William Pitt-Julia B. Fee Sotheby's International Realty Releases Third Quarter 2022 Market Report

Low inventory limits housing sales, but market continues to perform well above historical norms

STAMFORD, Conn., Oct. 5, 2022 /PRNewswire-PRWeb/ -- A report detailing market results for the third quarter of 2022 in Fairfield and Litchfield Counties, the Shoreline and the Farmington Valley in Connecticut, the Berkshires in Massachusetts, and Westchester County, New York, has just been released by William Pitt-Julia B. Fee Sotheby's International Realty, the company announced today.

The report found that the markets the company serves all experienced lower single family housing units and dollar volume closed year to date than the first nine months of last year. But the report also sought to place this information in context, stating that if 2021 was the best performing market in recent memory as New York City residents surged into the suburbs, and 2020 kicked off this unprecedented period with the onset of the pandemic, then the last market that can be considered normal was in 2019. A comparison of 2022 to 2019 revealed how far ahead of a normal market real estate continues to perform.

For the first nine months of 2019, all markets served by the company together achieved a combined $13.3 billion in closed sales volume. In 2022, year to date approximately $19.4 billion in volume has closed in total, a 46% increase from the same time in 2019. Average sale prices have risen along with the volume, going from $440,224 in 2019 across all territories together to $646,752 in 2022?a 47% increase. Broken down by each region, these trends were consistent from market to market.

As closed volume climbed well above 2019 levels, combined unit sales across all markets were generally close to even with 2019, suggesting that the middle and upper price ranges have replaced the lower ranges as the primary drivers of the market. At the same time, total available supply of inventory across all markets in the third quarter was lower than the third quarter of 2019 by 60%. The report stated that unit closings this year being so similar to 2019 while listings for sale have declined to historic lows is an indicator that buyer demand remains elevated over historical norms, and that limited inventory is the primary factor controlling the market and restricting home sales.

"While there is a narrative in the press that housing markets nationally are on the decline, we must remember that real estate is by nature local, and in our region of the country, a closer examination of our data tells a different story," said Paul Breunich, Chairman and Chief Executive Officer of William Pitt-Julia B. Fee Sotheby's International Realty. "The economic picture on a national and global scale throws uncertainty into the mix, with inflation and mortgage rates serving as wild cards, but the conclusions we've drawn nevertheless point to ongoing buyer demand and a strong fall real estate market."

The 2022 Third Quarter Market Watch is available on the firm's website at williampitt.com.

About William Pitt - Julia B. Fee Sotheby's International Realty
Founded in 1949, William Pitt - Julia B. Fee Sotheby's International Realty manages a $7 billion portfolio with more than 1,100 sales associates in 27 brokerages spanning Connecticut, Massachusetts, and Westchester County, New York. William Pitt - Julia B. Fee Sotheby's International Realty is one of the largest Sotheby's International Realty(R) affiliates globally and the 37th-largest real estate company by sales volume in the United States. For more information, visit the website at williampitt.com.

Sotheby's International Realty's worldwide network includes 1,000 offices throughout 79 countries and territories on six continents.

Media Contact

Andrew Wood, William Pitt Sotheby's International Realty, 203-644-1938, awood@williampitt.com

SOURCE William Pitt Sotheby's International Realty