William Pitt-Julia B. Fee Sotheby’s International Realty Releases Second Quarter 2022 Market Report

In Second Quarter 2022 Market Report, William Pitt – Julia B. Fee Sotheby’s International Realty Sees Signs of Moderation Ahead

A report detailing market results for the second quarter of 2022 in Fairfield and Litchfield Counties, Coastal and Farmington Valley in Connecticut, Berkshires in Massachusetts and Westchester County, New York, has just been published by William Pitt-Julia B. Fee Sotheby’s International Realtyannounced the company today.

The report said markets served by the company continue to see increased activity due to their proximity to New York City, despite media projections of a nationwide housing slowdown. Acknowledging that rising mortgage rates and inflation will negatively impact buyers’ purchasing power, along with other mixed economic indicators, the report says the company’s market areas are enjoying continued inflow of city residents seeking to resettle in the suburbs. Reasons consistently include greater flexibility to work remotely, the appeal of schools, buyers seeking more space, lower population density in suburban communities, and an increase in urban crime.

Prices are still on the rise, with the 12-month median selling price increasing from the previous 12 months in all regions. Behind these prices, the increases are due to the current stock shortage. With more buyers on the market than there are homes for sale, the balance between supply and demand is in favor of sellers, who are able to achieve higher sales in such an environment. competitive, according to the report. The number of new listings in the market decreased by an average of 16.6% in all territories compared to the same period last year, but the dollar volume of new listings fell only 9.6% on average, which means listings are launched with higher demand. prices.

Given the lack of supply of available homes, closed sales declined again this quarter compared to the same period in 2021. In mid-2022, Westchester County single-family unit sales and dollar volume declined 17% and 10%, respectively, from the second quarter of 2021 to the second quarter of this year, and 17% and 9% year-to-date from the first six months of 2021. Fairfield County experienced a decline of 27% in unit sales and dollar volume for the quarter, 25% in unit sales and 24% in dollar volume for the year. Moving up the Connecticut coastline, sales in New Haven County were down 19% in units and 8% in volume for the quarter, and 16% in units and 5% in volume year-to-date. year, while in Middlesex County, sales fell 33% in units and 24% in volume for the quarter and 31% in units and 25% in volume for the year. In New London County, units were down 18% and volume 12% for the quarter, while units were down 16% and volume 10% year-to-date. Litchfield County saw unit sales fall 19% from the same quarter last year and dollar volume 16%, while year-to-date units fell 18% and volume by 14%. Hartford County sales were down 18% in units and 10% in volume quarter over quarter, and 14% in units and 8% in volume year over year. Berkshire County unit sales were down 21% and 22% for the quarter and 13% and 10% for the year.

“While acknowledging the uncertainty in the world around us, we are overall cautiously optimistic that business activity in our markets will continue above historical norms in the months ahead,” Paul said. Breunich, Chairman and CEO of William Pitt-Julia B. Fee Sotheby’s International Realty. “Certainly, the decrease in demand from buyers nationwide may also be felt in our regions, but so far the demand here is still high, even with fewer bidding wars. This is due to our unique proximity to New York and the constant demand that flows from the city to our suburban markets. »

Second Quarter 2022 Market Watch is available on the company’s website at williampitt.com.

About William Pitt – Julia B. Fee Sotheby’s International Realty

Founded in 1949, William Pitt – Julia B. Fee Sotheby’s International Realty manages a $7 billion portfolio with more than 1,100 sellers at 27 brokerages spanning Connecticut, Massachusetts, and Westchester County, New York. William Pitt – Julia B. Fee Sotheby’s International Realty is one of the world’s largest subsidiaries of Sotheby’s International Realty(R) 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 global network includes 1,000 offices in 79 countries and territories on six continents.

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