A continuation of soft market conditions is forecast for Western MA existing-home sales in the months ahead, with improvement expected by the second half of this year if loan limits are increased, according to the latest forecast by the National Association of Realtors®. 
 
Lawrence Yun, NAR chief economist, said sales activity is expected to remain soft through the first half of the year despite a generational low in mortgage interest rates.  “Existing home sales have moved narrowly since last September, but when the full impact of higher loan limits for conventional mortgages begins to impact the market there is likely to be a notable rise in home sales and prices,” he said.
 
This would seem to indicate that now would be a great time to be a home-buyer in the national marketplace. Let’s take a look at the sales statistics for Western MA in January 2008 to see how the year started off:
   
In Worcester County, sales were down 35% this January, when compared with January 2007.  Additionally, homes were on the market an average of 25 days longer than last year, and the average sales price decreased 13% to $274,505.

Worcester County
Active Listings
Pending Sales
Sold Listings
Average DOM
Average Sale Price
January 2008
898
246
261
174
$274,505
January 2007
n/a
n/a
399
149
$314,707


Hampden County saw a 23% slowdown in sales this January, compared with last January.  Average market times did decrease, however, by 5 days.  The average sales price also declined 10% to $200,069.

Hampden 
County
Active Listings
Pending Sales
Sold Listings
Average DOM
Average Sale Price
January 2008
408
143
161
117
$200,069
January 2007
n/a
n/a
208
122
$221,964


In Hampshire County, the number of sold listings decreased 24% from January 2007.  Homes were on the market an average of 30 days longer than they were in 2007.  The average sales price, meanwhile, remained almost the same - with a less than 1% decrease.

Hampshire County
Active Listings
Pending Sales
Sold Listings
Average DOM
Average Sale Price
January 2008
103
55
55
169
$290,571
January 2007
n/a
n/a
72
139
$293,733


As these statistics show, now is a great time to consider buying a Western MA home. To begin searching Western MA real estate, please use my complimentary MLS search or, for more personalized service, call me at 413-283-6324.