Third Quarter Report Shows Increased Closed Dollar Volume Across Housing Markets
According to a third quarter report by William Pitt-Julia B. Fee Sotheby's International Realty, closed dollar volume in most housing markets across Connecticut and New York has increased compared to the same period last year. However, unit sales have shown more mixed results with some counties experiencing slight declines while others saw modest gains. The disparity between rising dollar volumes and relatively flat or declining unit transactions is attributed to a shift toward higher-priced properties and continued upward pressure on median sale prices. Inventory levels remain constrained across the markets studied, contributing to competitive bidding environments where well-priced homes often sell above asking price. This imbalance of supply and demand has created strong seller advantages in these regions despite broader macroeconomic fluctuations such as interest rates and consumer confidence trends. The report highlights Westchester County's notable appreciation with median sale prices surpassing $1 million for the first time. Paul Breunich, CEO of William Pitt-Julia B. Fee Sotheby's International Realty, emphasized that current market conditions offer favorable opportunities for sellers due to unmet buyer demand and limited inventory.
Topics: housing market inventory levels median prices real estate sales