1st Quarter 2017
1st Quarter 2017
Berkshire County MA - Nestled in the beautiful hills of western Massachusetts – Where art and nature come to play
This report was written by Sandra J. Carroll, Chief Executive Officer. Information believed to be accurate, but is not warranted. Data and statistics pulled from the REALTOR’S® MLS database of properties listed for sale and sold through the services of a real estate firm holding membership. Statistics account for REALTOR® assisted sales and transfers in Berkshire County, Massachusetts. Berkshire REALTOR Members are encouraged to share this information with clients and customers to promote awareness of market trends and foster informed decisions. © Berkshire County Board of REALTORS Multiple Listing Service, Inc. (MLS) Phone: (413) 442-8049 | 99 West St, Suite 200, Pittsfield, MA 01201 | AtHomeInTheBerkshires.com | BerkshireRealtors.net
Strongest Residential Markets YTD
Adams, Lanesboro, Pittsfield, Richmond, Lenox, Lee, Great Barrington, Otis, Sheffield, and West Stockbridge
2017 1 Quarter Market Watch January – March Sales Comparison st
First quarter sales reflect positive market momentum. The dollar volume of real estate sales is up 3% and the number of transactions sold up over 9%. The number of residential homes, land parcels, condos and commercial properties sold in the first quarter rose compared to sales last year. The multi-family market was stable with the same number of sales as last year. The first quarter of 2016 was very robust, so the growth in 2017 continues a strong upward trend.
HISTORICAL BERKSHIRE COUNTY 1ST QUARTER SALES: # of ALL TRANSACTIONS 350 300
277
250
232 166
200
182
206
244
244
311
284
265 219
150 100 50 0
The number of residential sales rose in all regions. Northern Berkshire had 42 home sales, up from 41. Central Berkshire had 103 home sales, up from 93 Southern Berkshire had 87 homes sales, up from 81.
2016 st
1 Quarter
$ Sold
2017 # Sold
$ Sold
# Sold
North
$8,291,242
59
$7,746,840
59
Central
$23,033,810
121
$25,039,547
139
The dollar volume transacted also showed positive gain, with South $34,020,297 104 $34,567,512 113 sales topping $67 million in the first quarter. In the residential Grand Total $65,345,349 284 $67,353,899 311 market, there were 232 sales of $55 million, the highest number of homes sold in the 1st quarter for the past 20 years tracked. The dollar volume of single family home sales fell 6% from the previous quarter even though sales hit record highs and were up 2% over last year. Condo and commercial sales have the largest increases in dollar volume sold. 1st Quarter
2011
2012
2013
2014
2015
2016
2017
Residential
$46,885,727
$46,306,987
$47,673,452
$65,199,400
$39,896,417
$55,714,339
$54,694,605
Multi-Family
$1,746,030
$2,111,300
$2,088,000
$2,654,450
$2,357,700
$2,621,610
$2,689,294
Lots/Land
$2,584,000
$1,929,000
$1,843,000
$2,314,300
$1,854,275
$1,921,650
$1,541,300
Condominium
$1,718,000
$2,780,075
$5,598,500
$4,799,000
$2,068,400
$2,368,500
$3,715,300
Commercial
$2,245,000
$1,735,900
$3,019,000
$450,000
$1,255,000
$2,719,250
$4,713,400
Grand Total
$55,178,757
$54,863,262
$60,221,952
$75,417,150
$47,431,792
$65,345,349
$67,353,899
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 1
Hot Berkshire Residential Markets: 1st Quarter 2017 Northern Berkshire Adams Clarksburg Florida North Adams Savoy Williamstown Central Berkshire Cheshire Dalton Hancock Hinsdale Lanesboro Peru Pittsfield Richmond Washington Windsor South Berkshire Alford Becket Egremont Great Barrington Lee Lenox Monterey Mt Washington New Marlborough Otis Sandisfield Sheffield Stockbridge Tyringham West Stockbridge Grand Total
1st Qrt 2016 $ Sold # Sold $6,497,992 41 $1,014,000 9 $452,500 4 $215,000 1 $1,805,950 19 $328,000 1 $2,682,542 7 $19,387,950 93 $777,000 4 $1,653,100 10 No sales 0 $694,400 3 $691,500 5 $474,000 2 $12,227,500 60 $1,803,000 5 $267,450 1 $800,000 3 $29,828,397 81 $1,650,000 2 $3,694,709 13 $1,157,838 4 $6,067,000 17 $1,415,000 6 $687,750 2 $1,708,000 4 $67,500 1 $2,117,900 7 $210,000 1 $1,746,500 4 $1,537,000 8 $5,829,200 7 $545,000 2 $1,395,000 3 $55,714,339 215
1st Qtr 2017 $ Sold # Sold $5,477,940 42 $2,402,400 18 $270,000 2 No sales 0 $1,386,600 15 No sales 0 $1,418,940 7 $19,329,097 103 $389,200 3 $1,523,350 8 $169,600 1 $531,500 3 $1,298,900 6 $157,000 1 $13,151,047 75 $1,918,500 5 No sales 0 $190,000 1 $29,887,568 87 $575,000 1 $2,684,900 11 $1,434,000 5 $3,444,600 10 $2,286,900 7 $4,924,000 13 $1,916,118 4 No sales 0 $730,150 4 $868,000 5 $507,500 2 $5,029,000 12 $1,561,900 6 No sales 0 $3,925,500 7 $54,694,605 232
Most Improved • • • • • •
Adams Lanesboro Great Barrington Lenox Sheffield West Stockbridge
Inventory • •
•
•
Inventory is 20% lower than last year. With existing sales rates, there is countywide 7 months of absorption (inventory to meet current demand) In some price ranges, inventory is as low as 3 months. In the higher end price range in southern Berkshire, inventory can reach 14 years.
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 2
RESIDENTIAL PRICE RANGE REPORT
Absorption is the number of months it would take to exhaust all current inventory based on the sales rate in the first quarter. Inventory levels continue to drop from last year at the same time. Some price ranges in central Berkshire only have 3 months of inventory to satisfy buyer demand. Anything below 7 months of inventory traditionally shifts to a sellerfavored market. Markets with less than 4 months of inventory are considered in critical inventory deficit.
Price Class
Months of Absorption
Sold YTD
Active
Pending
Months of Absorption
Sold YTD
Active
Pending
Months of Absorption
South
Pending
Central
Active
North Sold YTD
1st Quarter
$0-$99K
16
24
11
5
12
18
12
5
6
12
3
6
$100K -$149K
14
22
10
5
29
36
10
4
3
14
3
14
$150K -$199K
5
15
9
9
29
33
21
3
10
19
8
6
$200K -$249K
4
9
3
7
16
25
9
5
12
27
8
7
$250K -$299K
0
8
6
**
7
22
8
9
14
50
13
11
$300K -$349K
1
5
1
15
2
9
5
14
10
30
9
9
$350K -$399K
1
2
0
6
4
11
3
8
11
34
7
9
$400K -$449K
0
3
1
**
0
10
0
**
4
19
2
14
$450K -$499K
1
5
0
15
2
6
1
9
5
23
6
14
$500K -$749K
0
9
1
**
1
26
2
78
10
57
11
17
$750K -$999K
0
4
0
**
1
8
1
24
0
48
4
**
$1M -$1.99M
0
7
0
**
0
10
0
**
1
58
1
174
$2,M -$2.99M
0
3
0
**
0
2
0
**
1
17
1
51
$3M -$4.99M
0
0
0
**
0
2
0
**
0
10
0
**
$5M +
0
0
0
**
0
0
0
**
0
2
0
**
2017 1st Quarter
42
116
42
8
103
218
72
6
87
420
76
14
2016 1st Quarter
41
153
41
11
93
267
107
9
81
524
68
19
** Not enough sales to calculate Absorption Rate
RESDIENTIAL SALES PRICES BY STATUS North
Central
South
2016 Qrt 1
Sold $
Active $
Pend $
Sold $
Active $
Pend $
Sold $
Active $
Pend $
Avg
$130,427
$387,411
$172,305
$187,661
$402,284
$212,145
$343,535
$771,126
$409,972
Median
$116,900
$193,900
$58,900
$169,600
$249,900
$150,000
$298,000
$475,000
$579,000
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 3
Strong sales numbers, high dollar volume and rising selling price
1st Quarter North # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Central # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg South # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Total # Sold Total % Chg # Total $ Sold Total % Chg $ Total Avg $ Total % Chg Avg
RESIDENTIAL REPORT
Residential (single family) home sales rose 8% countywide, with the biggest gain in Central Berkshire of 11%. Sales volume fell slightly, 2% countywide, which was due to decreases in northern Berkshire. Remarkably, central and southern sales volumes were the same as the last year – this level market for volume with increases in units sold results in the decreasing average selling price. 2012
2013
2014
2015
2016
2017
38 41% $6,315,512 12% $166,198 -20%
28 -26% $5,205,982 -18% $185,928 12%
33 18% $5,558,200 7% $168,430 -9%
33 0% $6,741,250 21% $204,280 21%
41 24% $6,497,992 -4% $158,488 -22%
42 2% $5,477,940 -16% $130,427 -18%
86 84 82 81 93 103 32% -2% -2% -1% 15% 11% $16,540,625 $13,831,620 $18,064,400 $14,012,192 $19,387,950 $19,329,097 15% -16% 31% -22% 38% 0% $192,333 $164,662 $220,298 $172,990 $208,473 $187,661 -13% -14% 34% -21% 21% -10% 58 71 80 54 81 87 -12% 22% 13% -33% 50% 7% $23,450,850 $28,635,850 $41,576,800 $19,142,975 $29,828,397 $29,887,568 -13% 22% 45% -54% 56% 0% $404,325 $403,322 $519,710 $354,500 $368,252 $343,535 -1% 0% 29% -32% 4% -7% 182 183 195 168 215 232 15% 1% 7% -14% 28% 8% $46,306,987 $47,673,452 $65,199,400 $39,896,417 $55,714,339 $54,694,605 -1% 3% 37% -39% 40% -2% $254,434 $260,511 $334,356 $237,479 $259,136 $235,753 -14% 2% 28% -29% 9% -9%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 4
CONDO REPORT
In the first quarter of 2016, condo sales in northern Berkshire were very active but central and southern regions of Berkshire lagged 2015 sales rates. In 2017, it is the opposite, with North County condo sales slowing and central and southern Berkshire sales showing huge improvements. Overall the condo market is very small, with only 17 sales in all of Berkshire for the first three months of the year, but that does represent a 55% increase in the number sold and 57% increase in the dollar volume transacted. 1st Quarter North # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Central # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg South # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Total # Sold Total % Chg # Total $ Sold Total % Chg $ Total Avg $ Total % Chg Avg
Condo sales rising in 1st Quarter
2012
2013
2014
2015
2016
2017
4 100% $538,500 104% $134,625 2%
4 0% $888,000 65% $222,000 65%
0
1 100% $109,400 100% $109,400 100%
3 200% $525,000 380% $175,000 60%
1 -67% $40,000 -92% $40,000 -77%
5 -17% $904,000 -32% $180,800 -18%
4 9 -20% 125% $961,500 $2,168,300 6% 126% $240,375 $240,922 33% 0%
8 7 10 5 167% -13% 43% -50% $1,955,125 $2,882,500 $3,479,200 $1,055,000 95% 47% 21% -70% $244,391 $411,786 $347,920 $211,000 -27% 68% -16% -39% 14 18 16 11 100% 29% -11% -31% $2,780,075 $5,598,500 $4,799,000 $2,068,400 62% 101% -14% -57% $198,577 $311,028 $299,938 $188,036 -19% 57% -4% -37%
4 7 -20% 75% $882,000 $1,507,000 -16% 71% $220,500 $215,286 5% -2% 11 17 0% 55% $2,368,500 $3,715,300 15% 57% $215,318 $218,547 15% 1%
0 0
2 7 6 0% 250% -14% $286,450 $1,828,000 $1,319,800 -36% 538% -28% $143,225 $261,143 $219,967 -36% 82% -16%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 5
Multi-family sales same as 1st Quarter 2016
1st Quarter North # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Central # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg South # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Total # Sold Total % Chg # Total $ Sold Total % Chg $ Total Avg $ Total % Chg Avg
2012 7 600% $522,500 771% $74,643 24%
MULTIFAMILY REPORT
Overall, the first quarter multifamily sales rates were very similar to 2016. With the exact same number of transactions and a mere 3% increase in dollar volume transacted (from $2.62 million to $2.69) the market appears to be level and holding. South county did report a spike in the sale price of the multi-family units in that region.
