Market Watch 2017 YEAR IN REVIEW
KENT 860.927.1141 • L AKEVILLE 860.435.2400 • LITCHFIELD 860.567.0806 • WASHINGTON DEPOT 860.868.6600 FO L LOW U S O N I N STAG R A M @ E S CA P E TOT H E H I L LS | FAC E B O O K .C O M / L I TC H F I E L D H I L LS S I R
Litchfield County
1
Litchfield County experienced another strong year in sales After a year of sales activity that tended to trend ahead of 2016 despite a moderate dip in the third quarter, Litchfield County finished the year about even with last year. Compared to the calendar year of 2016, itself a strong year in sales, units in 2017 stood ahead by 1% while dollar volume climbed ahead by 5%. Towns that witnessed standout performance in unit sales and volume included Salisbury and Litchfield, while Warren on the other hand dropped below year-ago levels, largely due to low inventory. The Conference Board Consumer Confidence Index®’s reading in November yielded an index of 129.5 (1985=100), its highest in 17 years, followed by a slight dip in December to 122.1. Consumer confidence, an excellent benchmark for gauging the health of the real estate market, has been trending upward for several consecutive months now.
2
The high end continues its upward trajectory Sales are steady at the lower end of the market up to the $500,000 mark, and have been all year. More significantly, the over $1 million segment, and even over $3 million, continue to operate at full strength, a trend that kicked off in 2016 and has not let up since. So robust are sales in these sectors that they have sent the average sale price up 9% over this time last year. The $3+ million market saw 10 transactions for the year compared to 5 in all of 2016. One notable sale was an over 70-acre property in Sharon that closed in November for approximately $4 million, with William Pitt Sotheby’s International Realty handling both sides.
3
Inventory shortages are leading to increased competition among buyers Inventory has been declining in Litchfield County, and that remained the case at the end of the year. Product levels currently stand approximately 9% lower than this time last year, but an even more remarkable 20% lower than this time two years ago. Litchfield County brokerage manager Kristine Newell predicts that the shrinking supply of homes for sale will have a major impact on the market next year, causing unit sales to decline even as prices may start to rise. The buyers exist, she states, but without many offerings to choose from, they are faced with a situation where sellers increasingly have the upper hand—provided they are pricing their properties correctly from the outset and presenting them in good condition, an ongoing requirement among purchasers. The seller’s market that has started to emerge is one that hasn’t been seen in this region in more than eight years, says Newell.
4
The region’s status as a prime weekend destination is only growing Newell attributes much of the ongoing robust activity at the high end to the influx of weekenders coming to town, seeking a retreat from the city. Litchfield County has long served as a prime getaway for its convenient two-hour distance from Manhattan, the wonderful culture found here, its unique lifestyle, and its beautiful pastoral surroundings. Among New Yorkers searching for second homes, the region has more and more become the destination of choice over other resort areas such as the Hamptons. William Pitt Sotheby’s International Realty continues to promote the Litchfield County lifestyle with its “Escape to the Hills” on social media to attract more buyers.
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Litchfield County Residential Sales Closed Sales Single Family Homes
Closed Dollar Volume Single Family Homes
(units)
(millions)
2250
$700
+1%
2245
$690
+5%
2240
$680
2235
$670
2230
$660
2225
2016
2017
2016
$650
2017
*All Litchfield County Residential Sales per SmartMLS 2016-2017.
Consumer Confidence Index 135 121 107 93 79 65
Dec 2012
Dec 2013
Dec 2014
Dec 2015
Dec 2016
Dec 2017
Single Family Homes | Closed Sales by Price Point CLOSED SALES
CLOSED SALES
% CHANGE
2016
2017
2016 VS 2017
$0 - $399,999
1901
1874
-1%
$400,000 - $749,999
219
252
15%
$750,000 - $999,999
36
50
39%
$1,000,000 - $1,999,999
