Pioneer Valley single-family home sales were up again in September with a 14.4% increase in closed units over the same period last year, but median prices were down 8%, according to numbers released from the REALTOR® Association of Pioneer Valley (RAPV). Although median single-family home prices were down overall, they were up in Hampshire and Franklin counties. On average, overall Massachusetts median single-family home prices were also up.
Hampden County had the most number of closed units as it is the most densely populated of the counties that makeup the Pioneer Valley. Because median prices were down in Hampden County, it brought the overall average of median home prices down in the Pioneer Valley as a whole. There were 255 single-family homes sold in Hampden County, whereas there were only 86 and 48 single family homes sold in Hampshire County and Franklin County, respectively.
|County||Sales Increase||Median Prices||Closed Units|
|Hampden||Up 15.9%||Down 9.1%||255|
|Hampshire||Up 3.6%||Up 2.4%||86|
|Franklin||Up 29.8%||Up 9.1%||48|
Single family home sales and median price sales were up in Hampshire County and Franklin County. Hampshire County realized a 3.6% increase in single-family home sales with a 3.6% increase in median home prices. The median home price in Hampshire County was $278,263. In Franklin County, there was a 29.8% increase in single-family home sales with a 9.1% increase in median home prices. The median home price in Franklin County was $180,000.
The Massachusetts Association of REALTORS® also reported that there was a 2.8% increase in single-family home sales throughout the commonwealth―the 15th straight month of year-over-year increases. MAR stated that the 3,580 single-family homes sold in the month of September were the most homes sold in a September since 2006. The median single-family home price in Massachusetts was $294,900, which was down less than 1% from the same time period last year.
An increase in the number of sales is a good indicator that the Pioneer Valley Real Estate market is improving, but a decrease in the inventory of single-family homes and increases in listings put under-agreement are also good indicators.
The market is considered balanced when there is between a 7.5 and 8.5 months of single-family homes being offered for sale, which is the amount of time it would take to sell all of the single-family homes on the market. In September 2011, there was a 9.5 month supply of single-family homes on the market in the Pioneer Valley, according to RAPV. However, in September 2012, there is a 7.9 month supply of single-family homes. A decrease in inventory was also observed throughout the commonwealth. According to MAR, there was a 7.3 month supply of single-family homes on the market, which was down 21% from the same period last year―the largest year-over-year decrease in supply since 2004.
RAPV also reported that single-family homes with accepted offers were also up 4.2% in the Pioneer Valley for the tenth straight month. There was also a 22.2% drop in sales in September when compared with August. Five hundred Pioneer Valley single-family homes sold in August and 389 single family homes sold in September.
The time it takes for a Pioneer Valley single-family home to sell also increased .7% from 135 days in September 2011 to 136 days in September 2012.
Click here for an article regarding Pioneer Valley 3rd quarter sales figures.
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. You can also email me.