William Pitt-Julia B. Fee Sotheby's International Realty Releases 2020 Second Quarter Market Report
Analysis of pending sales finds buyers out in record numbers seeking housing in New York suburban markets
STAMFORD, Conn., July 6, 2020 /PRNewswire-PRWeb/ -- A report detailing market results for the second quarter of 2020 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 departed from the company's normal format of providing traditional quarterly data such as year to date and quarter over quarter unit and dollar volume changes by town and county, citing a highly unusual pandemic effect on the market. Instead, the report focused on data the company found the most relevant for depicting the state of the market at the end of the second quarter. Information provided included pending sales and unique factors such as density of population and housing units in New York City versus the suburbs.
The key finding was that buyers are out in record numbers seeking housing in the markets the company serves, with listings under contract and property showings surging over the final weeks of the second quarter last year. In Westchester County, Connecticut and the Berkshires, Massachusetts, properties are trading at an unprecedented rate, the report stated, driven by a large increase in New York City buyers seeking housing in the suburbs. A discussion of inventory indicated that current levels are not high enough to absorb the demand.
"In my 30 years in the real estate industry, I have never seen a market like the one we're in now," said Paul Breunich, President and Chief Executive Officer of William Pitt-Julia B. Fee Sotheby's International Realty. "In the face of both the pandemic and ongoing social unrest, New Yorkers are relocating in droves from the city to the suburbs. The result is perhaps the fastest switch from a buyer's to a seller's market we've ever experienced."
For the historical record, the company said it would make available traditional quarterly data for every town and county it services on the firm's website by July 15.
For the full discussion of the significant increase in market activity, please read the Second Quarter 2020 Market Watch 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 $4 billion portfolio with more than 1,000 sales associates in 26 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 43rd-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 nearly 1,000 offices throughout 71 countries and territories on six continents.
SOURCE William Pitt-Julia B. Fee Sotheby’s International Realty
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