December 2020 Market Watch

Residential Sales: Berkshire County MA as of December 2020:  The number of new listings coming on to the market rose slightly compared to December of last year. However, the total number of listings currently on the market is still well below last year’s average, down 59% with only 261 active homes available for sale in Berkshire County as of this report date.  Countywide, this represents an inventory rate of 1.4 months absorption. In Berkshire County, we consider inventory below seven months absorption to be a strong sellers’ market.  There is simply not enough homes for sale to satisfy the current buyer demand. Full Residential Report | Full Condo Report

In December of 2020, residential sales under contract were up 30% from the previous year, with 200 homes currently under contract, valued at $91 million dollars. The number of residential homes sold in December continued to rise, up 44% from last year.  In December 2020, there were 176 single family home sales valued at $78 million dollars, compared to 122 sales last December valued at $48 million dollars. The median price per home countywide rose to $280,500, up 24% from December of last year. Year-to-date residential sales 1,733 are up 21% from 1,429 despite being under heavy COVID-19 restrictions for at least two months. The amount of closed sales volume year to date is $648 million dollars, up from $404 million last year at this time, an increase of more than 59%.

In our year end assessment coming soon, we will study price ranges and historical averages to get a better picture of COVID and inventory levels. For example, typically we record on average 25 sales over one million dollars each year in Berkshire County.  In 2020, there were 76 sales over one million dollars. We will also use that assessment to dig deeper into historical land sales, note that there are now more parcels on the market in Berkshire County than there are homes for sale; and we will also analysis multifamily, condo and commercial in more depth.

Northern Berkshire

Northern Berkshire continues to record historically low inventory levels, with only 49 residential single family homes for sale currently on the market as of this report date. Northern Berkshire overall has only 1.1 months of inventory absorption, which represents a strong sellers’ market and not enough inventory to satisfied buyer demand. Pending sales in the past month continued to rise with 49 homes currently under contract. Residential sales also continued to rise this month, with over $13 million in sales, a 61% increase over last year. Northern Berkshire has recorded more than 364 sales year-to-date valued at $93 million dollars. Their median sales price in December of 2020 was $181,750.  Northern Berkshire Report

Central Berkshire

The central Berkshire residential market has the least amount of inventory compared to demand, with only 85 residential homes for sale on the market in December, and 1 month of inventory. The buyer demand in the central Berkshire region far exceeds the number of homes currently available for sale. Despite these inventory pressures, pending sales continued to record increases from previous years, up 32% from last year with 95 single family residential home sales currently under contract. This December there were 80 sales up 43% from 56 sales in December of 2019. Residential sales were valued at $23 million dollars this year, a 67% jump from last year when we recorded $13 million in sales. The median sales price in central Berkshire has now risen to $234,781 in December, up 17% from 2019. Central Berkshire Report

South Berkshire

Inventory the southern Berkshire market is 61% less than the same time last year. With 130 single family homes on the market compared to 332 last year, this is a drastic decrease. Southern Berkshire overall has 2.2 months of inventory, compared to 9.8 last year and double-digit inventory the prior year. Pending sales continue at staggering paces, with 64 residential homes currently under contract up from only 47 at the same time last year. December sales were double that of December of 2019, leading to huge gains by year end.  The sales volume of residential homes exceeded $352 million dollars in the southern Berkshire market year to date, with 674 close sales, up from 438 sales (+54%) valued at $179 million last year (+96%). The median sales price in December was $475,000, up from $315,000.  South Berkshire Report

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