Pioneer Valley home sales and pending home sales data indicate real estate market continues to get stronger Reply

Pioneer Valley

Second quarter sales data from the REALTOR Association of the Pioneer Valley demonstrate an increase in closed units and pending transactions.

Pioneer Valley single-family home sales figures continue to rise, according to 2nd quarter sales data from the REALTOR® Association of Pioneer Valley (RAPV). Although median prices for single family homes are down 1.7% overall, home sales are up 26.8%.

           County        Homes Sold       Median Sales Price
          Hampden   861 (up 30.5% from 2011) $160,000  (down 3%)
         Hampshire   293 (up 30.8% from 2011) $262,014  (down 4%)
          Franklin   105 (up 3.7% from 2011) $172,000  (down 2.3%)

RAPV also compared 2nd quarter data of 2011 to that of 2012 of single-family home inventory, average days on market, mortgage rates, and listings under agreement.

Compared with the 2nd quarter of 2011, inventory dropped 3.5% from 3,310 single-family homes to 3,195 in 2012. The average days on market remained basically the same from 164 days in 2011 to 165 days in 2012. Citing data from FreddieMac.com, RAPV reported that mortgage rates also decreased for 30-year fixed rate mortgages from 4.51% to 3.66% with .7 points.

Providing encouraging news for the Pioneer Valley Real Estate market is pending sales data released by RAPV. Pending sales are an indicator of closed sales in the coming months.

RAPV reported that pending sales rose 17% in the 2nd quarter when compared with the 2nd quarter of 2011 with 1,536 pending transactions. In 2011, there were 1,315 listings that went under agreement.

The news regarding pending single-family homes sales is encouraging across the commonwealth as well. The Massachusetts Association of REALTORS® reported that June pending home sale data marked the 14th straight month of year-over-year increases. MAR also stated that pending transactions exceeded 5,000 transactions for the 2nd consecutive month.

Pending transactions for condominiums were also up 29% when compared to June 2011, according to MAR. However, June condo pending sales were down 8.4% when compared to the previous month.

New home starts in June are also up nationally as well, according to a Bloomberg News report. It stated that new home starts rose 6.9% last month and 22% here in the Northeast.

Call Michael Seward at 413-531-7129 if you are planning on buying or selling a home in the Pioneer Valley.

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