2023 1st Quarter Market Watch: January – March Sales Comparison

The total dollar volume transacted during the first quarter of 2023 also fell when compared to last year, down 38% from $123 million to $76 million countywide. This reflects a modestly falling median sale price, 9% down from $303,000 last year to $275,000 this year-to-date.  As of the end of March 2023, there were throughout the month only 434 single family residential homes for sale countywide, 99 multifamily units for sale, 324 land parcels for sale and 67 condos for sale.  This significant lack of inventory of homes for sale continues to impact our sales market.  This has kept it a very competitive buyer’s market, despite interest rate fluctuation and some economic uncertainty.

>> Here is a link to the FULL report 1st Quarter Berkshire County MA Historical Market Watch Report! It’s a great one!  Below, a summary of key questions:

From January 1st through March 31st, residential single family real estate sales transactions reported to the Berkshire County MLS decreased evenly countywide by 30% in the total number of transactions from 280 sales in 2022 compared to only 197 sales so far this year. All markets in Berkshire County, north, middle and south saw declines, with nuances in each market described in more details in this report.

What you need to know At-A-Glance:  Residential, Condo, Multi-Family, Commercial and Land Overall

? Are sales up or down?  310 sales YTD 2023 | 449 2022 1st Quarter

The # number of real estate sales are down overall by 31% compared to 1st quarter 2022

? Is dollar volume up or down?  $118 million transacted YTD 2023 | $166 Million transacted 2022 1st Quarter

The $ dollar volume sold is down overall by 29% compared to 1st quarter 2022

? Are pending transactions up or down? 61 Pending in March, same as February | 109 pending in March 2022

There was zero change in under agreement reports from last month, but – 56% compared to 1st quarter 2022

? Is inventory up or down? On average there were 359 properties active in MLS this year, compared to 433 last

Inventory was down slightly from last month and down 13% compared to 1st quarter 2022

? Are prices up or down? Countywide average in all property types is $381,482, compared to 368,612 in 2022

Average sales prices are up 3% compared to 1st quarter 2022

? Are residential ‘days on market’ up or down? 100 days on Market in 2023 | 108 in 1st quarter 2022

DOMs are down by 7%.

? Are cash sales up or down in residential transactions? 76 cash sales | 124 Conventional | 17 Other in 2023

Cash sales rose in the 1st quarter, with 35% of sales reported as cash, compared to 32% in the 1st quarter 2022

Check out the full market watch report for lots of data, graphs and commentary on the historical sales in the 1st quarter and emerging issues affecting our market!

Full PDF Editions: 2023 1st Quarter Report2022 Year End Market Watch Report | 2021 Year End Market Watch Report | 2020 Year End Market Watch Report | 2019 Year End Market Watch Report | 2018 Year End Market Watch  | 2017 Year End Market Watch Report | 2016 Year End Market Watch Report | 2015 Year End Market Watch | 2014 Year End Market Watch | 2013 Year in Review Report | 2012 Year in Review Report2011 Year in Review Report