Compared to 2016 Franklin County sales for single family homes were up 3% in 2017 and the median price up 2.3%. The Pioneer Valley sales were up 1.7% and median price 4.5%. In Franklin County 626 homes sold in 2016 and 645 in 2017.
Unless something changes over the next few months it is going to be a challenging year for buyers looking to find the right home. There are fewer homes on the market and if this pattern continues it will be create tension in the market creating an increase in multiple offer situations. Lets hope once the winter weather breaks and spring arrives you will see a greater selection of homes for sale.
I will continue to post monthly reports, keeping you informed of local market conditions.
The following reports are provided by the Realtor Association of Pioneer Valley.
PIONEER VALLEY - KEY REAL ESTATE POINTS:
Sales - Rose 1.7% from 5901 in 2016 to 5,999 in 2017.
Median Price - Rose 4.5% from $199,000 in 2016 to $208,000 in 2017.
Days on Market - The average days on market was down 24.5% from 104 days in 2016 to 78 days in 2017.
Pending Sales - Listings which are pending (under agreement to sell) are up 4.3% from 5,912 in 2016 to 6,167 in 2017.
Mortgage Rates - 30 year fixed rate mortgage (FRM) averaged 3.99 percent for the week ending December 29, 2017. Last year at this time the 30 year FRM averaged 4.32 percent. (Source: Mortgage-x.com)