Western MA Real Estate Market Trends Report
The level of home sales is expected to show little movement in the months ahead, according to the latest projections by the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, fell 3.2 percent to 86.5 from an upwardly revised reading of 89.4 in June, which had risen 5.8 percent from May. The July index remains 6.8 percent below July 2007 when it stood at 92.8.

Lawrence Yun, NAR chief economist, said home sales continue to edge up and down. “Pending home sales are oscillating month-to-month, with the long-term trend essentially flat,” he said. “Overly stringent lending criteria imposed by Fannie Mae and Freddie Mac in the past month no doubt held back contract signings.”

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

 
  
This August, Worcester County saw a 14% decrease in sales, when compared against August 2007.  The average sales price declined 15% to $328,589, and homes were on the market an average of 9 days longer than the same time last year.

Worcester County
Active Listings
Pending Sales
Sold Listings
Average DOM
Average Sale Price
August 2008
774
292
557
143
$278,251
August 2007
n/a
n/a
644
134
$328,589


In Hampden County, sales were down 18% in August 2008, while homes were on the market an average of 19 days longer than in August 2007.  The average sales price dropped 12% to $202,979.

Hampden 
County
Active Listings
Pending Sales
Sold Listings
Average DOM
Average Sale Price
August 2008
369
172
259
119
$202,979
August 2007
n/a
n/a
315
100
$230,499


Hampshire County experienced a 16% decrease in sales this August.  Market times were only 5 days shorter than in August 2007.  The average sales price dropped 6% to $294,754.

Hampshire County
Active Listings
Pending Sales
Sold Listings
Average DOM
Average Sale Price
July 2008
119
53
107
136
$294,754
July 2007
n/a
n/a
127
131
$314,145


For the latest Western MA real estate market conditions in your area, please call me at 413-283-1223 or visit ShannonDonohueHomes.com.