Property Report
COVER: KENT, CONNECTICUT • $5,900,000 | ELEGANT DOVER HOUSE ON 13+ ACRES, SET AGAINST THE STUNNING BACKDROP OF NORTH SPECTACLE LAKE.
T E A M I N L I TC H F I E L D C O U N T Y, C O M PA N Y-W I D E * Year to date, 2020 is one of the most dynamic and rapidly evolving markets I have ever seen in Litchfield County. In the face of both the pandemic and ongoing social unrest, New Yorkers are relocating in droves from the city to the Litchfield Hills. Buyers are out in record numbers seeking housing in our markets, while listings under contract and property showings are surging over this time last year. Connecticut, notably, has seen an increasing number of people moving out of state in recent years, but this trend seemingly reversed overnight. The density of population in New York versus the suburbs may help to explain what the press has referred to as a “tidal wave” coming out of the city. With 8.4 million residents, New York City has a population of 27,000 people per square mile. These are tight quarters in this era of social distancing. Now compare these figures to Litchfield County with 180,000 people at 206 per square mile. Less populous areas have an understandable allure these days. The result is perhaps the fastest switch from a buyer’s to a seller’s market we’ve ever experienced. In key towns in
Litchfield County, inventory is down about 27% from last year, while dollar volume as of July 2020 was up over 61%. In key towns in Litchfield County, most of the unit gains were made in the $250-499K range. On a percentage basis the strongest price point is the $2-4 million range which is up 160%. Also of note, million dollar plus sales are up 36 units which equates to a 97% gain. We don’t think these relocations are temporary either. A recent Stamford Advocate article revealed that 10,000 New Yorkers have changed their address with the US Postal Service to Connecticut since March, a large increase from last year and a move that suggests an intention toward permanence. The pandemic and social upheaval have fundamentally changed how people view their basic human need of shelter. The close confines of the city are suddenly less appealing. There are other factors at play as well, such as uncertainty surrounding future school closures and more flexibility to work from home. As summer concludes, and buyer and rental demand remains high, we see a strong need for inventory in our local market. Sellers who choose this moment to list will likely experience a level of buyer interest unmatched in recent memory. I hope you find this report informative and invite you to contact us with any of your own real estate needs. -Ira *Source: SmartMLS Residential Sales. Market Share by Broker, by total dollar volume, Litchfield County 7/31/19 -7/31/20.
G E T I N TO U C H
I RA G O L DS P I E L 917.626.3481 igoldspiel@williampitt.com
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H OWA R D SC H I S S L E R 917.304.0871 hschissler@williampitt.com
ST E V E P E N E R 203.470.0393 spener@williampitt.com
R E B EC CA WA R D 860.309.3464 rward@williampitt.com
W I L L I A M P I T T S OT H E BY ’S I N T E R N AT I O N A L R E A LT Y I S T H E C L E A R M A R K E T L E A D E R I N K E Y L I TC H F I E L D C O U N T Y TOW N S I N 2 0 2 0 * Bridgewater, Cornwall, Goshen, Kent, Litchfield, Morris, Roxbury, Salisbury, Sharon, Warren, Washington, Woodbury Market Share*
#1 IN SOLD UNITS YEAR TO DATE 2020 26% of all sold units YTD sold by William Pitt Sotheby’s International Realty
#1 IN SOLD DOLLAR VOLUME YEAR TO DATE 2020 27% of all sold dollar volume sold by William Pitt Sotheby’s International Realty
#1 IN ABOVE AVERAGE PRICE TIER SUCCESS 34% of all homes priced between $500,000-999,000 sold by William Pitt Sotheby’s International Realty
#1 IN LUXURY SALES The most million dollar plus sales of any broker in Litchfield County YTD 2020 in units
M A R K E T DATA Y T D 2020 ** SINGLE FAMILY UNITS
AVERAGE SALE PRICE
TOTAL DOLLAR VOLUME
% CHANGE JAN-JUL 2019 VS JAN-JUL 2020
BET H L E H E M
20
$3 62 ,875
$7,2 57,500
- 21%
BRIDG EWATE R
16
$529, 9 69
$8,479, 50 4
9%
CA N AAN
9
$264,72 2
$2 ,3 82 ,498
-31%
COR NWA L L
11
$6 19,636
$6,81 5, 9 9 6
2 2%
GOS H E N
30
$555,195
$16,655,850
56%
KENT
30
$513,0 67
$1 5, 392,0 10
21%
LITC H F I E L D
75
$52 1 ,982
$3 9,14 8,650
90 %
MO R R IS
23
$47 1 , 930
$10,854, 39 0
76%
NEW MI L FO RD
174
$3 89,086
$67,700,964
26%
N OR FOL K
13
$272, 31 5
$3, 54 0,0 9 5
3%
NORT H CAN AAN
9
$1 80,989
$1 ,62 8,901
-41%
ROX BU RY
37
$830,4 55
$30,726,835
61%
SA L I S BURY
51
$860,007
$43,860,3 57
1 5 6%
SHARON
40
$7 19,838
$28,793, 520
116%
S HERMAN
40
$462 ,440
$1 8,497,600
14%
WAR R E N
18
$653, 386
$1 1 ,76 0, 9 4 8
119%
WASH I N GTO N
46
$978,982
$45,03 3,172
24%
WINCHESTE R
97
$232, 29 1
$22, 532, 227
36%
WO O DBURY
78
$37 1 ,163
$2 8,950,7 14
27%
TOTAL
8 17
$ 501,850
$ 410,011,731
4 5%
TOWN
*Source: SmartMLS Residential Sales. Market Share by Broker, by total dollar volume or units as specified; closed sales for single family homes, Litchfield County towns as specified 1/1/20 - 7/31/20. **Reflects entire market statistics, not just William Pitt Sotheby’s International Realty Sales per MLS.
