Market Statistics

August Real Estate Sales Report for Pioneer Valley

Real estate sales of single family homes in Franklin County for the month of August was up 37.9% and the median price up 3.2% compared to August of 2016.  The market continues to be very busy and there is no sign of a slow down.  There is a limited amount of homes for sale and in some areas real estate agents are experiencing multiple offer situations.  It is a great time to sell!

Pioneer Valley - Key Real Estate Points:

Sales - Up 7.8 percent from 639 in August 2016 to 689 in August 2017.

Median Price - Up 1.2 percent from $210,000 in August 2016 to $212,500 in August 2017.

Inventory of available property - Inventory fell 25.9 percent from 2,517 single family listings at the end of August 2016, to 1,865 single family listings at the end of August 2017.

Supply - At the end of August 2016 there were 5.3 months of supply at the current rate of sale. At the end of August 2017 there were 3.8 months of supply at current rate of sale.

Days on Market - The average days on market dropped 27.1 percent from 88 days in August 2016 to 64 days in August 2017.

Pending Sales - Listings which are pending (under agreement to sell) are up 12.9 percent from 533 in August 2016 to 602 in August 2017.

Mortgage Rates - 30-year fixed-rate mortgage (FRM) averaged 3.8 percent with an average 0.5 points for the week ending August 31, 2017 . Last year at this time the 30-year FRM averaged 3.8 percent with an average 0.6 points. (Source: www.FreddieMac.com)

Check out the charts for detailed comparisons provided by Realtor Association of Pioneer Valley and Massachusetts Association of Realtors.

July Real Estate Sales Report for Pioneer Valley

The month of July resulted in a robust real estate market for Franklin County! Compared to July of last year Franklin County beat the Pioneer Valley region with sales up by 15.4%.  

Pioneer Valley - Key Real Estate Points:

Sales - Up 5.3 percent from 586 in July 2016 to 617 in July 2017.

Median Price - Down 1 percent from $222,250 in July 2016 to $220,000 in July 2017.

Inventory of available property - Inventory fell 28.4 percent from 2,536 single family listings at the end of July 2016, to 1,817 single family listings at the end of July 2017.

Supply - At the end of July 2016 there were 5.4 months of supply at the current rate of sale. At the end of July 2017 there were 3.7 months of supply at current rate of sale.

Days on Market - The average days on market dropped 36.3 percent from 99 days in July 2016 to 63 days in July 2017.

Pending Sales - Listings which are pending (under agreement to sell) are up 24.6 percent from 505 in July 2016 to 629 in July 2017.

Mortgage Rates - 30-year fixed-rate mortgage (FRM) averaged 3.9 percent with an average 0.5 points for the week ending July 28, 2017 . Last year at this time the 30-year FRM averaged 3.4 percent with an average 0.5 points. (Source: www.FreddieMac.com)

Check out the charts for detailed comparisons provided by Realtor Association of Pioneer Valley and Massachusetts Association of Realtors.

 

 

Pioneer Valley Moving Into Seller's Market

An article recently published by Mass Live announced that the Pioneer Valley is moving into a “seller’s market”.  This means that the real estate market is currently favoring sellers, rather than buyers. The lack of homes for sale puts pressure on buyers to move quickly in their purchasing actions, or else risk losing out on getting the house they wanted.

According to the article, sales of single-family homes in June 2017 are fewer than in June 2016, while the median sales price rose. Also, the average number of days a home is on the market for June 2017 has decreased compared to June 2016. Specifically in Franklin County, sales are down 1.3 percent with 75 sales in June 2016 and 74 sales in June 2017 and the median price rose 16.3 percent from $224,000 to $260,500.

So what does all this mean for you? In a seller’s market, desirable houses sell quickly. If you are pursuing a new home, act in a timely manner. On the other hand, if you have been thinking of putting your home on the market, now is a good time to do so. However, sellers sometimes get overexcited in a seller’s market and might ask too high of a price. This leads to their house sitting on the market for too long. Make sure to maintain reason when listing your home.

For more advice on how to act in a seller’s market of if you are thinking of buying or selling, get in touch with Wanda Mooney at (413) 768-9848 or wanda@wandamooney.com.

To read the full article on masslive.com click here.

Western Mass Real Estate Sales

 

2016 was my best year in real estate and I know it is the same for many of my colleagues.  I'm anticipating the real estate market to remain stable in 2017 and don't foresee any increases in sale prices or number of transactions.  January has already started off to be very busy with many sellers getting their homes ready to sell this spring.    

Below is a 3 year market snapshot showing you the median sale price, number of real estate sales and average amount of time to sell of single family homes in the Pioneer Valley, Franklin County area and the hill towns of West County.   As you can see the hill towns still take longer to sell but our median price range is higher than Franklin County and entire Pioneer Valley region.  There is a drastic increase across the region in the number of homes that sold.   As long as the mortgage interest rates continue to be at an all time low giving buyers the ability to borrow more, I don't foresee a slow down in the market.  

If you have interest in moving and would like to know the value of your home, feel free to give me a call at 413-337-8344 or email wanda@wandamooney.com.   

The figures below are taken from the multiple listing service and do not include private sales.  West County includes the towns of Ashfield, Buckland, Charlemont, Colrain, Conway, Heath, Hawley, Monroe, Rowe, and Shelburne.

 

 

 

 

 

Homes Sales Report for West County, Franklin County & Pioneer Valley

Now that 2015 has come to a close I can reflect on the real estate market in the hilltowns of West County. Compared to previous years, the real estate values for single-family homes continue to remain relatively steady. The median price in 2014 was $214,750 and $212,500 in 2015. The median price of single-family homes in West County is 13% higher than the Franklin County area and 8% higher than all of Pioneer Valley.

The number of transactions dropped from 94 sales in 2014 to 74 sales in 2015. This is a substantial drop so I researched how many sales occurred in previous years. I discovered in 2012 there were 74 sales and 2013 we had 75 sales. Why the increase in 2014? Interest rates were at an all time low combined with the threat rates would go up created urgency for folks to buy. I also feel it was a time when people started to feel good about investing and our second home market started to regain strength.

One thing about selling country properties is it does take longer on average to sell than other parts of the region. West County's average days on market for 2015 was 184, and in Franklin County, it was 154 days and the entire Pioneer Valley it was 121 days. 

I am noticing an increase in first-time homebuyers looking to purchase their first home and some are relocating here. Living in the village of Shelburne Falls continues to be a desirable move for many. The expansion of Berkshire East Ski Resort will be a positive move, especially for the second home market. I don't foresee any significant changes in 2016 and anticipate the market to remain stable. You can always keep tabs on