2013 6 -14% $493,400 -6% $82,233 10%
2014 13 117% $985,950 100% $75,842 -8%
2015 7 -46% $583,400 -41% $83,343 10%
2016 8 14% $557,600 -4% $69,700 -16%
2017 9 13% $621,900 12% $69,100 -1%
16 13 10 12 18 17 60% -19% -23% 20% 50% -6% $1,431,300 $1,400,600 $1,236,000 $1,494,300 $1,795,110 $1,602,950 44% -2% -12% 21% 20% -11% $89,456 $107,738 $123,600 $124,525 $99,728 $94,291 -10% 20% 15% 1% -20% -5% 1 -67% $157,500 -77% $157,500 -31% 24 71% $2,111,300 21% $87,971 -29%
1 0% $194,000 23% $194,000 23% 20 -17% $2,088,000 -1% $104,400 19%
3 200% $432,500 123% $144,167 -26% 26 30% $2,654,450 27% $102,094 -2%
1 -67% $280,000 -35% $280,000 94% 20 -23% $2,357,700 -11% $117,885 15%
2 100% $268,900 -4% $134,450 -52% 28 40% $2,621,610 11% $93,629 -21%
2 0% $464,444 73% $232,222 73% 28 0% $2,689,294 3% $96,046 3%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 6
Land sales climb past previous 3 years
1st Quarter North # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Central # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg South # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Total # Sold Total % Chg # Total $ Sold Total % Chg $ Total Avg $ Total % Chg Avg
2012
LAND REPORT
Land sales for the 1st quarter of 2016 were higher than last year, but could hardly be called robust. Southern Berkshire shows the highest gains and the majority of sales, with 1.4 million transacted in 12 parcel sales. With 19 sales countywide, overall sales activity is higher than the previous 4 years, but with an average of 48 sales in the first quarter of 2002-2005, the market is considerably lower than our peak. With inventory retracting, we can hope that building may begin and land sales increase.
2013
2014
2015
2016
2017
3 50% $128,500 -62% $42,833 -75%
3 0% $141,500 10% $47,167 10%
6 100% $344,900 144% $57,483 22%
4 -33% $202,500 -41% $50,625 -12%
5 25% $252,650 25% $50,530 0%
4 -20% $287,000 14% $71,750 42%
7 600% $409,000 582% $58,429 -3%
2 -71% $130,000 -68% $65,000 11%
5 150% $579,500 346% $115,900 78%
7 40% $294,500 -49% $42,071 -64%
2 -71% $198,000 -33% $99,000 135%
5 150% $234,300 18% $46,860 -53%
8 11 16 5 13 12 -58% 38% 45% -69% 160% -8% $1,391,500 $1,571,500 $1,389,900 $1,357,275 $1,471,000 $1,020,000 -36% 13% -12% -2% 8% -31% $173,938 $142,864 $86,869 $271,455 $113,154 $85,000 51% -18% -39% 212% -58% -25% 18 16 27 16 20 21 -18% -11% 69% -41% 25% 5% $1,929,000 $1,843,000 $2,314,300 $1,854,275 $1,921,650 $1,541,300 -25% -4% 26% -20% 4% -20% $107,167 $115,188 $85,715 $115,892 $96,083 $73,395 -9% 7% -26% 35% -17% -24%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 7
COMMERCIAL REPORT
.
Commercial sales show steady growth since 2014
Commercial sales, while small in number, showed great improvement in the 1st quarter of the year in 2017 over past years and indicate a strengthening market overall. The number of sales increased by 30% and the dollar volume up 73% to $4.7 million in sales so far this year. Please note: Not all Berkshire REALTOR assisted commercial sales are included in the MLS database.
1st Quarter North # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Central # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg South # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Total # Sold Total % Chg # Total $ Sold Total % Chg $ Total Avg $ Total % Chg Avg
2012
2013
2014
2015
2016
1 0% $145,000 142% $145,000 142%
3 200% $354,000 144% $118,000 -19%
0
1
0
$225,000
0
$225,000
1 0% $157,000 -58% $157,000 -58%
2 100% $850,000 441% $425,000 171%
0
2
0
$455,000
0
$227,500
4 2 1 33% -50% -50% $1,433,900 $1,815,000 $450,000 -21% 27% -75% $358,475 $907,500 $450,000 -41% 153% -50% 6 7 1 20% 17% -86% $1,735,900 $3,019,000 $450,000 -23% 74% -85% $289,317 $431,286 $450,000 -36% 49% 4%
2017
2 3 100% 50% $458,000 $1,320,000 104% 188% $229,000 $440,000 2% 92% 4 5 100% 25% $691,250 $1,704,900 52% 147% $172,813 $340,980 -24% 97%
1 4 5 0% 300% 25% $575,000 $1,570,000 $1,688,500 28% 173% 8% $575,000 $392,500 $337,700 28% -32% -14% 4 10 13 300% 150% 30% $1,255,000 $2,719,250 $4,713,400 179% 117% 73% $313,750 $271,925 $362,569 -30% -13% 33%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 8
2017 NORTH BERKSHIRE SALES
Overall, first quarter sales in the northern Berkshire region slowed compared to the rest of the county, with the same number of sales as last year and a decrease of 7% in the dollar volume transacted. While residential sales were steady, average sale prices fell from the last several years. Multi-family and commercial sales were robust and land sales mixed, with an increase in the dollar volume sold but one less parcel transacted in the first quarter. The town of Adams had standout residential sales for the first quarter, while Williamstown held the momentum similar to last year.
