We are in the midst of our Pioneer Valley and Northampton MA area spring real estate market. Since it is widely known that more inventory of houses and condos for sale tend to become available starting in March in the Northampton, MA area -- we Realtors often find ourselves in conversations with friends, family and clients wondering "how is the market?". To that end, I have included a blog post below from the Massachusetts Association of Realtors (MAR) with statistics to address this widely asked question.
March Closed Home Sales Hit another High for the Month
The number of homes for sale still down despite increase in new listings
added to the market
WALTHAM, Mass. - April 26, 2016 - The Massachusetts Association of Realtors® (MAR) reported today that heavy buyer activity in the first quarter pushed March closed home sales to a new high for the month. Median prices were back up after ticking down in February for the first time in nine months. Condominium sales also closed up with median prices essentially flat from 2015.
March Closed Sales:
| Single-Family | March 2016 | March 2015 | %Change |
| Sales | 3,452 | 2,801 | +23.2% |
| Median Price | $329,505 | $320,000 | +3.0% |
- Most closed sales in the month of March since 2004
- Closed sales have been up 14 out of the last 21 months
- Median prices have been up for the 11 out of the last 12 months
| Condominium | March 2016 | March 2015 | %Change |
| Sales | 1,429 | 1,145 | +24.8% |
| Median Price | $307,900 | $307,000 | +0.3 |
- Most closed sales in the month of March since 2007
- Closed sales have been up or flat nine of the last 13 months
- Median prices have been up eight out of the last 12 months
"March has proved again this year that buyer activity in the first quarter of this year and the last few months of last year was very, very strong," said 2016 MAR President Annie Blatz, branch executive at Kinlin Grover Real Estate in Brewster. "We've seen a good increase in the number of new listings added to the market and it's a trend we really need to continue as were still faced with an ongoing shortage of homes."
Inventory and Days on Market
| Single-Family | March 2016 | March 2015 | %Change |
| Inventory | 15,442 | 17,729 | -12.9% |
| Months of Supply | 3.1 | 4.4 | -29.5% |
| Days on Market | 117 | 127 | -7.9% |
| New Listings | 8,296 | 6,343 | +30.8% |
- 50th straight month of year-over-year inventory decreases
| Condominium | March 2016 | March 2015 | %Change |
| Inventory | 4,306 | 4,900 | -12.1% |
| Months of Supply | 2.3 | 3.0 | -23.3% |
| Days on Market | 85 | 98 | -13.3% |
| New Listings | 2,971 | 2,551 | +16.5% |
- 63rd straight month of year-over-year inventory decreases
About the Massachusetts Association of Realtors®:
Organized in 1924, the Massachusetts Association of REALTORS® is a professional trade organization with more than 22,000+ members. The term REALTOR® is registered as the exclusive designation of members of the National Association of REALTORS® who subscribe to a strict code of ethics and enjoy continuing education programs.
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