby's International Realty and Julia B. Fee Sotheby's International Realty
Founded in 1949, William Pitt Sotheby's International Realty and Julia B. Fee Sotheby's International Realty manages a $5.1 billion portfolio with more than 1,100 sales associates in 29 brokerages spanning Connecticut, Massachusetts and New York. The company is one of the largest Sotheby's International Realty(R) affiliates globally and the 34th-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 1,075 offices throughout 81 countries and territories on six continents.
Media Contact
Andrew Wood, William Pitt Sotheby's International Realty, 203-644-1938, [email protected], williampitt.com
SOURCE William Pitt Sotheby's International Realty
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