Berkshire Market Watch Report

We have released the historical 2019 3rd Quarter Berkshire County Real Estate Market Watch Report for 2019.  Below is a summary, or link to the PDF full report.  Feel free to share any of the content you’d like!

2019 3rd Quarter Real Estate Market Watch
January – September Sales Comparison

There was a total of approximately $370 million dollars in real estate sales throughout Berkshire County in the first three quarters of 2019, the highest on record since we’ve been tracking.  The number of residential sales also peaked at an all-time high of 1,028 homes sold so far this year.  Since the market low in 2009, the number of sales has continued to improve each year. Multifamily home sales also continued to grow over previous years, up to $19 million dollars in 133 units sold in the first nine months of 2019.  Condo sales remained strong, despite a dip in dollar volume after an extraordinary year in 2018 as a comparison. Land sales have lagged so far this year, down to 2016 rates. The commercial market is stable, also after a banner year in 2018 (note: not all REALTOR assisted commercial transactions are recorded in our data). Overall, sales are strong – buyer demand is high, but the inventory of homes available for sale remains the challenge in the market.

In northern Berkshire, residential and condo sales dipped with a strong multifamily market. In the central area, residential and condo sales showed solid growth from last year at the same time.   In southern Berkshire, the single-family residential market was down slightly, and multifamily & condo sales retracted when compared to exceptionally high sales last year. Otherwise, the sales pace is on target.

Historically, Pittsfield residential sales represent 30% of the Berkshire market.  The Pittsfield residential market has been significantly improving over the past several years, leading to almost no inventory below $300,000 for workforce housing.

  • Strongest Residential Markets YTD:  Alford, Dalton, Hinsdale, Lenox, Pittsfield, Tyringham and Windsor.
  • Strong markets with modest growth so far this year:  Adams, New Ashford, Peru, Windsor, Lee, and New Marlborough. 
Jan-Sep YTD 2013 2014 2015 2016 2017 2018 2019
Residential $204,748,531 $208,924,012 $223,838,334 $251,634,625 $267,099,916 $289,857,831 $294,316,922
Multi-Family $9,921,915 $10,915,250 $8,533,475 $10,017,110 $14,627,345 $14,519,785 $18,934,708
Condominium $21,632,155 $16,759,100 $22,948,400 $16,011,300 $23,927,523 $39,680,275 $33,601,550
Lots/Land $10,697,500 $5,135,050 $6,358,379 $8,730,502 $8,552,150 $13,865,950 $9,669,550
Commercial $11,967,000 $6,775,188 $6,773,400 $10,317,451 $10,040,400 $19,576,500 $13,177,900

Inventory

  • Inventory is down 34% in the last 5 years.
    09/19 = 1,219
    09/18 = 1,225
    09/17 = 1,344
    09/16 = 1,590
    09/15 = 1,772
    09/14 = 1,846
  • In the higher-end price ranges in southern Berkshire, inventory can reach as high as 18 years of absorption.

Infographics by Region

Full PDF Editions: 2019 3rd Quarter Market Watch2019 2nd Quarter Market Watch2019 1st Quarter Market Watch | 2018 Year End Market Watch  | 2017 Year End Market Watch Report | 2016 Year End Market Watch Report | 2015 Year End Market Watch2014 Year End Market Watch | 2013 Year in Review Report | 2012 Year in Review Report| 2011 Year in Review Report