59 sales
$7.7 M
86%
sales -7%
List-to-Sell Ratio for co-brokes
No change
months’ supply
2011
2012
Up to $99 K
median sale price
$193,900
median list price
4.2 % ↑ from 3.69% avg 30 yr Fixed MtgRate in ‘16
50%
42
Commercial Sales Volume: $1.3M, up 188% Commercial # Units Sold: 3, up from 2
1st Quarter # Sold $ Sold
Sales
$116,900
116 Homes for Sale
Multi-family Sales Volume: $622K, up +11% Multi-family # Units Sold: 9, up 12%
Land Sales Volume: $287K, up 13% Land # Units Sold: 4, down from 5
Up to $99 K
8
Residential Sales Volume $5.5M, down 15% Residential # Units Sold 42, up 2%
Condo Sales Volume: $40K, down 92% Condo # Units Sold: 1, down from 3 last year
Largest Price Range
Inventory
87% for in-house
Same sales as ’16
226
sales pending in April
2013
2014
2015
lowest cooperation rates
2016
2017
33 53 44 52 46 59 59 $6,352,850 $7,650,012 $7,082,882 $6,889,050 $7,861,550 $8,291,242 $7,746,840
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 9
1st Quarter Residential # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg MultiFamily # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Lots/Land # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Condominium # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Commercial # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
1ST QUARTER NORTH COUNTY REAL ESTATE SALES OVERVIEW 2011
2012
2013
2014
27
38 28 33 41% -26% 18% $5,628,850 $6,315,512 $5,205,982 $5,558,200 12% -18% 7% $208,476 $166,198 $185,928 $168,430 -20% 12% -9% 1 $60,000 $60,000
2 $340,000 $170,000
2 $264,000 $132,000
1 $60,000 $60,000
2015
2016
2017
33 41 42 0% 24% 2% $6,741,250 $6,497,992 $5,477,940 21% -4% -16% $204,280 $158,488 $130,427 21% -22% -18%
7 600% $522,500 771% $74,643 24%
6 -14% $493,400 -6% $82,233 10%
13 117% $985,950 100% $75,842 -8%
7 -46% $583,400 -41% $83,343 10%
8 14% $557,600 -4% $69,700 -16%
9 13% $621,900 12% $69,100 -1%
3 50% $128,500 -62% $42,833 -75%
3 0% $141,500 10% $47,167 10%
6 100% $344,900 144% $57,483 22%
4 -33% $202,500 -41% $50,625 -12%
5 25% $252,650 25% $50,530 0%
4 -20% $287,000 14% $71,750 42%
4 100% $538,500 104% $134,625 2%
4 0% $888,000 65% $222,000 65%
1
3 200% $525,000 380% $175,000 60%
1 -67% $40,000 -92% $40,000 -77%
1 0% $145,000 142% $145,000 142%
3 200% $354,000 144% $118,000 -19%
$109,400 $109,400
1 $225,000 $225,000
2 3 100% 50% $458,000 $1,320,000 104% 188% $229,000 $440,000 2% 92%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 10
NORTH COUNTY RESIDENTIAL SALES: BY TOWN (towns with under 2 sales not shown in breakout)
1st Quarter Adams # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Clarksburg # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg North Adams # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Williamstown # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Total # Sold Total % Chg # Total $ Sold Total % Chg $ Total Avg $ Total % Chg Avg
2012
2013
2014
2015
2016
2017
14 27% $2,101,000 28% $150,071 1%
7 -50% $863,000 -59% $123,286 -18%
13 86% $1,363,200 58% $104,862 -15%
11 -15% $1,581,600 16% $143,782 37%
9 -18% $1,014,000 -36% $112,667 -22%
18 100% $2,402,400 137% $133,467 18%
2 100% $116,000 -63% $58,000 -81%
1 -50% $90,000 -22% $90,000 55%
2 100% $215,000 139% $107,500 19%
1 -50% $134,000 -38% $134,000 25%
4 300% $452,500 238% $113,125 -16%
2 -50% $270,000 -40% $135,000 19%
12 100% $1,108,012 75% $92,334 -13%
8 -33% $941,900 -15% $117,738 28%
12 50% $1,347,500 43% $112,292 -5%
9 -25% $975,550 -28% $108,394 -3%
19 111% $1,805,950 85% $95,050 -12%
15 -21% $1,386,600 -23% $92,440 -3%
6 -33% $2,382,500 -22% $397,083 17% 38 41% $6,315,512 12% $166,198 -20%
10 67% $3,083,082 29% $308,308 -22% 28 -26% $5,205,982 -18% $185,928 12%
5 -50% $2,432,500 -21% $486,500 58% 33 18% $5,558,200 7% $168,430 -9%
10 100% $3,804,600 56% $380,460 -22% 33 0% $6,741,250 21% $204,280 21%
7 -30% $2,682,542 -29% $383,220 1% 41 24% $6,497,992 -4% $158,488 -22%
7 0% $1,418,940 -47% $202,706 -47% 42 2% $5,477,940 -16% $130,427 -18%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 11
2017 CENTRAL BERKSHIRE SALES
Overall, central sales volume rose 9% compared to the sales rate in the first quarter of 2016. The number of sales rose 15%. While the residential market showed much more activity, with 10% more homes sold this year than last, the dollar volume was the same, creating a downward pressure on the average sale price. As inventory becomes an issue in the months to come, this trend should change. Lanesboro and Pittsfield showed strong sales rates for the first quarter, while Hinsdale and Richmond maintained last years’ pace.
163 Largest Price Range
139 sales
$25 M
90%
Residential Sales Volume $19.3M, same Residential # Units Sold 103, up 10% Multi-family Sales Volume: $1.6M, down -10% Multi-family # Units Sold: 17, down from 18 Condo Sales Volume: $2.2M, up 125% Condo # Units Sold: 9, up 125% from 4 Land Sales Volume: $234K, up 18% Land # Units Sold: 5, up 150% from 2
$100 - $149K Inventory
86% for in-house
Highest since 2007
Sales
sales ↑9%
List-to-Sell Ratio for co-brokes
↑15%
$100 - $199 K
6
months’ supply
$169,600
median sale price
407 Homes for Sale
$249,900
median list price
4.2 % ↑ from 3.69% avg 30 yr Fixed MtgRate in ‘16
67%
72
Commercial Sales Volume: $1.7M, up 146% Commercial # Units Sold: 5, up from 4
co-broke
sales pending in April
38% in-house 1st Quarter # Sold $ Sold
2012
2013
2014
2015
2016
2017
112 $18,824,375
108 $18,040,220
103 $21,199,700
107 $17,159,992
121 $23,033,810
139 $25,039,547
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 12
1st Quarter Residential # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg MultiFamily # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Lots/Land # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Condominium # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Commercial # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
1ST QUARTER CENTRAL COUNTY REAL ESTATE SALES OVERVIEW 2012
2013
2014
2015
2016
2017
86 32% $16,540,625 15% $192,333 -13%
84 -2% $13,831,620 -16% $164,662 -14%
82 -2% $18,064,400 31% $220,298 34%
81 -1% $14,012,192 -22% $172,990 -21%
93 15% $19,387,950 38% $208,473 21%
103 11% $19,329,097 0% $187,661 -10%
16 60% $1,431,300 44% $89,456 -10%
13 -19% $1,400,600 -2% $107,738 20%
10 -23% $1,236,000 -12% $123,600 15%
12 20% $1,494,300 21% $124,525 1%
18 50% $1,795,110 20% $99,728 -20%
17 -6% $1,602,950 -11% $94,291 -5%
7 600% $409,000 582% $58,429 -3%
2 -71% $130,000 -68% $65,000 11%
5 150% $579,500 346% $115,900 78%
7 40% $294,500 -49% $42,071 -64%
2 -71% $198,000 -33% $99,000 135%
5 150% $234,300 18% $46,860 -53%
2 0% $286,450 -36% $143,225 -36%
7 250% $1,828,000 538% $261,143 82%
6 -14% $1,319,800 -28% $219,967 -16%
5 -17% $904,000 -32% $180,800 -18%
4 -20% $961,500 6% $240,375 33%
9 125% $2,168,300 126% $240,922 0%
1 0% $157,000 -58% $157,000 -58%
2 100% $850,000 441% $425,000 171%
0
2
0
$455,000
0
$227,500
4 100% $691,250 52% $172,813 -24%
5 25% $1,704,900 147% $340,980 97%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 13
CENTRAL COUNTY RESIDENTIAL SALES: TOWN (towns with under 2 sales not shown in breakout)
1st Quarter Cheshire # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Dalton # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Hinsdale # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Lanesboro # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Pittsfield # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
2012
2013
2014
3 $371,900 $123,967
2015
2016
2017
3 0% $555,500 49% $185,167 49%
4 33% $392,500 -29% $98,125 -47%
4 0% $777,000 98% $194,250 98%
3 -25% $389,200 -50% $129,733 -33%
17 143% $3,337,000 248% $196,294 43%
10 -41% $1,573,000 -53% $157,300 -20%
9 -10% $1,641,700 4% $182,411 16%
12 33% $2,108,992 28% $175,749 -4%
10 -17% $1,653,100 -22% $165,310 -6%
8 -20% $1,523,350 -8% $190,419 15%
1
1 0% $300,000 124% $300,000 124%
2 100% $551,000 84% $275,500 -8%
1 -50% $128,400 -77% $128,400 -53%
3 200% $694,400 441% $231,467 80%
3 0% $531,500 -23% $177,167 -23%
3 0% $625,000 9% $208,333 9%
7 133% $1,586,200 154% $226,600 9%
7 0% $1,560,500 -2% $222,929 -2%
6 -14% $1,232,000 -21% $205,333 -8%
5 -17% $691,500 -44% $138,300 -33%
6 20% $1,298,900 88% $216,483 57%
57 14% $9,122,725 -19% $160,048 -29%
57 0% $7,898,620 -13% $138,572 -13%
51 -11% $9,103,500 15% $178,500 29%
54 6% $9,086,300 0% $168,265 -6%
60 11% $12,227,500 35% $203,792 21%
75 25% $13,151,047 8% $175,347 -14%
$134,000 $134,000
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 14
CENTRAL COUNTY RESIDENTIAL SALES: TOWN (towns with under 2 sales not shown in breakout)
1st Quarter Richmond # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Total # Sold Total % Chg # Total $ Sold Total % Chg $ Total Avg $ Total % Chg Avg
2012
5 400% $2,718,000 385% $543,600 -3% 86 32% $16,540,625 15% $192,333 -13%
2013
3 -40% $1,370,000 -50% $456,667 -16% 84 -2% $13,831,620 -16% $164,662 -14%
2014
5 67% $3,247,700 137% $649,540 42% 82 -2% $18,064,400 31% $220,298 34%
2015
2016
2017
5 $1,803,000 $360,600 81 -1% $14,012,192 -22% $172,990 -21%
93 15% $19,387,950 38% $208,473 21%
5 0% $1,918,500 6% $383,700 6% 103 11% $19,329,097 0% $187,661 -10%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 15
2017 SOUTH BERKSHIRE SALES
293
While south county boasts the highest (14 months) of absorption, the inventory doesn’t currently exist where sales are most robust. For example, the market with the most sales, $250K range, has less than 3 months of inventory, while the $1-2 million range has 14.5 YEARS of inventory. The south county market is tighter in many price ranges than the broad statistics indicate.