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Significant Sold or Pending Listings
SOLD Warren, Connecticut Offered at $4,995,000 | Representing Seller
PENDING Warren, Connecticut Offered at $4,850,000 | Representing Seller
SOLD Salisbury, Connecticut Offered at $3,500,000 | Represented Seller and Buyer
SOLD New Milford, Connecticut Offered at $2,800,000 | Represented Seller and Buyer
SOLD Kent, Connecticut Offered at $1,995,000 | Represented Seller
SOLD Litchfield, Connecticut Offered at $1,750,000 | Represented Seller
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SOLD Washington, Connecticut Offered at $4,000,000 | Represented Seller
SOLD Washington, Connecticut Offered at $3,995,000 | Represented Buyer
SOLD Kent, Connecticut Offered at $2,750,000 | Represented Seller and Buyer
SOLD Kent, Connecticut Offered at $2,500,000 | Representing Seller
SOLD Roxbury, Connecticut Offered at $1,585,000 | Represented Seller
SOLD New Milford, Connecticut Offered at $1,450,000 | Represented Seller iragoldspiel.williampitt.com
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Significant Sold or Pending Listings
SOLD Lakeville, Connecticut Offered at $1,295,000 | Represented Buyer
SOLD Kent, Connecticut Offered at $1,050,000 | Represented Seller and Buyer
SOLD Warren, Connecticut Offered at $895,000 | Represented Seller and Buyer
PENDING Warren, Connecticut Offered at $895,000 | Representing Seller
SOLD Sharon, Connecticut Offered at $895,000 | Represented Seller and Buyer
SOLD Cornwall, Connecticut Offered at $795,000 | Represented Seller
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Consistent Leaders in Performance & Productivity IRA GOLDSPIEL * • #1 William Pitt Sotheby’s International Realty Agent in Single Family Home Sales in Litchfield County (Total Dollar Volume 2014-2019) • #1 Agent in Sold Dollar Volume 2019 in the towns of Kent & Warren • Highest Sale in Salisbury (2017 & 2019) & Kent (2018)
WILLIAM PITT SOTHEBY’S INTERNATIONAL REALTY ** • #1 in Sold Dollar Volume in Litchfield County 2019 • #1 Sold Units in Litchfield County 2019 • Highest Priced 2019 Sales in the Towns of Bridgewater, Canaan, Goshen, Harwinton, Litchfield, Morris, Norfolk, Salisbury, Warren, Winchester & Woodbury
THE GOLDSPIEL GROUP | WILLIAMPITT.COM 9 Maple Street, PO Box 82, Kent, CT | o 860.927.7724 | c 917.626.3481 | e igoldspiel@williampitt.com | iragoldspiel.williampitt.com
Sotheby’s International Realty® and the Sotheby’s International Realty Logo are service marks licensed to Sotheby’s International Realty Affiliates LLC and used with permission. WPS Holdings LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated. Any services or products provided by independently owned and operated franchisees are not provided by, affiliated with or related to Sotheby’s International Realty Affiliates LLC nor any of its affiliated companies. 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. While information is believed true, and fully vetted, no guarantees are made. *Source: SmartMLS Residential Sales. Market Share by Broker, by total dollar volume or units as specified, Litchfield County or towns as specified 1/1/14 - 12/31/19. **Source: SmartMLS Residential Sales. Market Share by Broker, by total dollar volume or units as specified; closed sales for single family homes, Litchfield County or towns as specified 1/1/19 - 12/31/19. Above photo is from 46 June Road, Washington, CT, MLS 170228944.