August Market Watch

The market continues to be dominated by the lack of inventory of residential homes for sale. There is currently 2.9 months of inventory, or the amount of time it would take to sell all homes currently on the market at the current sales pace.  The number of new listings in August of this year compared to last year decreased by 24% and our active listing count is 30% lower than at the same time last year. This is resulted in the slowing of our booming sales market. Year-to-date, our sales have topped $393 million in residential transactions with 924 homes sold. While the dollar volume of the transactions rose this year by 27%, the number home sold decreased by 2% compared to last year. Despite slower sales, our median sales prices continued to rise, up 1% in the month of August and overall of 18% from last year. Pending sales going into September are down compared to the previous year although the dollar volume of those homes that are currently under agreement exceeded last year’s rates. Full Residential Report

Metrics August 2021 August 2020 + / – YTD 2021 YTD 2020 + / –
Active Listing Count 400 566 -29.3% N/A N/A  
Active Listing Volume $329,321,946 $390,328,778 -15.6% N/A N/A  
Median Listing Price $489,500 $445,000 +10% $499,696 $390,049 +28.1%
Months of Inventory 2.9 2.9 -1.9% 2.7 5.4 -50.8%
Pending Sales Count 261 353 -26.1% N/A N/A  
Pending Sales Volume $117,474,986 $146,930,954 -20% N/A N/A  
Closed Sales Count 132 214 -38.3% 924 944 -2.1%
Closed Sales Volume $55,518,498 $74,835,750 -25.8% $392,614,203 $310,400,570 +26.5%
Median Sales Price $283,750 $280,000 +1.3% $297,586 $251,308 +18.4%

The inventory of condos for sale is also very low countywide, with only 2.1 months of inventory available currently. We did have more new units come on the market in August compared to last year, which helped somewhat with our demand, but the market is still very hot. Sales of condos in August were much higher than last year, with over $7.5 million transacted and 19 sales.  The number of condo sales year-to-date rose 26% over last year and the dollar volume of condo sales was at $32.8 million, up 16% from the same time last year. This market is a resource for those who are looking in the residential market but unable to find housing stock to meet their needs. It’s also a lower maintenance option that appeals to many. Full Condo Report

The significance of housing shortage in all sectors is continuing to put pressure on real estate sales in the Berkshires, as well as our economic and community vitality.  It will take a multifaceted approach to address greater housing demand. Strategies must include improving existing housing stock, developing senior housing options, incentivizing smart development and growth, addressing underused housing, among many other initiatives. Housing professionals, investors and developers in all sectors are working to create a vision for moving the county forward to address this critical community issue.