Closed sales volume continued to surge in Fairfield and Westchester counties in May, according to the latest report from William Pitt-Julia B. Fee Sotheby”™s International Realty.
Nevertheless, sales were less robust than in recent months, as lower inventory levels impacted unit closings.
Closed volume in Fairfield County increased by 41.2% versus May 2020, but unit sales were about the same month over month, only increasing 1% as more properties transacted at higher price points. The realty attributed the lack of growth in unit sales to inventory standing a significant 31% lower than last May.
New listings taken since the beginning of May show that the inventory shortage may be improving slightly, only declining by 14.2% in units and 13.2% in volume versus the same month a year ago.
In Westchester, dollar volume experienced an uptick of 38.9% and unit sales grew by 16.5%, indicating an increase in higher priced property sales. Again, inventory was notably lower than the same time last year, decreasing by 33.2%.
Yet more properties are starting to come to market, the realty said, as new listings taken since the beginning of the month rose over the same time last year by 7.5%. Dollar volume in new listings decreased by 5.5%.
The realty said the same trends were witnessed in the shoreline region of Connecticut, with New Haven, New London and Middlesex counties all seeing significant dollar volume increases and smaller upticks in unit sales (Middlesex County saw a small decline in the latter). Inventory was significantly down in all three counties, but new listings in May improved in New Haven and Middlesex counties.
“We remain encouraged by the unparalleled demand we are still experiencing in our territories,” said Paul Breunich, president and CEO of William Pitt-Julia B. Fee Sotheby”™s International Realty. “We believe activity will continue at an unprecedented pace for the rest of the year and beyond as buyers from the city seek to relocate to the suburbs.”
