November 2020 Market Watch Reports

For the first time since the beginning of the year, the number of new listings coming on to the market rose slightly compared to the previous year. However, the total number of residential listings currently on the market is still well below last year’s average, down 56% with only 340 active homes available for sale in Berkshire County as of this report date.  Countywide, this represents an inventory rate of 1.4 months absorption. In Berkshire County, we consider inventory below seven months absorption to be a strong sellers’ market.  There is simply not enough homes for sale to satisfy the current buyer demand. Full Residential Report | Full Condo Report

In November of 2020, residential sales under contract were up 45% from the previous year, with 289 homes currently under contract, valued at $122 million dollars. The number of residential homes sold in November continued to rise, up 34% from last November.  This month alone, there were 182 single family home sales valued at $77 million dollars. The median price per home countywide rose to $295,500, up 36% from November of last year. Year-to-date we’re up 19% in the number of sales transacted despite being under heavy COVID-19 restrictions for at least two months. The amount of closed sales volume year to date is $569 million dollars, up from $369 million last year at this time, an increase of more than 54%.

Northern Berkshire

Much like the rest of the County, northern Berkshire had an increase in the number of new listings coming on the market in November, but have a historically low inventory level of only 68 residential single family homes for sale currently on the market as of this report date. Northern Berkshire overall has only 1.4 months of inventory absorption, which represents a strong sellers’ market and not enough inventory to satisfied buyer demand. Pending sales in the past month continued to rise with 61 homes currently under contract. Residential sales also continued to rise this month, with over $14 million in sales, a 24% increase over last year. Northern Berkshire has recorded more than 329 sales year-to-date valued at $83 million dollars. Their median sales price in November of 2020 was $215,250.  Northern Berkshire Report

Central Berkshire

The central Berkshire residential market has the least amount of inventory compared to demand, with only 109 residential homes for sale on the market in November, and 1.1 months of inventory. The buyer demand in the central Berkshire region far exceeds the number of homes currently available for sale. Despite these inventory pressures, pending sales continued to record increases from previous years, up 35% from last year with 135 single family residential home sales currently under contract. This past November there were 87 sales up 19% from 2019, in valued at $27 million, a significant jump from last year. The median sales price in central Berkshire has now risen to $240,000 up from $197,000 last year. Central Berkshire Report

South Berkshire

Inventory the southern Berkshire market is 58% less than the same time last year. With 169 single family homes on the market compared to 399 last year, this is a drastic decrease. Southern Berkshire overall has 1.7 months of inventory, compared to 7.4 last year and double-digit inventory the prior year. Pending sales continue at staggering paces, with 103 residential homes currently under contract up from only 50 at the same time last year. The sales volume has now peaked 311 million dollars in the southern Berkshire market year to date, with 602 close sales, up 50% from last year. The median sales price is now $497,500, up from $324,500.  South Berkshire Report

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