Largest Price Range
113 sales
$34.6M
83%
sales ↑2%
List-to-Sell Ratio for co-brokes
↑ 9%
months’ supply
2011
2012
median sale price
$475,000
median list price
4.2 % ↑ from 3.69% avg 30 yr Fixed MtgRate in ‘16
68%
76
Commercial Sales Volume: $1.7M, up 7% Commercial # Units Sold: 5, up from 4
1st Quarter # Sold $ Sold
$298,000
639 Homes for Sale
Multi-family Sales Volume: $464K, up +72% Multi-family # Units Sold: 2, same as ‘16
Land Sales Volume: $1M, down 30% Land # Units Sold: 12, down from 13
$1M -2 M
14
Residential Sales Volume $29.9M, same as ‘16 Residential # Units Sold 87, up 7%
Condo Sales Volume: $1.5M up 70% Condo # Units Sold: 7, up from 4 last year
Sales
Inventory
81% for in-house
Gains in all markets but land.
$250-299 K
sales pending in April
2013
2014
2015
co-broke ‘ 32% in-house 2016
2017
33 53 44 52 46 59 59 $6,352,850 $7,650,012 $7,082,882 $6,889,050 $7,861,550 $8,291,242 $7,746,840
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 16
1st Quarter Residential # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg MultiFamily # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Lots/Land # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Condominium # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Commercial # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
1ST QUARTER SOUTH COUNTY REAL ESTATE SALES OVERVIEW 2012
2013
2014
2015
2016
2017
58 -12% $23,450,850 -13% $404,325 -1%
71 22% $28,635,850 22% $403,322 0%
80 13% $41,576,800 45% $519,710 29%
54 -33% $19,142,975 -54% $354,500 -32%
81 50% $29,828,397 56% $368,252 4%
87 7% $29,887,568 0% $343,535 -7%
1 -67% $157,500 -77% $157,500 -31%
1 0% $194,000 23% $194,000 23%
3 200% $432,500 123% $144,167 -26%
1 -67% $280,000 -35% $280,000 94%
2 100% $268,900 -4% $134,450 -52%
2 0% $464,444 73% $232,222 73%
8 -58% $1,391,500 -36% $173,938 51%
11 38% $1,571,500 13% $142,864 -18%
16 45% $1,389,900 -12% $86,869 -39%
5 -69% $1,357,275 -2% $271,455 212%
13 160% $1,471,000 8% $113,154 -58%
12 -8% $1,020,000 -31% $85,000 -25%
8 167% $1,955,125 95% $244,391 -27%
7 -13% $2,882,500 47% $411,786 68%
10 43% $3,479,200 21% $347,920 -16%
5 -50% $1,055,000 -70% $211,000 -39%
4 -20% $882,000 -16% $220,500 5%
7 75% $1,507,000 71% $215,286 -2%
4 33% $1,433,900 -21% $358,475 -41%
2 -50% $1,815,000 27% $907,500 153%
1 -50% $450,000 -75% $450,000 -50%
1 0% $575,000 28% $575,000 28%
4 300% $1,570,000 173% $392,500 -32%
5 25% $1,688,500 8% $337,700 -14%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 17
SOUTH COUNTY RESIDENTIAL SALES: TOWN (towns with under 2 sales not shown in breakout)
1st Quarter Becket # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Egremont # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Great Barrington # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Lee # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Lenox # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
2012
2013
2014
2015
2016
2017
6 20% $685,050 10% $114,175 -8%
4 -33% $737,500 8% $184,375 61%
5 25% $1,236,000 68% $247,200 34%
5 0% $1,042,500 -16% $208,500 -16%
13 160% $3,694,709 254% $284,208 36%
11 -15% $2,684,900 -27% $244,082 -14%
2 -67% $500,000 -78% $250,000 -34%
2 0% $639,250 28% $319,625 28%
9 350% $5,823,000 811% $647,000 102%
2 -78% $582,500 -90% $291,250 -55%
4 100% $1,157,838 99% $289,459 -1%
5 25% $1,434,000 24% $286,800 -1%
13 -7% $5,850,500 4% $450,038 12%
17 31% $6,030,400 3% $354,729 -21%
11 -35% $3,636,500 -40% $330,591 -7%
11 0% $3,572,650 -2% $324,786 -2%
17 55% $6,067,000 70% $356,882 10%
10 -41% $3,444,600 -43% $344,460 -3%
5 67% $941,000 31% $188,200 -22%
6 20% $1,509,000 60% $251,500 34%
12 100% $3,519,500 133% $293,292 17%
4 -67% $985,000 -72% $246,250 -16%
6 50% $1,415,000 44% $235,833 -4%
7 17% $2,286,900 62% $326,700 39%
6 -14% $2,640,000 71% $440,000 100%
4 -33% $794,000 -70% $198,500 -55%
10 150% $5,615,500 607% $561,550 183%
7 -30% $2,132,325 -62% $304,618 -46%
2 -71% $687,750 -68% $343,875 13%
13 550% $4,924,000 616% $378,769 10%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 18
SOUTH COUNTY RESIDENTIAL SALES: TOWN (towns with under 2 sales not shown in breakout)
1st Quarter Monterey # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg New Marlborough # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Otis # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Sheffield # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Stockbridge # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
2012
2013
2014
2015
2016
2017
2 0% $820,000 -44% $410,000 -44%
7 250% $4,306,500 425% $615,214 50%
5 -29% $3,504,000 -19% $700,800 14%
1 -80% $1,100,000 -69% $1,100,000 57%
4 300% $1,708,000 55% $427,000 -61%
4 0% $1,916,118 12% $479,030 12%
4 -43% $3,374,000 -48% $843,500 -10%
5 25% $2,824,500 -16% $564,900 -33%
3 -40% $2,325,000 -18% $775,000 37%
6 100% $1,169,000 -50% $194,833 -75%
7 17% $2,117,900 81% $302,557 55%
4 -43% $730,150 -66% $182,538 -40%
5 25% $2,163,000 218% $432,600 154%
1 -80% $495,000 -77% $495,000 14%
5 400% $1,943,000 293% $388,600 -21%
2 -60% $340,000 -83% $170,000 -56%
1 -50% $210,000 -38% $210,000 24%
5 400% $868,000 313% $173,600 -17%
4 0% $1,262,000 -7% $315,500 -7%
4 0% $941,000 -25% $235,250 -25%
4 0% $1,636,500 74% $409,125 74%
5 25% $2,383,000 46% $476,600 16%
8 60% $1,537,000 -36% $192,125 -60%
12 50% $5,029,000 227% $419,083 118%
8 60% $4,357,300 106% $544,663 29%
14 75% $5,659,200 30% $404,229 -26%
8 -43% $6,667,500 18% $833,438 106%
5 -38% $2,579,000 -61% $515,800 -38%
7 40% $5,829,200 126% $832,743 61%
6 -14% $1,561,900 -73% $260,317 -69%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 19
SOUTH COUNTY RESIDENTIAL SALES: TOWN (towns with under 2 sales not shown in breakout)
1st Quarter West Stockbridge # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Total # Sold Total % Chg # Total $ Sold Total % Chg $ Total Avg $ Total % Chg Avg
2012
2 -50% $483,000 -77% $241,500 -54% 58 -12% $23,450,850 -13% $404,325 -1%
2013
3 50% $1,359,500 181% $453,167 88% 71 22% $28,635,850 22% $403,322 0%
2014
1 -67% $625,000 -54% $625,000 38% 80 13% $41,576,800 45% $519,710 29%
2015
2 100% $687,000 10% $343,500 -45% 54 -33% $19,142,975 -54% $354,500 -32%
2016
3 50% $1,395,000 103% $465,000 35% 81 50% $29,828,397 56% $368,252 4%
2017
7 133% $3,925,500 181% $560,786 21% 87 7% $29,887,568 0% $343,535 -7%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 20
2017 MARKET INDICATORS
Consumer Confidence Soars
In NAR’s quarterly Housing Opportunities and Market Experience survey, about 900 households answer questions about their confidence in the U.S. economy as well as various questions about their housing expectations. In the first quarter of 2017, the number of households that believe the economy is improving soared to its highest share in the survey’s fivequarter history – 62%. This is up from 54% in the fourth quarter and 48% in March 2016. This increasing confidence in the economy is also leading to confidence in households’ personal financial future. NAR’s monthly Personal Financial Outlook Index showed the number of households that said their financial situation will be better in six months increased to its highest reading ever at 62.6%. This is up from 59.8% in December and 58.1% a year before. However, renters are not so optimistic as only 56% said now is a good time to buy a home, compared to 57% last quarter and 62% the previous year. For comparison, 80% of homeowners say now is a good time to buy. The National Association of REALTORS isn’t the only one to report a growing consumer confidence, Fannie Mae’s latest Home Purchase Sentiment Index shows that consumer confidence in housing hit an all-time high in February, continuing a climb in confidence that began in January. According to the Fannie Mae report, the Home Purchase Sentiment Index increased by 5.6 percentage points in February to 88.3, setting a new all-time high. Mortgage Rates Continue to Rise In the beginning of 2016 mortgage rates fell below 4 percent and they spent the summer with record lows at 3.75% on average. This year, 2017 rates began above 4.25 percent. The Mortgage Bankers Association predicts that the 30-year fixed will average will remain in the 4% range for 2017. Millennials Arrive on the Homebuying Scene in 2016 NAR Repost that in 2016, people under 35 made up 61 percent of first-time homebuyers. Inventory is Tight, Sellers Markets Nationwide Nationally, the inventory of homes for sale was less than 4 1/2 months toward the end of the year, and at 8 months in Berkshire County. Unlike the rest of the nation, building starts, building of new homes in the heavily desirable markets, has not kicked into gear. This market nationwide is especially hard to find lower-price homes suitable for first-time buyers. Lawrence Yun, chief economist for the National Association of Realtors, says, "The good news is that the tightening labor market is beginning to push up wages and the economy has lately shown signs of greater expansion." Report generated by Sandra J. Carroll, Chief Executive Officer, Berkshire County Board of REALTORS, Inc. 99 West Street, Pittsfield, MA 01201 | (413) 442-8049 Fax (413) 448-2852 Data derived from the Berkshire County Multiple Listing Service, Inc. Believed to be accurate but not warranted. Mortgage Rates Taken from FreddieMac historical Rates by Month. Economic data from the National Association of REALTORS. © Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 21
Berkshire County MA - Nestled in the beautiful hills of western Massachusetts – Where art and nature come to play
This report was written by Sandra J. Carroll, Chief Executive Officer. Information believed to be accurate, but is not warranted. Data and statistics pulled from the REALTOR’S® MLS database of properties listed for sale and sold through the services of a real estate firm holding membership. Statistics account for REALTOR® assisted sales and transfers in Berkshire County, Massachusetts. Berkshire REALTOR Members are encouraged to share this information with clients and customers to promote awareness of market trends and foster informed decisions. © Berkshire County Board of REALTORS Multiple Listing Service, Inc. (MLS) Phone: (413) 442-8049 | 99 West St, Suite 200, Pittsfield, MA 01201 | AtHomeInTheBerkshires.com | BerkshireRealtors.net
Strongest Residential Markets YTD
Adams, Lanesboro, Pittsfield, Richmond, Lenox, Lee, Great Barrington, Otis, Sheffield, and West Stockbridge
2017 1 Quarter Market Watch January – March Sales Comparison st
First quarter sales reflect positive market momentum. The dollar volume of real estate sales is up 3% and the number of transactions sold up over 9%. The number of residential homes, land parcels, condos and commercial properties sold in the first quarter rose compared to sales last year. The multi-family market was stable with the same number of sales as last year. The first quarter of 2016 was very robust, so the growth in 2017 continues a strong upward trend.
