Issuu is a digital publishing platform that makes it simple to publish magazines, catalogs, newspapers, books, and more online. Easily share your publications and get them in front of Issuu’s millions of monthly readers. Title: Second Quarter 2017 Market Watch, Author: William Pitt and Julia B.
Buyers are discovering Litchfield County as an alternative to the Hamptons
Sales surged for homes priced at more than $2 million as many New York City residents flocked to purchase property in upstate Connecticut. Sales of single-family homes in the $2-5 million range tripled in the second quarter compared to the same period of 2016. The reason? Many Manhattan residents are finding homes in Litchfield County due to a more reliable weekend commute, better pricing and more property than they would find in other popular getaway destinations such as the Hamptons. Litchfield County brokerage manager Kristine Newell said the region has become steadily more popular for people seeking second homes. The market paused around election time late in 2016, but regained traction in the early part of 2017. Newell said late spring and early summer are usually the peak of the real estate season in Litchfield County, and it may have peaked a little earlier than usual this year due to the mild winter.
Dollar volume is on the rise too
The purchase of high end homes helped drive up the dollar volume in the region 9 percent compared to the second quarter in 2016, while units increased by 2 percent. The volume change for the year in the $2-4 million price category is 164 percent compared to the first half of 2016, and about 210 percent more than the second quarter last year. Fueled by the high end sales, dollar volume for the year in Litchfield County market has increased by 16 percent.
The rise in sales has reduced inventory
The rise in sales has diminished fresh inventory that is priced at or below market value. Newell said the region could use more inventory to keep up with demand, particularly in homes priced in the $1-$1.5 million range.
Statistics show a well-rounded selling quarter
While homes priced in the $2-$5 million range were the region’s hot spot, other price points also moved fairly well. Sales of homes priced between $400,000 and $750,000 rose by about 23 percent quarter over quarter, and homes between $750,000 and $1 million grew by 17 percent. In looking at the first six months year over year, the number of units sold for the region has risen 5 percent compared to 2016, and dollar volume has escalated 15 percent. Litchfield County continues to be a region many prospective buyers want to call home.