July Real Estate Market Watch Reports

Posted by on in | 344 Views

As we wrap up our July 2020 real estate sales for Berkshire County, we first focus on residential single family homes: Closed sales in July are up 11% countywide compared to last year, with 158 sales reported to the MLS service. Year-to-date sales are on target with last year with 697 sales of homes compared to 700, despite several months of limited market activity in early spring. The dollar volume of home sales has jumped 16% year-to-date compared to last year. There was a 68% jump in July residential sales to $59 million dollars transacted compared to $35 million last year. This appreciation has caused median sale prices to rise by 20% compared to last July – and year-to-date the median price of $231,873.  In home inventory, we continue to lack residential homes available to meet buyer demand. In July, countywide inventory fell to below four months with 511 homes on the market compared to 913 last year; a 44% decrease.  Pending sales going into August are robust with a 22% increase over last July with 248 sales marked as pending in the MLS. (link to full PDF reports)

A trend you should keep your eye on – surging demand is backing up the closing process for lenders, appraisers, inspectors, lawyers and all closing professionals involved in the transaction.  It is critical that REALTORS acknowledge this and maintain high levels of communication with all.  Interest rates are historically low and buyer demand is historically high.  We see that our “back on market” rates are high, over 21 home sales fell through in the past week in Berkshire County.  With multiple offers on properties and a rush-rush-rush mentality, it is wise to caution your clients to carefully consider decisions to make sure the home is a good fit for their needs and be clear about work a home might need (and that the price is based on) so that it is not a surprise during inspection.

Much like the residential market, condo inventory is down to four months of supply at the end of July of 2020. With only 52 condos currently on the market, that is a decrease of 42%.  In 2019, there were 89 units on the market. Our closed sales are up 23% in July of 2020 compared to the same time last year with 16 units transacted valued at over 7.3 million dollars year to date this reflex a very similar market to last year was 59 units transacted but the value of 26.4 million far exceeded our sales rates of 17,000,000 at the same time . Condo of median sales continued to rise with the year-to-date average of $343,339, up from $227,585 last year. Going into August, pending sales are slower, with only 27 pending sales recorded, down from July of last year that recorded 30 pending sales.

Full PDF Editions: 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 Report| 2011 Year in Review Report