63
53
-16%
$2,000,000 - $4,999,999
14
20
43%
$5,000,000+
1
1
0%
PRICE POINT
W I L L I A M P I T T.C O M | M A R K E T WATC H 2 0 1 7 | 3
Selling all Price Points in Litchfield County and Beyond
SOLD SALISBURY, CT
Offered at $6,100,000
SOLD LITCHFIELD, CT
Offered at $1,225,000
SOLD GOSHEN, CT
Offered at $2,995,000
SOLD WARREN, CT
Offered at $1,395,000
SOLD LITCHFIELD, CT
Offered at $4,400,000
SOLD KENT, CT
Offered at $2,950,000
SOLD LITCHFIELD, CT
Offered at $1,175,000
SOLD MORRIS, CT
Offered at $3,500,000
SOLD NEW FAIRFIELD, CT Offered at $948,000
SOLD ROXBURY, CT
Offered at $995,000
SOLD
SOLD
KENT, CT
KENT, CT
Offered at $499,999
Offered at $585,000
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SOLD WASHINGTON, CT
Offered at $1,795,000
SOLD SALISBURY, CT
Offered at $349,000
SOLD WINCHESTER, CT Offered at $1,499,000
SOLD ROXBURY, CT
Offered at $598,000
SOLD SALISBURY, CT
Offered at $1,475,000
SOLD BRIDGEWATER, CT
Offered at $1,685,000
SOLD ROXBURY, CT
Offered at $1,050,000
SOLD SHERMAN, CT
Offered at $1,395,000
SOLD SALISBURY, CT
Offered at $450,000
SOLD NORFOLK, CT
Offered at $625,000
SOLD ROXBURY, CT
Offered at $829,000
SOLD KENT, CT
Offered at $1,875,000
SOLD WOODBURY, CT
Offered at $995,000
SOLD LITCHFIELD, CT
Offered at $845,000
SOLD ROXBURY, CT
Offered at $1,355,000 W I L L I A M P I T T.C O M | M A R K E T WATC H 2 0 1 7 | 5
William Pitt Sotheby’s International Realty Participates in the Highest Sales of 2017 in Eight Litchfield County Towns Litchfield County, Connecticut (February 1, 2018)
About William Pitt and Julia B. Fee Sotheby’s International Realty
William Pitt Sotheby’s International Realty today announced that the firm was involved in the highest residential sales of 2017 in eight towns throughout Litchfield County, and additionally that the firm is currently No. 1 in dollar volume, sold units and in sales over $1 million or more, according to SmartMLS. The record sales were achieved in Bethlehem, Cornwall, Goshen, Kent, Litchfield, Morris, Salisbury and Winchester.
Founded in 1949, William Pitt and Julia B. Fee Sotheby’s International Realty manages a $3.9-billion portfolio with more than 1,000 sales associates in 26 brokerages spanning Connecticut, Massachusetts, and Westchester County, New York. William Pitt and Julia B. Fee Sotheby’s International Realty is the largest Sotheby’s International Realty(R) affiliate globally and the 31st-largest real estate company by sales volume in the United States. A full-service real estate firm headquartered in Stamford, Connecticut, William Pitt and Julia B. Fee Sotheby’s International Realty provides ancillary services including commercial services through its affiliation with Building and Land Technology, a second-generation development company based in Stamford, Connecticut; William Pitt Insurance Services; and an award-winning global relocation division. For more information, visit the website at williampitt.com and juliabfee.com.
“We are honored to have such a large part of the market share in Litchfield County in 2017,” said Kristine Newell, brokerage manager for William Pitt Sotheby’s International Realty’s Litchfield Hills brokerages. “We are now turning our attention to servicing our clients’ real estate needs for 2018 by leveraging our brand’s phenomenal global marketing and our highly talented team of agents. Our region is a desirable marketplace for its proximity to New York City along with its relaxed lifestyle, which is hard to find in other areas of Connecticut.”
Sotheby’s International Realty’s worldwide network includes approximately 20,000 sales associates located in approximately 880 offices throughout 70 countries and territories.
THINKING OF SELLING? Contact us for a confidential discussion
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QUARTERLY
YTD
DOLLAR VOLUME
DOLLAR VOLUME
% CHANGE
% CHANGE
% CHANGE
YTD 16 VS YTD 17
4Q16 VS 4Q17
YTD 16 VS YTD 17
QUARTERLY
YTD
UNIT SALES
UNIT SALES
% CHANGE
TOWNS
4Q16 4Q17
4Q16 VS 4Q17
YTD 2016
YTD 2017
QUARTERLY
TWELVE MONTH
MEDIAN SELLING PRICE
MEDIAN SELLING PRICE
% CHANGE
% CHANGE
4Q16
4Q17
4Q16 VS 4Q17
4Q16
4Q17
4Q16 VS 4Q17
SINGLE FAMILY LITCHFIELD COUNTY
566
547
-3%
2,232
2,246
1%
5%
5%
$225,000
$233,000
4%
$222,000
$227,000