HISTORICAL BERKSHIRE COUNTY 1ST QUARTER SALES: # of ALL TRANSACTIONS 350 300
277
250
232 166
200
182
206
244
244
311
284
265 219
150 100 50 0
The number of residential sales rose in all regions. Northern Berkshire had 42 home sales, up from 41. Central Berkshire had 103 home sales, up from 93 Southern Berkshire had 87 homes sales, up from 81.
2016 st
1 Quarter
$ Sold
2017 # Sold
$ Sold
# Sold
North
$8,291,242
59
$7,746,840
59
Central
$23,033,810
121
$25,039,547
139
The dollar volume transacted also showed positive gain, with South $34,020,297 104 $34,567,512 113 sales topping $67 million in the first quarter. In the residential Grand Total $65,345,349 284 $67,353,899 311 market, there were 232 sales of $55 million, the highest number of homes sold in the 1st quarter for the past 20 years tracked. The dollar volume of single family home sales fell 6% from the previous quarter even though sales hit record highs and were up 2% over last year. Condo and commercial sales have the largest increases in dollar volume sold. 1st Quarter
2011
2012
2013
2014
2015
2016
2017
Residential
$46,885,727
$46,306,987
$47,673,452
$65,199,400
$39,896,417
$55,714,339
$54,694,605
Multi-Family
$1,746,030
$2,111,300
$2,088,000
$2,654,450
$2,357,700
$2,621,610
$2,689,294
Lots/Land
$2,584,000
$1,929,000
$1,843,000
$2,314,300
$1,854,275
$1,921,650
$1,541,300
Condominium
$1,718,000
$2,780,075
$5,598,500
$4,799,000
$2,068,400
$2,368,500
$3,715,300
Commercial
$2,245,000
$1,735,900
$3,019,000
$450,000
$1,255,000
$2,719,250
$4,713,400
Grand Total
$55,178,757
$54,863,262
$60,221,952
$75,417,150
$47,431,792
$65,345,349
$67,353,899
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 1
Hot Berkshire Residential Markets: 1st Quarter 2017 Northern Berkshire Adams Clarksburg Florida North Adams Savoy Williamstown Central Berkshire Cheshire Dalton Hancock Hinsdale Lanesboro Peru Pittsfield Richmond Washington Windsor South Berkshire Alford Becket Egremont Great Barrington Lee Lenox Monterey Mt Washington New Marlborough Otis Sandisfield Sheffield Stockbridge Tyringham West Stockbridge Grand Total
1st Qrt 2016 $ Sold # Sold $6,497,992 41 $1,014,000 9 $452,500 4 $215,000 1 $1,805,950 19 $328,000 1 $2,682,542 7 $19,387,950 93 $777,000 4 $1,653,100 10 No sales 0 $694,400 3 $691,500 5 $474,000 2 $12,227,500 60 $1,803,000 5 $267,450 1 $800,000 3 $29,828,397 81 $1,650,000 2 $3,694,709 13 $1,157,838 4 $6,067,000 17 $1,415,000 6 $687,750 2 $1,708,000 4 $67,500 1 $2,117,900 7 $210,000 1 $1,746,500 4 $1,537,000 8 $5,829,200 7 $545,000 2 $1,395,000 3 $55,714,339 215
1st Qtr 2017 $ Sold # Sold $5,477,940 42 $2,402,400 18 $270,000 2 No sales 0 $1,386,600 15 No sales 0 $1,418,940 7 $19,329,097 103 $389,200 3 $1,523,350 8 $169,600 1 $531,500 3 $1,298,900 6 $157,000 1 $13,151,047 75 $1,918,500 5 No sales 0 $190,000 1 $29,887,568 87 $575,000 1 $2,684,900 11 $1,434,000 5 $3,444,600 10 $2,286,900 7 $4,924,000 13 $1,916,118 4 No sales 0 $730,150 4 $868,000 5 $507,500 2 $5,029,000 12 $1,561,900 6 No sales 0 $3,925,500 7 $54,694,605 232
Most Improved • • • • • •
Adams Lanesboro Great Barrington Lenox Sheffield West Stockbridge
Inventory • •
•
•
Inventory is 20% lower than last year. With existing sales rates, there is countywide 7 months of absorption (inventory to meet current demand) In some price ranges, inventory is as low as 3 months. In the higher end price range in southern Berkshire, inventory can reach 14 years.
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 2
RESIDENTIAL PRICE RANGE REPORT
Absorption is the number of months it would take to exhaust all current inventory based on the sales rate in the first quarter. Inventory levels continue to drop from last year at the same time. Some price ranges in central Berkshire only have 3 months of inventory to satisfy buyer demand. Anything below 7 months of inventory traditionally shifts to a sellerfavored market. Markets with less than 4 months of inventory are considered in critical inventory deficit.
Price Class
Months of Absorption
Sold YTD
Active
Pending
Months of Absorption
Sold YTD
Active
Pending
Months of Absorption
South
Pending
Central
Active
North Sold YTD
1st Quarter
$0-$99K
16
24
11
5
12
18
12
5
6
12
3
6
$100K -$149K
14
22
10
5
29
36
10
4
3
14
3
14
$150K -$199K
5
15
9
9
29
33
21
3
10
19
8
6
$200K -$249K
4
9
3
7
16
25
9
5
12
27
8
7
$250K -$299K
0
8
6
**
7
22
8
9
14
50
13
11
$300K -$349K
1
5
1
15
2
9
5
14
10
30
9
9
$350K -$399K
1
2
0
6
4
11
3
8
11
34
7
9
$400K -$449K
0
3
1
**
0
10
0
**
4
19
2
14
$450K -$499K
1
5
0
15
2
6
1
9
5
23
6
14
$500K -$749K
0
9
1
**
1
26
2
78
10
57
11
17
$750K -$999K
0
4
0
**
1
8
1
24
0
48
4
**
$1M -$1.99M
0
7
0
**
0
10
0
**
1
58
1
174
$2,M -$2.99M
0
3
0
**
0
2
0
**
1
17
1
51
$3M -$4.99M
0
0
0
**
0
2
0
**
0
10
0
**
$5M +
0
0
0
**
0
0
0
**
0
2
0
**
2017 1st Quarter
42
116
42
8
103
218
72
6
87
420
76
14
2016 1st Quarter
41
153
41
11
93
267
107
9
81
524
68
19
** Not enough sales to calculate Absorption Rate
RESDIENTIAL SALES PRICES BY STATUS North
Central
South
2016 Qrt 1
Sold $
Active $
Pend $
Sold $
Active $
Pend $
Sold $
Active $
Pend $
Avg
$130,427
$387,411
$172,305
$187,661
$402,284
$212,145
$343,535
$771,126
$409,972
Median
$116,900
$193,900
$58,900
$169,600
$249,900
$150,000
$298,000
$475,000
$579,000
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 3
Strong sales numbers, high dollar volume and rising selling price
1st Quarter North # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Central # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg South # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Total # Sold Total % Chg # Total $ Sold Total % Chg $ Total Avg $ Total % Chg Avg
RESIDENTIAL REPORT
Residential (single family) home sales rose 8% countywide, with the biggest gain in Central Berkshire of 11%. Sales volume fell slightly, 2% countywide, which was due to decreases in northern Berkshire. Remarkably, central and southern sales volumes were the same as the last year – this level market for volume with increases in units sold results in the decreasing average selling price. 2012
2013
2014
2015
2016
2017
38 41% $6,315,512 12% $166,198 -20%
28 -26% $5,205,982 -18% $185,928 12%
33 18% $5,558,200 7% $168,430 -9%
33 0% $6,741,250 21% $204,280 21%
41 24% $6,497,992 -4% $158,488 -22%
42 2% $5,477,940 -16% $130,427 -18%
86 84 82 81 93 103 32% -2% -2% -1% 15% 11% $16,540,625 $13,831,620 $18,064,400 $14,012,192 $19,387,950 $19,329,097 15% -16% 31% -22% 38% 0% $192,333 $164,662 $220,298 $172,990 $208,473 $187,661 -13% -14% 34% -21% 21% -10% 58 71 80 54 81 87 -12% 22% 13% -33% 50% 7% $23,450,850 $28,635,850 $41,576,800 $19,142,975 $29,828,397 $29,887,568 -13% 22% 45% -54% 56% 0% $404,325 $403,322 $519,710 $354,500 $368,252 $343,535 -1% 0% 29% -32% 4% -7% 182 183 195 168 215 232 15% 1% 7% -14% 28% 8% $46,306,987 $47,673,452 $65,199,400 $39,896,417 $55,714,339 $54,694,605 -1% 3% 37% -39% 40% -2% $254,434 $260,511 $334,356 $237,479 $259,136 $235,753 -14% 2% 28% -29% 9% -9%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 4
CONDO REPORT
In the first quarter of 2016, condo sales in northern Berkshire were very active but central and southern regions of Berkshire lagged 2015 sales rates. In 2017, it is the opposite, with North County condo sales slowing and central and southern Berkshire sales showing huge improvements. Overall the condo market is very small, with only 17 sales in all of Berkshire for the first three months of the year, but that does represent a 55% increase in the number sold and 57% increase in the dollar volume transacted. 1st Quarter North # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Central # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg South # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Total # Sold Total % Chg # Total $ Sold Total % Chg $ Total Avg $ Total % Chg Avg
Condo sales rising in 1st Quarter
2012
2013
2014
2015
2016
2017
4 100% $538,500 104% $134,625 2%
4 0% $888,000 65% $222,000 65%
0
1 100% $109,400 100% $109,400 100%
3 200% $525,000 380% $175,000 60%
1 -67% $40,000 -92% $40,000 -77%
5 -17% $904,000 -32% $180,800 -18%
4 9 -20% 125% $961,500 $2,168,300 6% 126% $240,375 $240,922 33% 0%
8 7 10 5 167% -13% 43% -50% $1,955,125 $2,882,500 $3,479,200 $1,055,000 95% 47% 21% -70% $244,391 $411,786 $347,920 $211,000 -27% 68% -16% -39% 14 18 16 11 100% 29% -11% -31% $2,780,075 $5,598,500 $4,799,000 $2,068,400 62% 101% -14% -57% $198,577 $311,028 $299,938 $188,036 -19% 57% -4% -37%
4 7 -20% 75% $882,000 $1,507,000 -16% 71% $220,500 $215,286 5% -2% 11 17 0% 55% $2,368,500 $3,715,300 15% 57% $215,318 $218,547 15% 1%
0 0
2 7 6 0% 250% -14% $286,450 $1,828,000 $1,319,800 -36% 538% -28% $143,225 $261,143 $219,967 -36% 82% -16%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 5
Multi-family sales same as 1st Quarter 2016
1st Quarter North # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Central # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg South # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Total # Sold Total % Chg # Total $ Sold Total % Chg $ Total Avg $ Total % Chg Avg
2012 7 600% $522,500 771% $74,643 24%
MULTIFAMILY REPORT
Overall, the first quarter multifamily sales rates were very similar to 2016. With the exact same number of transactions and a mere 3% increase in dollar volume transacted (from $2.62 million to $2.69) the market appears to be level and holding. South county did report a spike in the sale price of the multi-family units in that region.
