Median single-family home prices up in the Pioneer Valley, sales dip less than 1% overall. Reply

Single-family home sales dipped slightly, while median sale prices were up in the Pioneer Valley in the month of February, according to the REALTOR® Association of Pioneer Valley.   There were two less sales than in February of 2012 for a .9% decrease, but median prices jumped 7.1% ―rising from $167,537 to $185, 879 in 2012 and 2013, respectively. 

Here are the February 2013 Pioneer Valley single-family home sale data by county:

County

Sales Change

Median Price Change

Closed Units

Franklin

Down 32.2%

Down 4.4%

21

Hampden

Up 2.6%

Up 17.4%

160

Hampshire

Up 11.1%

Up 7.6%

40

Hampshire County saw the largest increase in February sales, which rose to 40 closed units from 36 closed units during the same period last year.   Median prices were also up 7.6% to $242,000.  The median sale price for a single-family home was $225 in February 2012.

Four more units sold during the month of February this year than during the same period last year in Hampden County, as well.  However, the increase from 156 units to 160 units accounted for only a 2.6% increase as the southern-most county of the Pioneer Valley is also the most populated.  Hampden County also boasted the largest increase in median single-family home prices in February, which rose to $158,450 from $135,000.

Franklin County saw 10 less single-family homes sold during the month of February when compared to the same period last year, decreasing to 21 closed units from 31.  Median single family home prices declined to $175,000 in 2013 from $183,000 in 2012.

Although sales dipped slightly, this could be due to the fact that single-family inventory is down.  RAPV also claimed that February 2013 single-family home inventory was down 10.6%, from 2,417 listings at the end of February 2012 to 2,161 listings at the end of February 2013.  Further, there was a 9.8 month supply at the current rate of sale.  A 7.5 to 8.5 month supply of listings in considered a healthy market.

According to FreddieMac.com, 30 year mortgage interest rates were down at the end of February 2013 when compared with the same period last year at 3.51% from 3.95%.  However, as I have written about before, economists have forecasted that interest rates will rise to 4% this year.

If you are planning on buying a home in the Pioneer Valley, make your first call to Michael Seward at 413-531-7129 or email michael.seward@comcast.net.  I have been representing Pioneer Valley home buyers and home sellers for 10 years.

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