Modest near-term movement is expected in Western MA real estate sales, with a recovery in sales seen during the second half of the year, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said some pullback after a sharp increase in the previous month was expected. “The overall decline in contract signings suggests we are not out of the woods by any means. The housing stimulus bill that is still being considered in the Senate is critical to assure a healthy recovery in the housing market, jobs and the economy,” he said.

Furthermore, Yun said location has never mattered more than in the current market. “Some markets have seen a doubling in home sales from a year ago, while others are seeing contract signings cut in half. Price conditions vary tremendously, even within a locality, depending upon a neighborhood’s exposure to subprime loans.”

 

Let’s take a look at the sales statistics for June 2008 to see how the Western MA real estate market looks:

   
This June, Worcester County saw a 16% decrease in sales, when compared against June 2007.  The average sales price declined 11% to $286,411, and homes were on the market an average of four days longer than the same time last year.

Worcester County

Active Listings

Pending Sales

Sold Listings

Average DOM

Average Sale Price

June 2008

1001

358

571

144

$286,411

June 2007

n/a

n/a

676

140

$322,052


In Hampden County, sales were down 19% in June 2008, while homes were on the market an average of 11 days longer than in June 2007.  The average sales price dropped 5% to $219,331.


Hampden 
County

Active Listings

Pending Sales

Sold Listings

Average DOM

Average Sale Price

June 2008

436

183

286

108

$219,331

June 2007

n/a

n/a

352

97

$229,939


Hampshire County experienced a more dramatic 32% decrease in sales this June.  Market times were, on average, one week shorter than in June 2007.  The average sales price dropped 5% to $303,386.


Hampshire County

Active Listings

Pending Sales

Sold Listings

Average DOM

Average Sale Price

June 2008

153

66

106

145

$303,386

June 2007

n/a

n/a

157

152

$318,839


Again, as Yun said and as these statistics show, real estate sales and prices vary from neighborhood to neighborhood, even within the same city.  For the latest Western MA real estate market conditions in your area, please call me at 413-283-1223 or visit ShannonDonohueHomes.com.