01/18/2017
2016 Year-End Market Watch
The annual 2016 Market Watch is now live on williampitt.com. 2016 was another exceptional year for real estate in our market areas, with the majority experiencing sales growth in units and dollar volume year over year.
Fairfield County’s figures were more modest, largely resulting from the slower activity in southern county communities like New Canaan, Darien and Westport. While the county overall was close to flat year over year, with a 3% increase in units and 3% decrease in volume, the lower county was softer, and Northern Fairfield County was a robust marketplace with sales booming at all price points.
In Westchester County, 2016 unit sales were 8% higher and dollar volume 6% higher than the calendar year of 2015, with the sales growth occurring in both the lower and upper counties. Southern Westchester experienced year over year growth in units of 14% and volume growth of 5%, while Northern Westchester had gains of 13% in units and 8% in volume.
Our Connecticut Shoreline market also concluded the year ahead of 2015, by 12% in units and 7% in volume.
Litchfield County maintained steady sales through year’s end, with an 8% increase in units and 9% increase in volume, and a noteworthy uptick in sales between $1 and $2 million. The
Southern Berkshires ended the year 12% above 2015 in units and 8% in volume, and witnessed a late year burst in sales between $550,000 and $750,000, a higher end market for that area.
The promising recent sales data in these markets is mirrored on the national scene, as existing home sales in November reached their highest level since February 2007, according to a National Association of Realtors report released in December. The Federal Reserve’s quarter point December rate hike, only the second in a decade, is a key driver right now. The rate increase has caused mortgage rates to begin to rise, and as has been widely reported, three additional increases may be on the way in 2017. Purchasers who are concerned they will lose buying power as mortgage rates continue to creep up in the coming year are already feeling the urgency to become serious participants in the marketplace, even as sellers experience that same urgency and seek to take advantage of the buyer pool. Ultimately the hike is a signal of faith in the economy, and I am very bullish on where the market is headed in 2017.
I hope you find this annual report informative and a beneficial resource to share with your friends and family.You can read the full report on the website at http://www.williampitt.com/eng/market-reports.
Our quarterly Market Watch reports offer a comprehensive picture of the residential real estate markets we serve in Connecticut, Westchester County, N.Y., and the Berkshires, Mass. These reports serve as an invaluable resource for consumers, real estate professionals, financial institutions, the med...
