According to the latest forecast by the National Association of Realtors®, tightening credit standards for those applying for home mortgages will likely dampen home sales in the short term and postpone an expected recovery for existing-home sales until 2008.

 

Lawrence Yun, senior NAR economist, said unusual disruptions in the mortgage market are dampening the outlook for home sales, notably for August and September.  “There’s been an unusual hit to home sales, starting in March when subprime problems emerged and more recently when problems spread to jumbo loans, with many potential home buyers on the sidelines.”  He noted, however, that “the volume of existing-home sales this year will be better than 2002, which was the second year of the housing boom.”

 

Let’s take a look at August sales statistics to see how the market looks in Worcester, Hampden, and Hampshire counties.


In Worcester County, the number of sold listings this August declined only slightly - by 3 homes - from August 2006.  The number of days on the market, however, increased 14% over last year while the average sale price decreased slightly - about a 2% decline.

Worcester County Active Listings Pending Sales Sold Listings Average DOM Average Sale Price
August 2007 1011 231 640 133 328,687
August 2006 n/a n/a 643 114 336,986


Hampden County saw a significant drop in number of homes sold, about 16% fewer this August compared with August 2006.  The average number of days on the market increased 25% while the average sale price remained almost unchanged over last year.

Hampden County Active Listings Pending Sales Sold Listings Average DOM Average Sale Price
August 2007 515 146 312 100 230,693
August 2006 n/a n/a 372 75 230,540

The market in Hampshire County followed a similar trend as Hampden this August.  Sales were down 15% over last year, while market times increased 35% and sale prices remained about the same.
Hampshire County Active Listings Pending Sales Sold Listings Average DOM Average Sale Price
August 2007 130 47 127 131 314,144
August 2006 n/a n/a 150 85 315,706

As these statistics show, now is a great time to consider buying a western MA home.  To begin searching for Wilbraham MA homes, please use my complimentary MLS Search, or call me at 413-283-6324.  If you are thinking of selling your Wilbraham MA home, please call me today or visit WesternMAValues.com to receive a complimentary comparative home analysis - we can work together to make sure you get a great deal!