Moderate sales declines versus the first half of 2018 continued in most markets

Stamford — A report detailing market results for the second quarter of 2019 in Fairfield and Litchfield Counties, the Shoreline and the Farmington Valley in Connecticut, the Berkshires in Massachusetts, and Westchester County, N.Y., has just been released by William PittJulia B. Fee Sotheby’s International Realty, the company announced today.

The report found that real estate sales generally declined across

most markets versus the first half of 2018. Westchester and Fairfield counties felt the deepest impact in the market decline in singlefamily home sales year over year, but a deeper analysis showed that the upper end, which makes up just a small percentage of sales, had a significant effect. This effect was more pronounced in the first quarter, and less dramatic in the second.

The Fairfield County market was down both year to date and for the second quarter, and decreases in volume and unit sales were more modest below $3 million, and the $23 million price sector even demonstrated growth versus the second quarter last year. Yet sales above $3 million remained challenged countywide, except in Greenwich, where the declines at the upper end during the second quarter were similar to those seen in Westchester. The Westchester and Fairfield County sections of the report provide further analysis.

Other markets turned in varying results for the second quarter. The Connecticut Shoreline region and Litchfield County both continued to show decreases in unit sales with smaller declines in dollar volume, indicative of improving activity at the higher end. Sales this year in the Farmington Valley region also fell behind 2018, but in Berkshire County, 2019 has proven a strong year in sales so far with units and volume both increasing over last year.

“There has been a negative effect on our housing markets from the tax reform bill passed a year and a half ago, as well as from further state and local taxes imposed by New York and Connecticut. But the tax issue is being offset by other positive economic indicators,” said Paul Breunich, President and Chief Executive Officer of William PittJulia B. Fee Sotheby’s International Realty. “Factors such as historically low interest rates, low mortgage rates, low unemployment, a booming stock market, strong GDP growth, and consistently elevated consumer confidence are encouraging to buyers, and leave us feeling optimistic as we move into the second half of the year.”

The 2019 Second Quarter Market Watch is available for download on the firm’s website, williampitt.com.