2013 6 -14% $493,400 -6% $82,233 10%
2014 13 117% $985,950 100% $75,842 -8%
2015 7 -46% $583,400 -41% $83,343 10%
2016 8 14% $557,600 -4% $69,700 -16%
2017 9 13% $621,900 12% $69,100 -1%
16 13 10 12 18 17 60% -19% -23% 20% 50% -6% $1,431,300 $1,400,600 $1,236,000 $1,494,300 $1,795,110 $1,602,950 44% -2% -12% 21% 20% -11% $89,456 $107,738 $123,600 $124,525 $99,728 $94,291 -10% 20% 15% 1% -20% -5% 1 -67% $157,500 -77% $157,500 -31% 24 71% $2,111,300 21% $87,971 -29%
1 0% $194,000 23% $194,000 23% 20 -17% $2,088,000 -1% $104,400 19%
3 200% $432,500 123% $144,167 -26% 26 30% $2,654,450 27% $102,094 -2%
1 -67% $280,000 -35% $280,000 94% 20 -23% $2,357,700 -11% $117,885 15%
2 100% $268,900 -4% $134,450 -52% 28 40% $2,621,610 11% $93,629 -21%
2 0% $464,444 73% $232,222 73% 28 0% $2,689,294 3% $96,046 3%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 6
Land sales climb past previous 3 years
1st Quarter North # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Central # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg South # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Total # Sold Total % Chg # Total $ Sold Total % Chg $ Total Avg $ Total % Chg Avg
2012
LAND REPORT
Land sales for the 1st quarter of 2016 were higher than last year, but could hardly be called robust. Southern Berkshire shows the highest gains and the majority of sales, with 1.4 million transacted in 12 parcel sales. With 19 sales countywide, overall sales activity is higher than the previous 4 years, but with an average of 48 sales in the first quarter of 2002-2005, the market is considerably lower than our peak. With inventory retracting, we can hope that building may begin and land sales increase.
2013
2014
2015
2016
2017
3 50% $128,500 -62% $42,833 -75%
3 0% $141,500 10% $47,167 10%
6 100% $344,900 144% $57,483 22%
4 -33% $202,500 -41% $50,625 -12%
5 25% $252,650 25% $50,530 0%
4 -20% $287,000 14% $71,750 42%
7 600% $409,000 582% $58,429 -3%
2 -71% $130,000 -68% $65,000 11%
5 150% $579,500 346% $115,900 78%
7 40% $294,500 -49% $42,071 -64%
2 -71% $198,000 -33% $99,000 135%
5 150% $234,300 18% $46,860 -53%
8 11 16 5 13 12 -58% 38% 45% -69% 160% -8% $1,391,500 $1,571,500 $1,389,900 $1,357,275 $1,471,000 $1,020,000 -36% 13% -12% -2% 8% -31% $173,938 $142,864 $86,869 $271,455 $113,154 $85,000 51% -18% -39% 212% -58% -25% 18 16 27 16 20 21 -18% -11% 69% -41% 25% 5% $1,929,000 $1,843,000 $2,314,300 $1,854,275 $1,921,650 $1,541,300 -25% -4% 26% -20% 4% -20% $107,167 $115,188 $85,715 $115,892 $96,083 $73,395 -9% 7% -26% 35% -17% -24%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 7
COMMERCIAL REPORT
.
Commercial sales show steady growth since 2014
Commercial sales, while small in number, showed great improvement in the 1st quarter of the year in 2017 over past years and indicate a strengthening market overall. The number of sales increased by 30% and the dollar volume up 73% to $4.7 million in sales so far this year. Please note: Not all Berkshire REALTOR assisted commercial sales are included in the MLS database.
1st Quarter North # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Central # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg South # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Total # Sold Total % Chg # Total $ Sold Total % Chg $ Total Avg $ Total % Chg Avg
2012
2013
2014
2015
2016
1 0% $145,000 142% $145,000 142%
3 200% $354,000 144% $118,000 -19%
0
1
0
$225,000
0
$225,000
1 0% $157,000 -58% $157,000 -58%
2 100% $850,000 441% $425,000 171%
0
2
0
$455,000
0
$227,500
4 2 1 33% -50% -50% $1,433,900 $1,815,000 $450,000 -21% 27% -75% $358,475 $907,500 $450,000 -41% 153% -50% 6 7 1 20% 17% -86% $1,735,900 $3,019,000 $450,000 -23% 74% -85% $289,317 $431,286 $450,000 -36% 49% 4%
2017
2 3 100% 50% $458,000 $1,320,000 104% 188% $229,000 $440,000 2% 92% 4 5 100% 25% $691,250 $1,704,900 52% 147% $172,813 $340,980 -24% 97%
1 4 5 0% 300% 25% $575,000 $1,570,000 $1,688,500 28% 173% 8% $575,000 $392,500 $337,700 28% -32% -14% 4 10 13 300% 150% 30% $1,255,000 $2,719,250 $4,713,400 179% 117% 73% $313,750 $271,925 $362,569 -30% -13% 33%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 8
2017 NORTH BERKSHIRE SALES
Overall, first quarter sales in the northern Berkshire region slowed compared to the rest of the county, with the same number of sales as last year and a decrease of 7% in the dollar volume transacted. While residential sales were steady, average sale prices fell from the last several years. Multi-family and commercial sales were robust and land sales mixed, with an increase in the dollar volume sold but one less parcel transacted in the first quarter. The town of Adams had standout residential sales for the first quarter, while Williamstown held the momentum similar to last year.
