Single-family home sales climbed 11.9% and median home prices dropped 3.1% in the Pioneer Valley, according to the REALTOR® Association of Pioneer Valley (RAPV) third-quarter single-family sales report. The news comes as the Massachusetts Association of REALTORS® (MAR) announced that pending transactions were up 26.07% when compared to the same time last year.
“September’s strong activity increases the likelihood that there will be several more months of positive sales growth heading into the New Year,” said 2012 MAR President Trisha McCarthy. “While the numbers decreased on a month-to-month basis, the year-over-year increases over last ten months continue to be at least 25 percent or higher. This is further evidence of a healthier market.”
|County||Sales Increase||Median Price Change||Closed Units|
|Hampden||Up 12.1%||Down 3.5%||841|
|Hampshire||Up 9.9%||Down 7.1%||332|
|Franklin||Up 15.2%||Down 1.9%||159|
By the end of September in 2011, there were 3,245 single-family homes listed as under –agreement. This year, there were 4,091 single-family homes pending by the end of September.
The increase in pending single-family home sales in the Pioneer Valley is more modest than the statewide increases at 11.2%, but accounted for just over a third of pending transactions in the commonwealth―a significant accomplishment when one considers that eastern Massachusetts is much more densely populated. By the end of September 2011, there were 1,295 single-family homes under agreement in the Pioneer Valley. This year RAPV reported that there were 1,440 single-family homes pending at the end of September.
Among the counties that make up the Pioneer Valley, Franklin County observed the largest sales jump with a 15.2% increase over the same time last year. There were 159 units sold by the end of the third quarter this year. By the end of September last year, there were 138 units sold. Median home sale prices were down 1.9% from $188,500 to $185,000 in 2011 and 2012, respectively.
Hampden County single-family sales jumped to a 12% increase over September, 2011. There were 841 units sold by the end of the 3rd quarter in 2012. By the end of September last year, there were 750 units sold. Median home sale price dropped from $195,465 to $188,568 in 2011 and 2012, respectively.
In Hampshire County, single family home sales climbed 9.9% when compared to the same time last year. There were 332 units sold by the end of the 3rd quarter in 2012. By the end of September last year, there were 302 units sold. Median home sale prices were down 7.1% from $265,000 to $246,291 in 2011 and 2012, respectively.
According to Freddie Mac, interest rates are also down when compared to a year ago. They were at 3.4% at the end of September, which is down from 4% a year ago.
If you are planning on buying or selling a home in the Pioneer Valley, make your first call to Michael Seward at 413-531-7129.