A modest gain in the level of Western MA real estate sales is possible over the next couple months, and an improvement is forecast for the second half of this year as more buyers are able to access affordable mortgages, according to the latest forecast by the National Association of Realtors®.

 

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in April, rose 6.3 percent to 88.2 from a reading of 83.0 in March. It’s the highest index since last October, but remains 13.1 percent lower than April 2007 when it stood at 101.5.

Lawrence Yun, NAR chief economist, said pending sales contracts have picked up notably in areas undergoing significant price drops. “Bargain hunters have entered the market en masse, especially in areas that have experienced double-digit price declines, but it’s unclear if they are investors or owner-occupants,” he said.

 

Let’s take a look at the May sales statistics to see how things are looking in the Western MA real estate market:

 

 
In Worcester County, sales were down 7% in May 2008, compared to the same time in 2007.  Homes remained on the market an average of 10 days longer this May, and the average sales price decreased 12% to $280,379.

Worcester County

Active Listings

Pending Sales

Sold Listings

Average DOM

Average Sale Price

May 2008

1023

420

486

160

$280,379

May 2007

n/a

n/a

522

150

$319,763


The Hampden County real estate market also continued to slow in May 2008.  Home sales decreased 16% while market times increased an average of three weeks to 123 days.  The average sales price dropped a relatively modest 3% to $210,006. 


Hampden 
County

Active Listings

Pending Sales

Sold Listings

Average DOM

Average Sale Price

May 2008

428

248

261

123

$210,006

May2007

n/a

n/a

311

102

$216,082


In Hampshire County, the number of homes sold in May 2008 dropped dramatically by 33%.  The average market times, however, actually decreased 8 days and the average sales price remained almost the same, with a change of less than 1%.


Hampshire County

Active Listings

Pending Sales

Sold Listings

Average DOM

Average Sale Price

May 2008

188

76

68

127

$299,356

May 2007

n/a

n/a

102

135

$301,426


As these statistics and national trends show, this is a great time to consider buying Western MA real estate.  To learn more about the current Western MA real estate market, please call me at 413-283-1223 or visit ShannonDonohueHomes.com.