59 sales
$7.7 M
86%
sales -7%
List-to-Sell Ratio for co-brokes
No change
months’ supply
2011
2012
Up to $99 K
median sale price
$193,900
median list price
4.2 % ↑ from 3.69% avg 30 yr Fixed MtgRate in ‘16
50%
42
Commercial Sales Volume: $1.3M, up 188% Commercial # Units Sold: 3, up from 2
1st Quarter # Sold $ Sold
Sales
$116,900
116 Homes for Sale
Multi-family Sales Volume: $622K, up +11% Multi-family # Units Sold: 9, up 12%
Land Sales Volume: $287K, up 13% Land # Units Sold: 4, down from 5
Up to $99 K
8
Residential Sales Volume $5.5M, down 15% Residential # Units Sold 42, up 2%
Condo Sales Volume: $40K, down 92% Condo # Units Sold: 1, down from 3 last year
Largest Price Range
Inventory
87% for in-house
Same sales as ’16
226
sales pending in April
2013
2014
2015
lowest cooperation rates
2016
2017
33 53 44 52 46 59 59 $6,352,850 $7,650,012 $7,082,882 $6,889,050 $7,861,550 $8,291,242 $7,746,840
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 9
1st Quarter Residential # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg MultiFamily # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Lots/Land # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Condominium # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Commercial # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
1ST QUARTER NORTH COUNTY REAL ESTATE SALES OVERVIEW 2011
2012
2013
2014
27
38 28 33 41% -26% 18% $5,628,850 $6,315,512 $5,205,982 $5,558,200 12% -18% 7% $208,476 $166,198 $185,928 $168,430 -20% 12% -9% 1 $60,000 $60,000
2 $340,000 $170,000
2 $264,000 $132,000
1 $60,000 $60,000
2015
2016
2017
33 41 42 0% 24% 2% $6,741,250 $6,497,992 $5,477,940 21% -4% -16% $204,280 $158,488 $130,427 21% -22% -18%
7 600% $522,500 771% $74,643 24%
6 -14% $493,400 -6% $82,233 10%
13 117% $985,950 100% $75,842 -8%
7 -46% $583,400 -41% $83,343 10%
8 14% $557,600 -4% $69,700 -16%
9 13% $621,900 12% $69,100 -1%
3 50% $128,500 -62% $42,833 -75%
3 0% $141,500 10% $47,167 10%
6 100% $344,900 144% $57,483 22%
4 -33% $202,500 -41% $50,625 -12%
5 25% $252,650 25% $50,530 0%
4 -20% $287,000 14% $71,750 42%
4 100% $538,500 104% $134,625 2%
4 0% $888,000 65% $222,000 65%
1
3 200% $525,000 380% $175,000 60%
1 -67% $40,000 -92% $40,000 -77%
1 0% $145,000 142% $145,000 142%
3 200% $354,000 144% $118,000 -19%
$109,400 $109,400
1 $225,000 $225,000
2 3 100% 50% $458,000 $1,320,000 104% 188% $229,000 $440,000 2% 92%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 10
NORTH COUNTY RESIDENTIAL SALES: BY TOWN (towns with under 2 sales not shown in breakout)
1st Quarter Adams # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Clarksburg # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg North Adams # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Williamstown # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Total # Sold Total % Chg # Total $ Sold Total % Chg $ Total Avg $ Total % Chg Avg
2012
2013
2014
2015
2016
2017
14 27% $2,101,000 28% $150,071 1%
7 -50% $863,000 -59% $123,286 -18%
13 86% $1,363,200 58% $104,862 -15%
11 -15% $1,581,600 16% $143,782 37%
9 -18% $1,014,000 -36% $112,667 -22%
18 100% $2,402,400 137% $133,467 18%
2 100% $116,000 -63% $58,000 -81%
1 -50% $90,000 -22% $90,000 55%
2 100% $215,000 139% $107,500 19%
1 -50% $134,000 -38% $134,000 25%
4 300% $452,500 238% $113,125 -16%
2 -50% $270,000 -40% $135,000 19%
12 100% $1,108,012 75% $92,334 -13%
8 -33% $941,900 -15% $117,738 28%
12 50% $1,347,500 43% $112,292 -5%
9 -25% $975,550 -28% $108,394 -3%
19 111% $1,805,950 85% $95,050 -12%
15 -21% $1,386,600 -23% $92,440 -3%
6 -33% $2,382,500 -22% $397,083 17% 38 41% $6,315,512 12% $166,198 -20%
10 67% $3,083,082 29% $308,308 -22% 28 -26% $5,205,982 -18% $185,928 12%
5 -50% $2,432,500 -21% $486,500 58% 33 18% $5,558,200 7% $168,430 -9%
10 100% $3,804,600 56% $380,460 -22% 33 0% $6,741,250 21% $204,280 21%
7 -30% $2,682,542 -29% $383,220 1% 41 24% $6,497,992 -4% $158,488 -22%
7 0% $1,418,940 -47% $202,706 -47% 42 2% $5,477,940 -16% $130,427 -18%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 11
2017 CENTRAL BERKSHIRE SALES
Overall, central sales volume rose 9% compared to the sales rate in the first quarter of 2016. The number of sales rose 15%. While the residential market showed much more activity, with 10% more homes sold this year than last, the dollar volume was the same, creating a downward pressure on the average sale price. As inventory becomes an issue in the months to come, this trend should change. Lanesboro and Pittsfield showed strong sales rates for the first quarter, while Hinsdale and Richmond maintained last years’ pace.
163 Largest Price Range
139 sales
$25 M
90%
Residential Sales Volume $19.3M, same Residential # Units Sold 103, up 10% Multi-family Sales Volume: $1.6M, down -10% Multi-family # Units Sold: 17, down from 18 Condo Sales Volume: $2.2M, up 125% Condo # Units Sold: 9, up 125% from 4 Land Sales Volume: $234K, up 18% Land # Units Sold: 5, up 150% from 2
$100 - $149K Inventory
86% for in-house
Highest since 2007
Sales
sales ↑9%
List-to-Sell Ratio for co-brokes
↑15%
$100 - $199 K
6
months’ supply
$169,600
median sale price
407 Homes for Sale
$249,900
median list price
4.2 % ↑ from 3.69% avg 30 yr Fixed MtgRate in ‘16
67%
72
Commercial Sales Volume: $1.7M, up 146% Commercial # Units Sold: 5, up from 4
co-broke
sales pending in April
38% in-house 1st Quarter # Sold $ Sold
2012
2013
2014
2015
2016
2017
112 $18,824,375
108 $18,040,220
103 $21,199,700
107 $17,159,992
121 $23,033,810
139 $25,039,547
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 12
1st Quarter Residential # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg MultiFamily # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Lots/Land # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Condominium # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Commercial # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
1ST QUARTER CENTRAL COUNTY REAL ESTATE SALES OVERVIEW 2012
2013
2014
2015
2016
2017
86 32% $16,540,625 15% $192,333 -13%
84 -2% $13,831,620 -16% $164,662 -14%
82 -2% $18,064,400 31% $220,298 34%
81 -1% $14,012,192 -22% $172,990 -21%
93 15% $19,387,950 38% $208,473 21%
103 11% $19,329,097 0% $187,661 -10%
16 60% $1,431,300 44% $89,456 -10%
13 -19% $1,400,600 -2% $107,738 20%
10 -23% $1,236,000 -12% $123,600 15%
12 20% $1,494,300 21% $124,525 1%
18 50% $1,795,110 20% $99,728 -20%
17 -6% $1,602,950 -11% $94,291 -5%
7 600% $409,000 582% $58,429 -3%
2 -71% $130,000 -68% $65,000 11%
5 150% $579,500 346% $115,900 78%
7 40% $294,500 -49% $42,071 -64%
2 -71% $198,000 -33% $99,000 135%
5 150% $234,300 18% $46,860 -53%
2 0% $286,450 -36% $143,225 -36%
7 250% $1,828,000 538% $261,143 82%
6 -14% $1,319,800 -28% $219,967 -16%
5 -17% $904,000 -32% $180,800 -18%
4 -20% $961,500 6% $240,375 33%
9 125% $2,168,300 126% $240,922 0%
1 0% $157,000 -58% $157,000 -58%
2 100% $850,000 441% $425,000 171%
0
2
0
$455,000
0
$227,500
4 100% $691,250 52% $172,813 -24%
5 25% $1,704,900 147% $340,980 97%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 13
CENTRAL COUNTY RESIDENTIAL SALES: TOWN (towns with under 2 sales not shown in breakout)
1st Quarter Cheshire # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Dalton # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Hinsdale # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Lanesboro # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Pittsfield # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
2012
2013
2014
3 $371,900 $123,967
2015
2016
2017
3 0% $555,500 49% $185,167 49%
4 33% $392,500 -29% $98,125 -47%
4 0% $777,000 98% $194,250 98%
3 -25% $389,200 -50% $129,733 -33%
17 143% $3,337,000 248% $196,294 43%
10 -41% $1,573,000 -53% $157,300 -20%
9 -10% $1,641,700 4% $182,411 16%
12 33% $2,108,992 28% $175,749 -4%
10 -17% $1,653,100 -22% $165,310 -6%
8 -20% $1,523,350 -8% $190,419 15%
1
1 0% $300,000 124% $300,000 124%
2 100% $551,000 84% $275,500 -8%
1 -50% $128,400 -77% $128,400 -53%
3 200% $694,400 441% $231,467 80%
3 0% $531,500 -23% $177,167 -23%
3 0% $625,000 9% $208,333 9%
7 133% $1,586,200 154% $226,600 9%
7 0% $1,560,500 -2% $222,929 -2%
6 -14% $1,232,000 -21% $205,333 -8%
5 -17% $691,500 -44% $138,300 -33%
6 20% $1,298,900 88% $216,483 57%
57 14% $9,122,725 -19% $160,048 -29%
57 0% $7,898,620 -13% $138,572 -13%
51 -11% $9,103,500 15% $178,500 29%
54 6% $9,086,300 0% $168,265 -6%
60 11% $12,227,500 35% $203,792 21%
75 25% $13,151,047 8% $175,347 -14%
$134,000 $134,000
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 14
CENTRAL COUNTY RESIDENTIAL SALES: TOWN (towns with under 2 sales not shown in breakout)
1st Quarter Richmond # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Total # Sold Total % Chg # Total $ Sold Total % Chg $ Total Avg $ Total % Chg Avg
2012
5 400% $2,718,000 385% $543,600 -3% 86 32% $16,540,625 15% $192,333 -13%
2013
3 -40% $1,370,000 -50% $456,667 -16% 84 -2% $13,831,620 -16% $164,662 -14%
2014
5 67% $3,247,700 137% $649,540 42% 82 -2% $18,064,400 31% $220,298 34%
2015
2016
2017
5 $1,803,000 $360,600 81 -1% $14,012,192 -22% $172,990 -21%
93 15% $19,387,950 38% $208,473 21%
5 0% $1,918,500 6% $383,700 6% 103 11% $19,329,097 0% $187,661 -10%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 15
2017 SOUTH BERKSHIRE SALES
293
While south county boasts the highest (14 months) of absorption, the inventory doesn’t currently exist where sales are most robust. For example, the market with the most sales, $250K range, has less than 3 months of inventory, while the $1-2 million range has 14.5 YEARS of inventory. The south county market is tighter in many price ranges than the broad statistics indicate.
Largest Price Range
113 sales
$34.6M
83%
sales ↑2%
List-to-Sell Ratio for co-brokes
↑ 9%
months’ supply
2011
2012
median sale price
$475,000
median list price
4.2 % ↑ from 3.69% avg 30 yr Fixed MtgRate in ‘16
68%
76
Commercial Sales Volume: $1.7M, up 7% Commercial # Units Sold: 5, up from 4
1st Quarter # Sold $ Sold
$298,000
639 Homes for Sale
Multi-family Sales Volume: $464K, up +72% Multi-family # Units Sold: 2, same as ‘16
Land Sales Volume: $1M, down 30% Land # Units Sold: 12, down from 13
$1M -2 M
14
Residential Sales Volume $29.9M, same as ‘16 Residential # Units Sold 87, up 7%
Condo Sales Volume: $1.5M up 70% Condo # Units Sold: 7, up from 4 last year
Sales
Inventory
81% for in-house
Gains in all markets but land.
