Western MA Real Estate Sales Statistics - September 2008
Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors®.
The Pending Home Sales Index,1 a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4.
Lawrence Yun, NAR chief economist, said home buyers were responding to improved affordability. “What we’re seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region,” he said. "It’s unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we’re hopeful most of the increase will translate into closed existing-home sales.” National Association of Realtors®.
Let’s take a look at the sales statistics for September 2008 to see how the Western MA real estate market looks:
This September, Worcester County saw a 2% increase in sales, when compared against September 2007. The average sales price declined 15% to $252,937, and homes were on the market an average of 5 days longer than the same time last year.
|
Worcester County
|
Active Listings
|
Pending Sales
|
Sold Listings
|
Average DOM
|
Average Sale Price
|
|
Sept 2008
|
862
|
258
|
451
|
150
|
$252,937
|
|
Sept 2007
|
n/a
|
n/a
|
444
|
145
|
$296,177
|
In Hampden County, sales were down 18% in September 2008, while homes were on the market an average of 13 days longer than in September 2007. The average sales price dropped 8% to $198,889.
|
Hampden
County
|
Active Listings
|
Pending Sales
|
Sold Listings
|
Average DOM
|
Average Sale Price
|
|
Sept 2008
|
437
|
182
|
228
|
121
|
$198,889
|
|
Sept 2007
|
n/a
|
n/a
|
277
|
108
|
$215,618
|
Hampshire County experienced a 14% decrease in sales this September. Market times were the same as September 2007. The average sales price dropped 9% to $250,181.
|
Hampshire County
|
Active Listings
|
Pending Sales
|
Sold Listings
|
Average DOM
|
Average Sale Price
|
|
Sept 2008
|
117
|
37
|
78
|
120
|
$250,181
|
|
Sept 2007
|
n/a
|
n/a
|
91
|
120
|
$275,142
|
Again, as Lawrence Yun said and as these statistics show, people are taking advantage of improved affordability in Worcester County, but have responded yet in Hampden and Hampshire Counties.
For the latest Western MA real estate market conditions in your area, please call me at 413-283-1223 or visit ShannonDonohueHomes.com.