The year 2024 saw annual growth in closed dollar volume compared to the year prior, with unit sales climbing ahead in later months
STAMFORD, Conn., Jan. 7, 2025 /PRNewswire-PRWeb/ -- 2024 was a year of steadily increasing activity in housing markets compared to the year prior, a trend that accelerated in the back half of the year, according to a new report just released by williampitt.com [William Pitt-Julia B. Fee Sotheby's International Realty __title__ ]. The report details annual market results in Fairfield, Litchfield and Hartford Counties and the Shoreline in Connecticut, the Berkshires in Massachusetts, and Westchester and Columbia Counties, New York.
The report stated that closed dollar volume growth for single family home sales was observed all year long across markets, but in the third quarter single family unit closings began to catch up as well, improving in some areas versus the same quarter in 2023. By the final quarter of 2024, almost every market served by the company experienced increases in unit sales compared to the same quarter last year. These gains were not high enough for annual unit sales to pull ahead of the full calendar year of 2023, but the quarterly growth reveals that a shift is underway. This was the first time consistent unit growth was seen nearly across the board in more than three years, since the pandemic sales surge began to slow during the second half of 2021. At the same time, the increases in closed dollar volume seen all year were even higher in the fourth quarter versus the same period last year than they were last quarter.
Rising levels in new listings also became one of the prominent market trends of 2024. In markets served by the firm, new listings taken were up for the calendar year in both units and dollar volume in most regions, from 1% and 7%, respectively, in Fairfield County to 8% and 22%, respectively, in New London County, and as high as 13% and 30%, respectively, in Columbia County, with other areas falling in between.
Along with the fourth quarter increases in unit sales and dollar volume was a commensurate increase in median sale prices, a trend that has remained consistent in marketplaces served by the firm for some time now. The increases in closed dollar volume and median sale prices were partly due to the change in product mix sold, with a higher degree of sales transacting in the higher price tiers. The report stated that price growth is also a reflection of the competitive nature of today's real estate market, where inventory remains constrained relative to historical norms despite the recent uptick, leaving the balance of supply and demand still weighted in the favor of sellers.
"As we look ahead to 2025, multiple positive indicators suggest a dynamic year for our real estate markets," said Paul Breunich, Chairman and Chief Executive Officer of William Pitt-Julia B. Fee Sotheby's International Realty. "The convergence of moderating mortgage rates, improving inventory levels, and strong economic fundamentals creates opportunities for both buyers and sellers. Buyers may find more options as inventory increases, while sellers continue to benefit from sustained demand and robust pricing. Each of these data points, combined with our region's enduring appeal and the return to unit sales growth we've observed in recent quarters, gives us reason to feel bullish on our markets."
The 2024 Year in Review Market Watch is available on the firm's website at williampitt.com.
About William Pitt Sotheby's International Realty and Julia B. Fee Sotheby's International Realty
Founded in 1949, William Pitt Sotheby's International Realty and Julia B. Fee Sotheby's International Realty manages a $5.1 billion portfolio with more than 1,100 sales associates in 29 brokerages spanning Connecticut, Massachusetts and New York. The company is one of the largest Sotheby's International Realty(R) affiliates globally and the 34th-largest real estate company by sales volume in the United States. For more information, visit the website at williampitt.com [williampitt.com __title__ ].
Sotheby's International Realty's worldwide network includes 1,075 offices throughout 81 countries and territories on six continents.
Media Contact
Andrew Wood, William Pitt Sotheby's International Realty, 203-644-1938, [email protected], williampitt.com
SOURCE William Pitt Sotheby's International Realty
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