Market Statistics

September Real Estate Sales Report for Pioneer Valley

It was a very busy month for real estate sales in Franklin County! Comparing real estate sales of single family homes for the month of September 2016 vs. September 2017,  Franklin County sales are up 26.3% while Hampshire and Hampden CountIes sales are down.  The following reports will be posted monthly keeping you informed of the local real estate market.   

PIONEER VALLEY - KEY REAL ESTATE POINTS:

Sales—Down 5.9 percent from 578 in September 2016 to 544 in September 2017.

Median Price— Up 9.5 percent from $200,000 in September 2016 to $219,000 in September 2017.

Inventory of available property—Inventory fell 25.2 percent from 2,464 single family listings at the end of September 2016, to 1,843 single family listings at the end of September 2017.

Supply—The supply of single-family properties on the market at the current rate of sale dropped 27.4 percent. At the end of September 2016 there were 5.1 months of supply at the current rate of sale. At the end of September 2017 there were 3.7 months of supply at current rate of sale.

Days on Market—The average days on market dropped 24.3 percent from 83 days in September 2016 to 63 days in September 2017.

Pending Sales—Listings which are pending (under agreement to sell) are up 4.1 percent from 531 in September 2016 to 553 in September 2017.

Mortgage Rates 30-year fixed-rate mortgage (FRM) averaged 3.9 percent with an average 0.5 points for the week ending October 12, 2017 . Last year at this time the 30-year FRM averaged 3.4 percent with an average 0.5 points. (Source: www.FreddieMac.com)

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.

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