We have fantastic news to report in January and February sales for all parts of Berkshire county. Inventory is down, sales are up and dollar volume transacted compared to last year is through the roof. Overall, inventory down at 13% for the first part of 2016 compared to last year at the same time. We have currently 1249 listings active on the market compared to 1440 last year. Inventory is down in all parts of the county, with the smallest change in Northern Berkshire which is only down 3%; central Berkshire down 12% and Southern Berkshire down 17% in inventory.
Our sales figures are up considerably in all parts of the region, with great increases across the board. Northern Berkshire sales have increased by 20% over the same time last year; Central Berkshire show a 33% increase; and Southern Berkshire a whopping 42% increase in sales for the first two months of the year compared to last year.
Sold volume is out of the park as well, with huge leaps in all parts of the region up from $25.9 million transacted in 2015 to $40.9 million in 2016, which is an overall countywide increase of 57%.
Median sale prices continue to rise but it is at a slower pace, with a 12% increase countywide.
As expected with the financing changes, the closing process is taking longer this year. Last year our average days from Listing to closing was 179 and this year that figure has increased to 229 days reflecting a 27% increase. This extra time allows the banks and lending institutions to comply with new federal disclosure requirements.
Overall this excellent start to the year is a hopeful sign for a very robust market coming in the spring and points to positive gains in the year ahead.