William Pitt and Julia B. Fee Sotheby’s International Realty Releases Annual 2015 Market Report
Posted by Andrew Wood — January 19, 2016
STAMFORD, CT – A report detailing annual market results for 2015 in Fairfield and Litchfield Counties and the Shoreline in Connecticut, the Berkshires in Massachusetts, and Westchester County, New York, has just been released by William Pitt and Julia B. Fee Sotheby’s International Realty, the company announced today.
The report stated that homebuyer activity exceeded 2014 sales levels on both a quarterly and annual basis, with the majority of the local housing markets the company serves achieving their highest sales levels since 2007. Westchester County experienced significant growth this quarter, with unit sales that were 10% higher than the fourth quarter of 2014, and annual sales that were 6% higher than the calendar year of 2014. Both Fairfield County and the Connecticut Shoreline, including New Haven, Middlesex and New London Counties, posted year-end sales that were higher than year-ago levels, with the Shoreline seeing a 9% increase and Fairfield County a 10% increase. The results represented a ten-year high in Fairfield County, and on the Shoreline, the highest increase since 2007. County-wide in Litchfield, unit sales were well ahead of 2014 levels, while dollar volume also improved year over year. Southern Berkshire County saw a 40% annual increase in home sales priced between $1,000,000 and $2,000,000, with sales in this market surging in the second and third quarters of 2015, but overall sales remained flat.
The Market Watch report pointed out that there was a substantial increase in inventory as sellers sought to take full advantage of buyers’ confidence in the economy, most notably in the mid to upper price ranges. With this disequilibrium between supply and demand, buyers tended to demonstrate an increased focus on value, and homes that met buyer expectations successfully changed hands. On the other hand, the report noted the lack of choice in the lower price ranges, where demand continues to outpace supply. The report predicted, however, that the wealth of inventory in the mid to upper range markets, combined with a strong labor market and emerging millennial buyers, will result in persistent strong sales and consumer confidence throughout 2016, as sellers look to both trade-up as well as downsize.
“We are thrilled to report that we have ended the year on a high note, with strong overall annual sales for our markets in 2015,” said Paul Breunich, President and Chief Executive Officer of William Pitt and Julia B. Fee Sotheby’s International Realty. “We expect to continue to see growth across the broad home buying spectrum throughout 2016. With an improving economy, low interest rates and an abundance of beautiful properties for sale, we are confident that prospective home buyers will take advantage of this ideal time to purchase. I look forward to another strong selling year ahead.”
The 2015 Annual Market Watch is available for download on the firm’s website, williampitt.com.
About William Pitt and Julia B. Fee Sotheby's International Realty
Founded in 1949, William Pitt and Julia B. Fee Sotheby's International Realty manages a $3.3-billion-plus portfolio with more than 1,000 sales associates in 29 brokerages spanning Connecticut, Massachusetts, and Westchester County, New York. William Pitt and Julia B. Fee Sotheby's International Realty is the largest Sotheby's International Realty(R) affiliate globally and the 28th-largest real estate company by sales volume in the United States. A full-service real estate firm headquartered in Stamford, Connecticut, William Pitt and Julia B. Fee 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 Insurance Services; and an award-winning global relocation division. For more information, visit the website at williampitt.com. Sotheby's International Realty's worldwide network includes approximately 18,000 sales associates located in approximately 825 offices throughout 61 countries and territories.