First quarter home sales & prices up in the Pioneer Valley; sales down in March due to low inventory Reply

Pioneer Valley single-family home sales were up .6% in the first quarter when compared to the same period last year, according to the REALTOR Association of Pioneer Valley.  Median home sale prices also climbed 2.5% in the first quarter.  However, according to MLS PIN data, March saw a 10.3% decrease in single-family home sales, while median single-family home prices rose 1.8% when compared to March.  A lack of inventory continues to slow sales.

Here are the stats by Pioneer Valley county: 

County

   Sales Change +/-

Median Price Change +/-

Closed Units

Franklin

-30.3%

+10.08%

62

Hampden

+7.2%

+7.2%

569

Hampshire

-3.5%

.02%

164

In Franklin County, the number of single-family homes that sold in the first quarter sank from the 89 units that sold during the first quarter of 2013 to 62 closed units.  The median sales price rose from $162,000 to 179,500.  When comparing single-family home sales during the month of March of 2012 and 2013, sales dropped from 32 units sold to 24 units sold, while median sale prices rose from $148,500to $185,000.

Single-family home sales and median home prices in Hampden County were both up 7.2% during the first quarter.  The number of sold units rose from 531 during the first quarter 2012 to 569 in the first quarter 2013.  Median sale prices rose from $146,000 to $156,500, during the first quarter 2012 and first quarter 2013, respectively.    March 2012 and 2013 single-family home sale comparisons show that sales fell from 224 closed units to 200 closed units, while median prices increased slightly from $153,000 to $161,500.

March sales figures by county (Source: MLS PIN)

County

Sale Change +/-

Median Price Change +/-

Closed Units

Franklin

-25%

+24.5%

24

Hampden

-10.7%

+5.5%

200

Hampshire

-3%

-11%

71

Hampshire County single-family home sales dipped during the first quarter from 170 closed units in 2012 to the 164 closed units this year, while median sale prices rose from $229,950 to $230,000.  Look at single-family home sales comparisons of 2012 and 2013, home sales dipped slightly from 73 closed units to 71 closed units.  Median sales prices fell from $253,500 to $225,000 during March 2012 and March 2013, respectively.

A lack of inventory is slowing sales, but is also decreasing the average days on market.  According to RAPV, single-family home inventory dropped 15% in the first quarter when compared with the same period last year, from 2,636 to 2,240 listings.  The average number of days that a home has stayed on the market dropped from 170 days during the first quarter last year to 145 days this year.

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.

 

 

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