Sales of some single-family homes rose from Quarter One in 2023 according to the latest report from the International Realty firm.
The report describes a significant turnaround with closed sales volumes increasing sharply in some areas including Fairfield County and Westchester County.
Fairfield County saw increases in the volume of sales in the $800,000 and $2 million bracket and the over $3 million bracket, while the $2 million to $3 million and below $800,000 ranges.
In Westchester County the $1 million to $2 million bracket and the $3 to $5 million brackets saw growth while all other brackets declined.
“Despite these jumps in particular brackets, closed unit sales overall decreased this quarter from the first quarter of 2023 in most counties, while closed dollar volume often increased. In Connecticut, Fairfield County unit sales this quarter fell behind last year’s first quarter by 9 percent as volume rose by 4 percent,” read a press release from William Pitt – Julia B. Fee Sotheby’s International Realty.
“We observed last quarter that sales declines were trending in a positive direction, tracking at percentage decreases that were not quite as steep as prior quarters. Now, it appears that our markets have finally bottomed out and could start to see an upswing,” said Paul Breunich, Chairman and Chief Executive Officer of William Pitt-Julia B. Fee Sotheby’s International Realty in a statement. “The supply and demand dynamics, combined with the upward shift in product mix sold, continues to yield higher home prices in our markets. Potential homeowners who are still waiting on the sidelines would do well to consider listing now before these ripe conditions should change.”
The report can be read in full at http://www.williampitt.com/eng/market-reports.
