Residential real estate contracts and closings surged in Fairfield and Westchester counties last month, according to data compiled by William Pitt-Julia B. Fee Sotheby”™s International Realty.
In Fairfield County, July single-family closed sales increased by 38% versus the same month in 2019, while closed volume increased by 56%, indicating an uptick in higher priced property transactions. The percentage of properties under contract was even higher, with unit contracts increasing 63% and dollar volume of contracts by 104%.
Westchester, which endured greater restrictions for showing houses than Connecticut during the months of lockdown, experienced decreases in closed sales and volume in July by 16% and 13%, respectively, after business reopened at a later date than Fairfield County. Still, properties under contract in July were significantly higher than last year, with units increasing by 92% and volume by 123% versus the same month in 2019.
According to the company, the unprecedented sales growth ”“ which was also seen throughout Connecticut and in the Berkshires ”“ is driven by a continuation of New York City buyers relocating to the suburbs amidst the ongoing pandemic.
“We believe buyer demand will remain unparalleled in the months to come,” said Paul Breunich, president and CEO of William Pitt-Julia B. Fee Sotheby”™s International Realty. “The level of buyer interest in our markets is unmatched in recent memory, and it serves as an enormous incentive for potential sellers to list their properties. In my 30 years in the real estate industry, I have never seen a market like the one we”™re in now.”
