The National Association of Realtors® has stepped up its challenge to lawmakers encouraging them to take new, decisive actions to address the continuing problems in the housing industry, as well as the ongoing economic crisis.

“Our members see firsthand the impact that an unstable housing market is having on communities all across this great country,” said Richard F. Gaylord, NAR president. “The U.S. Treasury and Congress need to work together to ensure that the American people – not Wall Street and large banks – benefit from the economic recovery plan.”
NAR sent a letter last week to U.S. Treasury Secretary Henry Paulson calling on him to refocus the Federal Housing Finance Agency’s efforts on restoring strength to the mortgage-backed securities market, which would help lower mortgage rates for all home buyers and for those who need to refinance. 
Let’s take a look at the sales statistics for October 2008 to see how the Western MA real estate market looks: 
  
This October, Worcester County saw a 3% increase in sales, when compared against October 2007.  The average sales price declined 19% to $246,008, and homes were on the market an average of 6 days longer than the same time last year.

Worcester County
Active Listings
Pending Sales
Sold Listings
Average DOM
Average Sale Price
Oct 2008
707
246
433
148
$246,008
Oct 2007
n/a
n/a
419
142
$302,512


In Hampden County, sales were down only 1% in October 2008, while homes were on the market an average of 17 days longer than in October 2007.  The average sales price dropped 11% to $199,813.

Hampden 
County
Active Listings
Pending Sales
Sold Listings
Average DOM
Average Sale Price
Oct 2008
348
137
263
121
$199,813
Oct 2007
n/a
n/a
266
104
$223,993


Hampshire County experienced a 19% decrease in sales this October.  Market times decreased by 51 days from October 2007.  The average sales price dropped 8% to $270,547.

Hampshire County
Active Listings
Pending Sales
Sold Listings
Average DOM
Average Sale Price
Oct 2008
92
23
70
111
$270,547
Oct 2007
n/a
n/a
86
162
$294,909


Again, as Richard Gaylord said and as these statistics show, we are seeing the effects of this unstable market.
For the latest Western MA sales statistics and real estate market conditions in your area, please call me at 413-283-6324 or visit ShannonDonohueHomes.com.