$250-299 K
sales pending in April
2013
2014
2015
co-broke ‘ 32% in-house 2016
2017
33 53 44 52 46 59 59 $6,352,850 $7,650,012 $7,082,882 $6,889,050 $7,861,550 $8,291,242 $7,746,840
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 16
1st Quarter Residential # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg MultiFamily # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Lots/Land # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Condominium # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Commercial # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
1ST QUARTER SOUTH COUNTY REAL ESTATE SALES OVERVIEW 2012
2013
2014
2015
2016
2017
58 -12% $23,450,850 -13% $404,325 -1%
71 22% $28,635,850 22% $403,322 0%
80 13% $41,576,800 45% $519,710 29%
54 -33% $19,142,975 -54% $354,500 -32%
81 50% $29,828,397 56% $368,252 4%
87 7% $29,887,568 0% $343,535 -7%
1 -67% $157,500 -77% $157,500 -31%
1 0% $194,000 23% $194,000 23%
3 200% $432,500 123% $144,167 -26%
1 -67% $280,000 -35% $280,000 94%
2 100% $268,900 -4% $134,450 -52%
2 0% $464,444 73% $232,222 73%
8 -58% $1,391,500 -36% $173,938 51%
11 38% $1,571,500 13% $142,864 -18%
16 45% $1,389,900 -12% $86,869 -39%
5 -69% $1,357,275 -2% $271,455 212%
13 160% $1,471,000 8% $113,154 -58%
12 -8% $1,020,000 -31% $85,000 -25%
8 167% $1,955,125 95% $244,391 -27%
7 -13% $2,882,500 47% $411,786 68%
10 43% $3,479,200 21% $347,920 -16%
5 -50% $1,055,000 -70% $211,000 -39%
4 -20% $882,000 -16% $220,500 5%
7 75% $1,507,000 71% $215,286 -2%
4 33% $1,433,900 -21% $358,475 -41%
2 -50% $1,815,000 27% $907,500 153%
1 -50% $450,000 -75% $450,000 -50%
1 0% $575,000 28% $575,000 28%
4 300% $1,570,000 173% $392,500 -32%
5 25% $1,688,500 8% $337,700 -14%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 17
SOUTH COUNTY RESIDENTIAL SALES: TOWN (towns with under 2 sales not shown in breakout)
1st Quarter Becket # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Egremont # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Great Barrington # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Lee # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Lenox # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
2012
2013
2014
2015
2016
2017
6 20% $685,050 10% $114,175 -8%
4 -33% $737,500 8% $184,375 61%
5 25% $1,236,000 68% $247,200 34%
5 0% $1,042,500 -16% $208,500 -16%
13 160% $3,694,709 254% $284,208 36%
11 -15% $2,684,900 -27% $244,082 -14%
2 -67% $500,000 -78% $250,000 -34%
2 0% $639,250 28% $319,625 28%
9 350% $5,823,000 811% $647,000 102%
2 -78% $582,500 -90% $291,250 -55%
4 100% $1,157,838 99% $289,459 -1%
5 25% $1,434,000 24% $286,800 -1%
13 -7% $5,850,500 4% $450,038 12%
17 31% $6,030,400 3% $354,729 -21%
11 -35% $3,636,500 -40% $330,591 -7%
11 0% $3,572,650 -2% $324,786 -2%
17 55% $6,067,000 70% $356,882 10%
10 -41% $3,444,600 -43% $344,460 -3%
5 67% $941,000 31% $188,200 -22%
6 20% $1,509,000 60% $251,500 34%
12 100% $3,519,500 133% $293,292 17%
4 -67% $985,000 -72% $246,250 -16%
6 50% $1,415,000 44% $235,833 -4%
7 17% $2,286,900 62% $326,700 39%
6 -14% $2,640,000 71% $440,000 100%
4 -33% $794,000 -70% $198,500 -55%
10 150% $5,615,500 607% $561,550 183%
7 -30% $2,132,325 -62% $304,618 -46%
2 -71% $687,750 -68% $343,875 13%
13 550% $4,924,000 616% $378,769 10%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 18
SOUTH COUNTY RESIDENTIAL SALES: TOWN (towns with under 2 sales not shown in breakout)
1st Quarter Monterey # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg New Marlborough # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Otis # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Sheffield # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Stockbridge # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg
2012
2013
2014
2015
2016
2017
2 0% $820,000 -44% $410,000 -44%
7 250% $4,306,500 425% $615,214 50%
5 -29% $3,504,000 -19% $700,800 14%
1 -80% $1,100,000 -69% $1,100,000 57%
4 300% $1,708,000 55% $427,000 -61%
4 0% $1,916,118 12% $479,030 12%
4 -43% $3,374,000 -48% $843,500 -10%
5 25% $2,824,500 -16% $564,900 -33%
3 -40% $2,325,000 -18% $775,000 37%
6 100% $1,169,000 -50% $194,833 -75%
7 17% $2,117,900 81% $302,557 55%
4 -43% $730,150 -66% $182,538 -40%
5 25% $2,163,000 218% $432,600 154%
1 -80% $495,000 -77% $495,000 14%
5 400% $1,943,000 293% $388,600 -21%
2 -60% $340,000 -83% $170,000 -56%
1 -50% $210,000 -38% $210,000 24%
5 400% $868,000 313% $173,600 -17%
4 0% $1,262,000 -7% $315,500 -7%
4 0% $941,000 -25% $235,250 -25%
4 0% $1,636,500 74% $409,125 74%
5 25% $2,383,000 46% $476,600 16%
8 60% $1,537,000 -36% $192,125 -60%
12 50% $5,029,000 227% $419,083 118%
8 60% $4,357,300 106% $544,663 29%
14 75% $5,659,200 30% $404,229 -26%
8 -43% $6,667,500 18% $833,438 106%
5 -38% $2,579,000 -61% $515,800 -38%
7 40% $5,829,200 126% $832,743 61%
6 -14% $1,561,900 -73% $260,317 -69%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 19
SOUTH COUNTY RESIDENTIAL SALES: TOWN (towns with under 2 sales not shown in breakout)
1st Quarter West Stockbridge # Sold % Chg # $ Sold % Chg $ Avg $ % Chg Avg Total # Sold Total % Chg # Total $ Sold Total % Chg $ Total Avg $ Total % Chg Avg
2012
2 -50% $483,000 -77% $241,500 -54% 58 -12% $23,450,850 -13% $404,325 -1%
2013
3 50% $1,359,500 181% $453,167 88% 71 22% $28,635,850 22% $403,322 0%
2014
1 -67% $625,000 -54% $625,000 38% 80 13% $41,576,800 45% $519,710 29%
2015
2 100% $687,000 10% $343,500 -45% 54 -33% $19,142,975 -54% $354,500 -32%
2016
3 50% $1,395,000 103% $465,000 35% 81 50% $29,828,397 56% $368,252 4%
2017
7 133% $3,925,500 181% $560,786 21% 87 7% $29,887,568 0% $343,535 -7%
© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 20
2017 MARKET INDICATORS
Consumer Confidence Soars
In NAR’s quarterly Housing Opportunities and Market Experience survey, about 900 households answer questions about their confidence in the U.S. economy as well as various questions about their housing expectations. In the first quarter of 2017, the number of households that believe the economy is improving soared to its highest share in the survey’s fivequarter history – 62%. This is up from 54% in the fourth quarter and 48% in March 2016. This increasing confidence in the economy is also leading to confidence in households’ personal financial future. NAR’s monthly Personal Financial Outlook Index showed the number of households that said their financial situation will be better in six months increased to its highest reading ever at 62.6%. This is up from 59.8% in December and 58.1% a year before. However, renters are not so optimistic as only 56% said now is a good time to buy a home, compared to 57% last quarter and 62% the previous year. For comparison, 80% of homeowners say now is a good time to buy. The National Association of REALTORS isn’t the only one to report a growing consumer confidence, Fannie Mae’s latest Home Purchase Sentiment Index shows that consumer confidence in housing hit an all-time high in February, continuing a climb in confidence that began in January. According to the Fannie Mae report, the Home Purchase Sentiment Index increased by 5.6 percentage points in February to 88.3, setting a new all-time high. Mortgage Rates Continue to Rise In the beginning of 2016 mortgage rates fell below 4 percent and they spent the summer with record lows at 3.75% on average. This year, 2017 rates began above 4.25 percent. The Mortgage Bankers Association predicts that the 30-year fixed will average will remain in the 4% range for 2017. Millennials Arrive on the Homebuying Scene in 2016 NAR Repost that in 2016, people under 35 made up 61 percent of first-time homebuyers. Inventory is Tight, Sellers Markets Nationwide Nationally, the inventory of homes for sale was less than 4 1/2 months toward the end of the year, and at 8 months in Berkshire County. Unlike the rest of the nation, building starts, building of new homes in the heavily desirable markets, has not kicked into gear. This market nationwide is especially hard to find lower-price homes suitable for first-time buyers. Lawrence Yun, chief economist for the National Association of Realtors, says, "The good news is that the tightening labor market is beginning to push up wages and the economy has lately shown signs of greater expansion." Report generated by Sandra J. Carroll, Chief Executive Officer, Berkshire County Board of REALTORS, Inc. 99 West Street, Pittsfield, MA 01201 | (413) 442-8049 Fax (413) 448-2852 Data derived from the Berkshire County Multiple Listing Service, Inc. Believed to be accurate but not warranted. Mortgage Rates Taken from FreddieMac historical Rates by Month. Economic data from the National Association of REALTORS. © Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 1st Quarter | Page 21
