Thank goodness the dreary weather is behind us and we’re cruising into a busy spring market. We’re asking all REALTORS to report sales, pendings and market status updates as soon as possible so that our 1st quarter market watch report is as fresh and accurate as possible. The report will be released at the end of April.
How are we looking so far?
Sales are strong, listings are coming in very good clip and we still are under inventory from the previous year so we’re looking forward to a busy and active spring market in Berkshire County.
- In the first quarter of this year residential sales jumped to $65 million transacted, up over 36% from last year at the same time (47.6 million sales in Q-1 2013) . The number sold increased a modest 6% percent, from 183 transactions up to 195 (corrected from 295) for the first quarter of 2014. All parts of the county saw improvement in the sold volume this year, with Northern Berkshire running a modest 6% increase Central Berkshire volume was up 30% for a total of $18 million transacted and Southern Berkshire is up 45% which is an increase from 28.6 million last year to 41.5 this year.
- The multifamily housing market of Northern Berkshire sales have been chart toppers. The total sold volume was up 99% jumping from $493,000 in the first quarter of last year up to almost $1 million this year. Northern Berkshire transactions also over doubled from six transactions last year to 13 multifamily sales in the first quarter of this year. Central Berkshire sales were not as strong as last year, down three units from the previous year and down $200,000 which equates to an 11% decrease in multifamily sales for the first quarter.
- Land sales are also moving at a modest rate and are up from 16 sales last year 27 sales so far this year. land sales are primarily in the Southern Berkshire marketplace, with 16 of the 27th sales.
- Condo sales in northern and Central Berkshire are not as strong for the first quarter of 2014 but Southern Berkshire is showing gains in Condo sales up from 2.8 million transacted last year to 3.4 million transacted this year.
Looking at the entire Berkshire County market, sales were up in the first quarter rising from 247 in 2013 to 271 in 2014. This represents 10% increase in the number of sales. The total sold the dollar volume is up 25% over the previous quarter from $60.3 million to $75.5 million transacted. The median sales price is remaining consistent and the number if days a property is on market are getting shorter.