New market report finds increases in closed dollar volume and unit sales for single family home sales in many areas
STAMFORD, Conn., April 8, 2025 /PRNewswire-PRWeb/ -- The first quarter of 2025 served as a period of growth for most housing markets compared to the same period the year prior, according to a new report just released by William Pitt-Julia B. Fee Sotheby's International Realty. The report details annual market results in Fairfield, Litchfield and Hartford Counties and the Shoreline in Connecticut, the Berkshires in Massachusetts, and Westchester, Putnam, Columbia, Dutchess and Ulster Counties, New York.
The report stated that closed dollar volume in single family home sales across nearly every market the company serves rose significantly above the first quarter last year, with increases ranging from 3% in Hartford County to 19% in Fairfield County and 37% in Columbia County, and most other counties falling somewhere within this range. Quarterly increases in closed units also persisted through the first quarter, leaving several markets firmly ahead of 2024 year to date with a handful of territories either flat or slightly behind last year.
Closed volume continues to rise at a higher rate than closed units due to factors including a change in the product mix transacting, with more properties closing at higher price points, and an upward shift in median sale prices. An ongoing imbalance between supply and demand is contributing to 12-month median prices rising year over year in all markets.
The report stated that the supply and demand issue will continue as long as inventory remains as low as it is relative to historical norms. New listings taken slipped behind this quarter last year in some territories like New London and Litchfield Counties, while staying relatively flat in others like Westchester, Fairfield and New Haven Counties. At the same time, dollar volume in new listings continued to increase in most areas, a representation of increasing price points. Total active inventory remains ahead in several areas but has fallen behind in a few including Fairfield County.
Despite economic uncertainty at the national and global levels, negative economic factors are not currently affecting housing as they have historically done. According to the report, buyer demand is no less heightened in the face of adverse economic news, and sellers are still drawing multiple bids for their properties in a competitive environment.
"All signs tell us we are still in a strong and resilient real estate landscape, and consumers continue to view housing as an important asset," said Paul Breunich, Chairman and Chief Executive Officer of William Pitt-Julia B. Fee Sotheby's International Realty. "We are optimistic that the coming months will bring increased activity and sustained interest in the market, with buyer demand and improving inventory levels setting the stage for a busy season ahead. Sellers are still enjoying market conditions where they can maximize the value of their properties, and we encourage those still weighing whether to list to take advantage of this market while they can."
The 2025 First Quarter 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].
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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