Current: 2015 Year End Market Watch
After a slow start to 2015 with sales slowed by heavy snow, the remainder of the 2015 real estate market was robust. By the end of 2015, sales transactions showed gains in the total number of sales transacted up +12%, as well as gains in the dollar volume sold up +11%. All property types showed stable sales rates from 2014. All parts of the country showed overall increases in sales as well. While there were some parts that outperformed others, as the full report will show, overall it was a very positive year for real estate sales in the Berkshires.
THE FULL MARKET REPORT: Residential, Condo, Multi, Commercial, Land and Mobile Homes
- All parts of the region transacted HIGHER dollar volume, with Northern Berkshire showing the overall greatest increase over last year.
- All parts of the region transacted MORE sales, with Northern Berkshire leading that statistic as well.
- Residential, Condo, Commercial, and Land markets all showed improvement over last year.
- Multi-family sales and mobile home sales were the same countywide as last year.
RESIDENTIAL REPORT
For single family residential homes, the market overall rose almost 9% in Berkshire County. Sales surged in northern Berkshire, with large gains in both the total number of homes sold and the dollar volume of the transactions – their best year since 2005.
The Central region was also markedly better than the previous years, where they had the highest dollar volume since 2007 and the most transactions since 2004. While southern Berkshire ticked up just a hair over last year, it was still a strong year, having recorded the most transactions since 2005 and the highest dollar volume since 2007.
CONDO REPORT
Condominium sales got the boost they needed in 2015, with double digit increases in all regions of the county. Southern Berkshire is by far the largest market for condo sales, and there they rose 59% in the number sold, with 73 units and $22.6 million in sales, up 62% from the previous year. Northern Berkshire also reported strong gains with over 40% in both the dollar volume and number sold. Central county maintained their initial gains early in the year to end up with a 10% gain in sales and 31% gain in the number sold.
MULTIFAMILY REPORT
Overall the multifamily sales remained the same as 2014 rates, but notably after two years of extreme gains in Northern Berkshire, sales slowed by -38% in dollar volume and -30% in sales. The central Berkshire market, primarily in Pittsfield, recorded its fifth consecutive increase in multi-family sales. South County reported gains of over 20% in both the number sold and the dollar volume transacted.
LAND REPORT
The struggling land market has overall reported a healthy increase in sales in Northern and Central Berkshire, but still had yet to come close to the peak of the market. While this year marks 98 parcels transferred, the peak of our market in the early 2000’s recorded well over 200 land sales in a year. Northern Berkshire sales show the most improvement, while the number of sale occurred primarily in southern Berkshire.
COMMERCIAL REPORT
Central and northern Berkshire commercial transactions rose over 2014 rates, with a slight lag in Southern Berkshire.
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | |
| Residential | ||||||
| $ Sold | $242,268,780 | $211,933,116 | $265,866,058 | $282,433,231 | $284,764,994 | $309,574,045 |
| # Sold | 876 | 828 | 1024 | 1083 | 1068 | 1185 |
| MultiFamily | ||||||
| $ Sold | $11,111,000 | $9,995,379 | $9,955,518 | $13,898,870 | $13,993,200 | $13,738,980 |
| # Sold | 92 | 88 | 92 | 100 | 108 | 108 |
| Condominium | ||||||
| $ Sold | $16,380,586 | $20,552,400 | $19,235,675 | $30,326,555 | $22,470,888 | $32,659,300 |
| # Sold | 71 | 61 | 83 | 110 | 85 | 125 |
| Lots/Land | ||||||
| $ Sold | $11,032,551 | $8,788,650 | $6,750,700 | $13,037,900 | $8,089,250 | $9,537,678 |
| # Sold | 87 | 74 | 54 | 92 | 86 | 98 |
| Commercial | ||||||
| $ Sold | $4,647,501 | $11,032,500 | $13,065,893 | $15,289,000 | $7,237,188 | $7,523,400 |
| # Sold | 17 | 25 | 42 | 32 | 25 | 29 |
| Mobile Home | ||||||
| $ Sold | $470,817 | $1,137,700 | $673,250 | $1,056,400 | $996,200 | $983,000 |
| # Sold | 22 | 35 | 27 | 28 | 31 | 31 |
| Total $ Sold | $285,911,235 | $263,439,745 | $315,547,094 | $356,041,956 | $337,551,719 | $374,016,402 |
| Total # Sold | 1165 | 1111 | 1322 | 1445 | 1403 | 1576 |
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Past Editions: | 2014 Year End Market Watch | 2013 Year in Review Report | 2012 Year in Review Report| 2011 Year in Review Report