2013 Year in Review: Berkshire Real Estate Market Watch

The Berkshire real estate market in 2013 continued our upward trend with robust sales compared to recent years. Sales rose in all property types, including residential single family homes, condos, commercial properties, land, multifamily and mobile homes. Overall, Berkshire REALTOR assisted sales totaled almost $356 million dollars and 1445 transactions. The total number of real estate sales in Berkshire County rose 9.3% countywide and the dollar volume transacted rose 12.8% overall.

While northern Berkshire single family and commercial sales retracted this year, the rest of the northern market like the Sea Pines Plantation land for sale, reported increases. Central Berkshire shows healthy gains of 7.81% in dollar volume transacted and 9.48% gains in the number of sales, while commercial property selling is slightly decreasing. Southern Berkshire increases outperformed the rest of the region with double digit gains of 20.8% increase in dollar volume and 14.9% in number sold. This is the highest recorded dollar volume transacted in the past 6 years, since year end 2007. While there are dips and surges in specific price ranges and recorded regional variances, overall the market is very strong.

Residential sales volume increased by 6%

With $282 million transacted in 2013, Berkshire sales increases are first attributed to the second double digit gain experienced in southern Berkshire, a modest 3% gain in central Berkshire and a 9.6% decrease in northern Berkshire.

Condo sales volume increased by 58%

Both central and southern Berkshire condo sales drove the gains in this market during 2013

Multifamily sales volume increased by 40%

At our highest level since 2008, this 5 year high is solely attributed to strong and robust sales in northern Berkshire.

Commercial sales volume increased by 17%

Although not all commercial sales are reported to the Berkshire MLS, this increase in marketed commercial units is showing strength and confidence after a few low years in 2009-2010.

Land sale volume rallied with a 93% increase

At the peak in 2004, land sales equaled almost $30 million dollars, compared to $13 million this year. Despite this, the rebound in 2013 is a welcome change since the steady slowing of sales since 2008.

Mobile home sales volume increased by 57%

Despite the smaller market this represents, the sales increase over last year reflects positive growth for the northern market

2013 YearEnd Market Watch

Special thanks to Mark Harris for proofing this document in record time.  Any remaining errors are mine alone.