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.