2021 is in the books and another active and interesting year in our markets. Volume in Litchfield County was down from 2020’s frenetic pace with 10% fewer transactions overall (under $1MM it was down 9%, and over $1MM down 22%). Average sale prices for both categories however were up (8% for under $1MM and 5% for over $1MM). We largely attribute this to low inventory levels. The over $1MM market for example has 90 properties listed for sale today, pre March 2020 this number was closer to 300. Given the cost of new construction, delays in material deliveries we just don’t see how this will drastically change in the near or medium term. This is our main issue for 2022. We have long lists of buyers looking for houses and not enough inventory to show them. So if you are considering selling, renting or looking for a market analysis of your property please reach out.
Our year was quite busy ($125MM sold and closed and $50+MM pending at year end) and the summer rental season is just starting. Clients have had us working far and wide in their searches and we continue to expand our coverage areas and team. We have multiple agents licensed in NY and a handful also working in our NYC office. At year end we were 23 agents and support staff all working together.
We thank all our clients for their trust and look forward to another busy year.