2%
Barkhamsted
11
13
18%
37
42
14%
20%
25%
$258,000
$244,000
-5%
$250,000
$257,000
3%
Bethlehem
9
10
11%
36
30
-17%
11%
-17%
$274,900
$267,500
-3%
$249,100
$250,000
0%
Bridgewater
9
6
-33%
27
24
-11%
-23%
-14%
$410,000
$872,500
113%
$410,000
$467,500
14%
Canaan*
15
12
-20%
44
47
7%
-7%
33%
$180,000
$157,750
-12%
$154,500
$160,000
4%
Colebrook
5
4
-20%
22
20
-9%
-27%
-16%
$241,000
$210,000
-13%
$213,000
$211,000
-1%
Cornwall**
5
4
-20%
24
24
0%
-28%
25%
$225,000
$330,000
47%
$299,000
$255,000
-15%
Goshen
16
11
-31%
61
50
-18%
-52%
-27%
$345,500
$320,000
-7%
$312,500
$322,500
3%
Harwinton
12
9
-25%
75
55
-27%
-22%
-26%
$279,500
$227,000
-19%
$255,000
$249,900
-2%
Kent, South Kent
9
15
67%
48
34
-29%
130%
-2%
$437,500
$500,000
14%
$385,000
$437,500
14%
Litchfield
24
21
-13%
92
99
8%
-6%
37%
$276,500
$255,000
-8%
$290,000
$289,000
0%
Morris
10
6
-40%
28
21
-25%
11%
7%
$224,000
$465,000
108%
$269,500
$361,000
34%
New Hartford
16
27
69%
62
93
50%
41%
48%
$280,950
$264,000
-6%
$266,700
$267,500
0%
New Milford
88
76
-14%
346
322
-7%
-12%
-7%
$283,950
$287,500
1%
$280,000
$280,000
0%
8
9
13%
27
25
-7%
34%
39%
$337,500
$350,000
4%
$166,000
$365,000
120%
Plymouth
44
36
-18%
145
182
26%
-26%
28%
$158,950
$141,400
-11%
$154,900
$158,450
2%
Roxbury
12
10
-17%
33
34
3%
7%
-2%
$511,000
$725,000
42%
$550,000
$600,000
9%
Salisbury
13
20
54%
63
70
11%
124%
27%
$390,000
$528,750
36%
$430,000
$476,250
11%
Sharon
18
15
-17%
54
47
-13%
-27%
-13%
$315,000
$275,000
-13%
$333,750
$355,000
6%
Thomaston
19
17
-11%
66
79
20%
-12%
19%
$210,000
$205,000
-2%
$190,000
$186,000
-2%
Torrington
97
88
-9%
384
386
1%
6%
8%
$127,900
$148,450
16%
$129,450
$135,000
4%
Warren
6
3
-50%
25
16
-36%
-64%
-48%
$615,000
$500,000
-19%
$340,000
$345,000
1%
Washington***
13
15
15%
54
57
6%
28%
14%
$520,000
$460,000
-12%
$450,000
$460,000
2%
Watertown
50
62
24%
238
260
9%
27%
15%
$188,500
$208,000
10%
$192,000
$212,500
11%
Winchester
27
33
22%
121
124
2%
31%
31%
$155,000
$189,900
23%
$154,000
$170,000
10%
Woodbury
30
25
-17%
120
105
-13%
2%
-7%
$301,875
$375,000
24%
$314,000
$349,900
11%
Middlebury
26
30
15%
104
118
13%
-6%
13%
$284,000
$307,000
8%
$277,000
$287,000
4%
Southbury
69
63
-9%
257
258
0%
6%
0%
$355,000
$353,000
-1%
$353,000
$345,000
-2%
Sherman
15
15
0%
56
64
14%
43%
67%
$360,000
$431,000
20%
$392,000
$434,000
11%
Norfolk
OTHER
*Includes Canaan, North Canaan and Falls Villages **Cornwall, West Cornwall and Cornwall Bridge ***Includes Washington, Washington Depot and New Preston
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1
PRSRT STD ECRWSS U.S. POSTAGE PAID EDDM RETAIL
William Pitt Sotheby’s International Realty 6 Green Hill Road Washington Depot, CT 06794
Local Postal Customer
#
#1 in Sold Dollar Volume Litchfield County 2017* #1 in Sold Units Litchfield County 2017*
#1 in Million Dollar Plus Units Litchfield County 2017* #1 in Sold Dollar Volume Litchfield County 2016* #1 in Sold Units Litchfield County 2016*
#1 Sale - Highest Sale in the Town of Kent in 2017, 2016*
#1 Sale - Highest Sale in the Town of Goshen in 2017, 2016*
#1 Sale - Highest Sale in the Town of Cornwall in 2017, 2016* #1 Sale - Highest Sale in the Town of Bethlehem in 2017* #1 Sale - Highest Sale in the Town of Litchfield in 2017*
#1 Sale - Highest Sale in the Town of Morris in 2017, 2016* #1 Sale - Highest Sale in the Town of Salisbury in 2017*
#1 Sale - Highest Sale in the Town of Winchester in 2017, 2016* #1 Sale - Highest Sale in the Town of Bridgewater in 2016*
Contact Us
KENT 860.927.1141 | LAKEVILLE 860.435.2400 | LITCHFIELD 860.567.0806 | WASHINGTON DEPOT 860.868.6600
williampitt.com/escape
©MMXVIII WPS Holdings, LLC and Sotheby’s International Realty Affiliates LLC. A Realogy Company. All Rights Reserved. Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity. Each Office Is Independently Owned and Operated. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. *Information Sources: Case-Schiller reports, Various MLS services, National Association of Realtors, Connecticut Economic Digest, local mortgage brokers, Realty Trac., HGMLS, CMLS, CT-MLS, NCMLS, DARMLS, Greenwich MLS, BCBOR. While information is believed true, no guarantee is made for accuracy. *All statistics residential sales per SmartMLS 2016-2017.