Report details mid2018 market results

A report detailing market results for the second quarter of 2018 in Fairfield, Litchfield and Hartford Counties and the Shoreline in Connecticut, the Berkshires in Massachusetts, and Westchester County, New York, was recently released by William Pitt and Julia B. Fee Sotheby’s International Realty, according to a news release.

While the first quarter of 2018 was consistently down in unit sales and dollar volume compared to the same period the prior year, the report found that the second was more notable for its inconsistency from market to market. Certain areas remain behind the first half of 2017, while others are catching up or even exceeding the prior year. The drop off in unit sales in many markets was more a result of low inventory than low demand, and in several areas the high end is showing promising activity.

The end of the second quarter found Westchester County, N.Y., overall with unit sales declining by 5 percent and sales volume by 3 percent, in comparing both the second quarter and the first half of 2018 and 2017. In Southern Westchester, unit sales decreased by 3 percent quarter over quarter as dollar volume was down just a slight 1 percent, while units decreased by 4 percent and volume by a small 2 percent year over year. In Northern Westchester, unit sales decreased by 10 percent and volume by 6 percent quarter over quarter, and for the year, unit sales and volume each dropped by 7 percent.

In Fairfield County, unit sales in the second quarter this year versus the same period in 2017 dropped by 4 percent and dollar volume by 8 percent. Year to date, the county remains behind the first six months of 2017 by 4 percent in units and 6 percent in volume. The Shoreline, including New Haven, Middlesex and New London counties, saw second quarter 2018 unit sales slip behind the same period of 2017 by a small 2 percent, but dollar volume climbed ahead by 3 percent, and similarly, units year to date are behind the first half of 2017 by 4 percent with dollar volume up 1 percent.

The Farmington Valley region of Hartford County, and key neighboring towns covered in the report, including Avon, Canton, Farmington, Granby, Simsbury, Burlington, Hartland and West Hartford, saw unit sales in the second quarter of 2018 versus the same period in 2017 increase by 8 percent and dollar volume by 9 percent, bringing sales almost even year to date.

For the first half of 2018, unit sales are a slight 2 percent behind the same time in 2017, and dollar volume is ahead by 1 percent. In Litchfield County, unit sales this quarter compared to the same time in 2017 were ahead by a slight 1percent, with dollar volume up by 5 percent, while year to date units have increased by 2 percent and volume by 1 percent. Across the state line in Berkshire County, Mass., unit sales and dollar volume caught up to the first half of 2017. For the second quarter, unit sales and dollar volume were a small 1 percent ahead of the same period in 2017, and year to date, unit sales stand 5 percent lower than the first half of 2017, with dollar volume up again by 1 percent.

The 2018 Second Quarter Market Watch is available for download on the firm’s website, williampitt.com.