Pioneer Valley single-family home sales and median prices rose in May; analysts say rising interest rates likely to spur market

Michael Seward recently sold this home in Belchertown. Call Michael Seward at 413-531-7129 if you plan on buying or selling a home in Belchertown or the surrounding communities.

Single-family home sales and median single-family home prices were up in the Pioneer Valley in May, according to data released by the REALTOR® Association of Pioneer Valley (RAPV).  RAPV reported that single-family home sales were up 1.2% overall with 425 units sold, while median single-family home prices were up 11.6%, when compared to the same period last year.

Here are the numbers by Pioneer Valley County:

County	Sales Change	Median Price Increase	Units Closed
Franklin	Up 30%	6%	39
Hampden	Down 4.8%	7.8%	275
Hampshire	Up 10%	7.6%	111

In Franklin County, single-family home sales were up 30% when compared to the same period last year rising to 39 units sold from 30 units sold during May 2012.  Median single-family home prices also rose from $178,396 to $214,433, for a 6% increase.

Hampden County was the only county in the Pioneer Valley that saw a decrease in the number of single-family home sales.  Sales slid slightly 4.8% from 289 units to 275 units.  However, prices rose 7.8% from $182,190 to $201,836.

Single-family home sales and median single-family home prices rose in Hampshire County when compared to the same period last year.   There were 111 homes sold in Hampshire County, rising from 101 sold in May last year for a 10% increase.  Median single-family home sales rose from $262,475 to $281,931 for a 7.6% increase.

The inventory of Pioneer Valley single-family homes was down 16.2% from 3,092 listings to 2,592.

The average number of days that a single-family home stayed on the market in May rose 5.6% from 144 days last year to 152 days.

As has been reported in numerous publications, and as predicted earlier this year, mortgage interest rates have rose above 4%.  According to a recent article on CSNBC, analysts believe that this will spur the real estate market further as home buyers make the decision to buy a home.

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.