Single-family first quarter home sales in the Pioneer Valley are up 11.8% when compared to 2011’s first quarter numbers, according to the REALTOR® Association of Pioneer Valley. While median prices are down 2.7% in the Pioneer Valley overall, median sales prices were up 4.2% in Hampshire County.
More encouraging news comes from single-family homes that are currently under contract, which rose 31.3%. An improvement in pending sales data is significant as it indicates an improvement in the real estate market over the next few months.
There were 1,163 pending transactions during the first quarter of 2012, which is up from the 886 pending transactions during the same time frame last year.
The increase pending sales is not unique to the Pioneer Valley. The Massachusetts Association of Realtors recently reported that pending home sales are up throughout the Commonwealth for the 11th straight month. Moreover, MAR reports, condominium pending sales are up as well.
“The number of condos put under agreement in March was up 30.4 percent compared to March 2011 (*1,422 units in 2011 to 1,854 units in 2012). On a month-to-month basis, condos put under agreement were up 45.2 percent from 1,277 units in February.”
Pioneer Valley Sales Summary By County.
One-hundred-sixty-nine single-family homes were sold in Hampshire County during the first quarter of 2012. This number is up 11.3% from the sales figures in 2011. Although the median sales price rose 4.2% from $155,500 to $162,000, the average sales price of single family homes declined. The average sales price for a single-family home dropped from $272,921 during the first quarter of 2011, to $240,893 during the first quarter of 2012.
Hampden County experienced a 9.6% increase in single-family home sales during the first quarter of 2012, but median home prices dropped 6.4%, from $155,000 to $145,000. Average single-family home sales dropped from $175,389 in 2011 to $160,769 in 2012.
Franklin County saw the biggest increase in single-family home sales with a 27.1% jump. Home sales in the Pioneer Valley’s northernmost county improved, from 70 sales during the first quarter of 2011, to 89 sales during the first quarter of 2012. Median home sales price and average sales price decreased, however.
Mortgage Rates Down
The REALTOR® board also reported (citing FreddieMac.com) that the interest rates for 30-year fixed-rate mortgages are down, from 4.86% with an average of .7 points in 2011, to 3.99% with an average of .7 points in 2012.
If you are thinking of buying or selling a home in the Pioneer Valley, call Michael Seward at 413-531-7129.