May Berkshire Real Estate Market Update

As you know, the real estate market has weathered the pandemic with highs and lows.  We know that members are reporting an unbelievably fast pace, with some homes having more attention, showings and offers than usual.  Other price ranges and locations are more modest in their recovery.  Countywide, we are suffering from a lack of inventory in key price ranges that account for the majority of our market.  In order to make sure you are on top of these trends, we are producing a new, monthly statistical report, in addition to our large quarterly report.  As the highlights below indicate, inventory is TIGHT, down 32% over May of last year. Median listing prices continue to rise with the fast market, yet so far median sales prices are still lower than the previous May, First quarter sales were booming and then as expected, dropped by about 30% when the quarantine hit. Statistically that leaves us only 8% behind last year-to-date and running a little higher with about $132 million in transactions. Going into June, pending sales are way up – by almost 30% and dollar volume pending is up 40%. You ARE busy!  Full report with Month-to Month analysis. What do you think? Let Sandy know if this is helpful!

May 2020 May 2019 + / – YTD 2020 YTD 2019 + / –
Listing Activity
New Listing Count 260 297 -12.5% 719 903 -20.4%
New Listing Volume $110,007,125 $118,356,909 -7.1% $287,200,280 $329,281,378 -12.8%
Active Listing Count 627 925 -32.2% N/A N/A
Active Listing Volume $413,461,518 $524,116,112 -21.1% N/A N/A
Median Listing Price $425,000 $355,000 +19.7% $397,363 $364,419 +9%
Months of Inventory 7 7.4 -5.9% 6.5 10.3 -36.6%
Sales Activity
Pending Sales Count 282 218 +29.4% N/A N/A
Pending Sales Volume $93,697,600 $66,916,395 +40% N/A N/A
Closed Sales Count 84 133 -36.8% 436 474 -8%
Closed Sales Volume $22,927,825 $37,095,750 -38.2% $132,059,875 $129,761,279 +1.8%
Median Sales Price $199,200 $225,000 -11.5% $214,646 $211,274 +1.6%