May Market Update Summary

Have you seen the new historical statistics that can be run at a click of a button in FlexMLS? They are great!  Here is our version of the Berkshire County New Report: Residential Summary for May 2023, (feel free to share!) but if you want to create your own, you can build them based on your own search criteria – only want a specific town or registry region? No problem! A different property type? Sure can!  Log into FlexMLS and simply go to Market Summary or Market Trends under Statistics.  We will continue to release this monthly report for the whole county, but you can run one anytime!  Here is a quick highlight:

While the Berkshire County median residential list price jumped considerably over May of last year from $449,000 to $549,900, year-to-date that is only a 7% increase to $399,900 January – May. Sale prices have also increased when comparing May of this year to last, but year-to-date dropped to $290,000 countywide from a high of $315,500 in May of 2022. The number of days it takes to sell a listing is very close to the same timeframe as last year, with only a few days difference on average.

The number of residential sales in May of 2023 fell 22% compared to the same time last year, with only 76 sales compared to 97.  Cumulatively year to date sales fell 29% with 136 less homes sold so far this year than last year, for a total of 462 transactions in 2022 compared to 326 this year to date.  Pending sales going into June are down 11%, tracking at a total of 96 pending transactions countrywide compared to 108 last year.

The number of active listings on the market are down 6%, with 219 residential homes on the market compared to 233 last year. It is significant to note 61 of those homes are over $1,000,000 in price range, representing 28% of the homes for sale market. The most residential active inventory is between $300,000 in $600,000 with 77 homes on the market or 36% of the market. The residential market under $300,000 only has 20% of the market share with 45 homes on the market countywide. This popular price range for local buyers is cause for concern related to housing our workforce.

Check out the full report to find historical data to compare to! New Report: Residential Summary for May 2023