2023 Market Report
THE GOLDSPIEL TEAM
TEAM IN UNITS & DOLLAR VOLUME, WILLIAM PITT SOTHEBY’S INTERNATIONAL REALTY KENT BROKERAGE
Our local real estate market stayed strong in 2022 with the median sales price of single family homes in Litchfield County up 7% over 2021. For the year in Litchfield County, total unit sales and total dollar volume fell 17% and 10%, respectively. We attribute these declines to historically low inventory levels, down 25% vs 2021 and down 65% vs the pre-pandemic levels of 2019.* Low inventory remains our biggest challenge as we head into the upcoming year.
The Goldspiel Team at William Pitt Sotheby’s International Realty had another successful year with
over $37.8 million in sales. Highlights include the sale of 46 June Road in Washington for $5.6 million; Rebecca Ward’s sale on North Spectacle Lake (Kent’s highest sale for the year); and Steve Pener’s recent sale of 151 acres in Warren (that town’s largest land deal). We also are pleased to announce Brian Hastings as our newest agent to our group.
Looking forward to our market in 2023, everything will hinge on available inventory. Having weathered rising interest rates, buyer activity and the appeal of the Litchfield Hills remains very strong. If you have any interest in selling your property, there is no better time than now.
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LITCHFIELD COUNTY 22 VS 21 % CHANGE 22 VS 20 % CHANGE UNITS AVERAGE SALE PRICE MEDIAN SALE PRICE TOTAL DOLLAR VOLUME AVERAGE DAYS ON MARKET -17% 8% 7% -10% -15% -25% 13% 18% -16% -45% 2022 2325 $483,085 $345,000 $1,123,173,134 56
WASHINGTON, CT | OFFERED AT $1,285,000 Storybook Cottage on Lake Waramaug with views, private dock and 2.8 acres.
KENT, CT | OFFERED AT $1,495,000 Gracious Kent Hollow Colonial with views and gardens on 16+ private acres.
IRA GOLDSPIEL 917.626.3481 igoldspiel@williampitt.com HOWARD SCHISSLER 917.304.0871 hschissler@williampitt.com STEVE PENER 203.470.0393 spener@williampitt.com REBECCA WARD 860.309.3464 rward@williampitt.com BRIAN HASTINGS 860.816.9302 bhastings@williampitt.com
KENT, CT | OFFERED AT $1,485,000 Antique home and barns on 20+ acres with jaw dropping views.
Ira & Steve
*Source: SmartMLS Single Family Home Sales, by total dollar volume or units as specified, Litchfield County 1/1/22 - 12/31/22. Smart MLS Average monthly active single family listings, Litchfield County: 2022, 2021, 2019.
22 VS 19 % CHANGE -2% 55% 44% 52% -49%
Source: Smart MLS Single Family Home Sales 01/01/2019-12/31/2022.
WILLIAM PITT SOTHEBY’S INTERNATIONAL REALTY IS THE CLEAR
MARKET LEADER IN KEY LITCHFIELD COUNTY TOWNS IN 2022 *
Bridgewater, Cornwall, Goshen, Kent, Litchfield, Morris, Roxbury, Salisbury, Sharon, Warren, Washington, Woodbury Market Share
IN SOLD UNITS IN 2022
25% of all single family home sales, William Pitt Sotheby’s International Realty
IN SOLD DOLLAR VOLUME IN 2022
25% of all single family home sales dollar volume, William Pitt Sotheby’s International Realty
IN MARKET SHARE IN SALES BETWEEN $750,000-$1,000,000
38% share in units & 37% share in dollar volume of this market segment, William Pitt Sotheby’s International Realty
IN MARKET SHARE IN SALES BETWEEN $1,000,000-$2,000,000
35% share in units & 35% share in dollar volume of this market segment, William Pitt Sotheby’s International Realty
IN LUXURY SALES
28% share of homes sold over $1,000,000, William Pitt Sotheby’s International Realty
@igoldspiel TOWN SINGLE FAMILY UNITS AVERAGE SALE PRICE TOTAL DOLLAR VOLUME % CHANGE VS 2021 BETHLEHEM 51 $534,316 $27,250,092 19% BRIDGEWATER 31 $828,465 $25,682,400 -8% CANAAN 21 $605,331 $12,711,950 41% CORNWALL 18 $1,193,389 $21,481,000 3% GOSHEN 51 $762,392 $38,882,002 4% KENT 33 $735,750 $24,279,765 -38% LITCHFIELD 99 $699,482 $69,248,749 10% MORRIS 30 $520,977 $15,629,300 -17% NEW MILFORD 311 $458,166 $142,489,720 -22% NORFOLK 23 $647,409 $14,890,400 65% NORTH CANAAN 35 $290,143 $10,155,000 -23% ROXBURY 37 $1,212,377 $44,857,950 -43% SALISBURY 58 $1,248,103 $72,390,000 -27% SHARON 41 $1,001,866 $41,076,500 -1% SHERMAN 65 $726,459 $47,219,823 -13% WARREN 14 $925,421 $12,955,900 -16% WASHINGTON 52 $1,596,398 $83,012,689 -3% WINCHESTER 149 $296,201 $44,133,924 -11% WOODBURY 120 $599,107 $71,892,889 -20% *Source: SmartMLS Single Family Home Sales. Market Share by Broker, by total dollar volume or units as specified; closed sales Litchfield County towns as specified 01/01/22 - 12/31/22. **Reflects entire market statistics, not just William Pitt Sotheby’s International Realty sales per MLS.
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MARKET DATA 2022 **
©MMXXIII WPS Holdings, LLC. All rights reserved. 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. *Source: SmartMLS Single Family Home Sales. Market Share by Broker, by total dollar volume or units as specified, Litchfield County, 1/1/22 - 12/31/22. Cover Property: Sold 2022, 87 Shinar Mountain Road, Washington. Back Cover: 65 West Shore Road, Washington. o 860.927.7724 | c 917.626.3481 | e igoldspiel@williampitt.com | williampitt.com | TheGoldspielTeam.com Litchfield Hills Brokerages | PO Box 82, 9 Maple Street, Kent, CT 06757 THE GOLDSPIEL TEAM THE GOLDSPIEL TEAM at William Pitt Sotheby’s International Realty • Ira Goldspiel #1 in Sold Dollar Volume, Kent Brokerage • Ira Goldspiel Top 15 in Sold Dollar Volume, Company Wide • Steve Pener #1 in Sold Units, Kent Brokerage • The Goldspiel Team #1 Team in Sold Dollar Volume & Units, Kent Brokerage • Ira Goldspiel & Steve Pener, Diamond Awards, Company Wide • Rebecca Ward, Platinum Award, Company Wide • Brian Hastings, Gold Award, Company Wide WILLIAM PITT SOTHEBY’S INTERNATIONAL REALTY • #1 in Sold Dollar Volume in Litchfield County • #1 in Sold Single Family Units in Litchfield County Consistent Leaders in Performance & Productivity 2022 *
