Strongest Residential Markets YTD 2017 3rd Quarter Market …… · 2018-05-22 · Total # Sold 723...

© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 3rd Quarter |

2017 3rd Quarter Market Watch January – September Sales Comparison Year to date sales reflect positive market momentum. The dollar volume of real estate sales is up 9% and the number of transactions sold is up 8%. The number of residential homes, multi-family homes, land parcels, condos and commercial properties sold by the third quarter rose compared to sales last year. Sales volume in the third quarter surged past last year by 17% overall, making this the strongest quarter this year. The first two quarters of 2017 showed modest gains over 2016 sales despite low inventory and the third quarter’s strength makes a very positive market trend going into the end of the year.

The areas of the largest growth over the first two quarters of the previous year were in condo and multifamily markets. The Central and Northern Berkshire land markets had a double digit jump in both dollar volume transacted Northern Berkshire had 164 home sales, down from 175. Central Berkshire had 460 home sales, up from 453 Southern Berkshire had 369 homes sales, up from 331.

YTD 3rd Qtr 2011 2012 2013 2014 2015 2016 2017

Commercial $8,922,500 $6,567,243 $11,967,000 $6,775,188 $6,773,400 $9,574,951 $10,040,400

Condominium $14,289,450 $11,405,975 $21,632,155 $16,759,100 $22,948,400 $16,011,300 $23,927,523

Lots/Land $7,269,250 $4,694,200 $10,697,500 $5,135,050 $6,358,379 $8,730,502 $8,552,150

Mobile Home $918,500 $426,450 $928,400 $658,700 $831,000 $943,799 $482,974

MultiFamily $7,894,229 $7,023,450 $9,921,915 $10,915,250 $8,533,475 $10,017,110 $14,027,345

Residential $159,497,741 $179,225,078 $204,748,531 $208,924,012 $223,838,334 $251,634,625 $266,555,697

12831152

1339 1278

14851399

12351141

965

764864 823

9241072 1028

1167 12411345

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HISTORICAL BERKSHIRE COUNTY 3rd QUARTER SALES: # of ALL TRANSACTIONS

Strongest Residential Markets YTD

West Stockbridge, Hancock, Sheffield, Otis, Lenox, Cheshire, Lanesboro, Lee,

Adams, Pittsfield and Tyringham

All Sales 2016 2017 YTD 3rd Qtr $ Sold # Sold $ Sold # Sold

North $37,384,195 249 $40,947,105 266

Central $110,444,568 567 $114,801,247 613

South $149,083,524 425 $167,837,737 466

Grand Total $296,912,287 1241 $323,586,089 1345

Historical comparison for all property types


Hot Berkshire Markets: YTD 3rd Quarter 2017

YTD 3rd Qtr 2016 YTD 3rd Qtr 2017 $ Sold # Sold $ Sold # Sold

Northern Berkshire $37,384,195 249 $40,947,105 266 Adams $8,126,910 61 $9,400,256 72 Clarksburg $2,310,300 20 $1,512,500 14 Florida $472,750 4 $357,000 3 New Ashford None 0 $229,000 2 North Adams $10,121,000 100 $11,292,294 111 Savoy $752,300 9 $700,800 8 Williamstown $15,600,935 55 $17,455,255 56

Central Berkshire $110,444,568 567 $114,801,247 613 Cheshire $3,247,800 19 $5,023,600 27 Dalton $14,062,275 69 $13,347,751 65 Hancock $1,293,500 6 $3,489,100 15 Hinsdale $4,368,800 18 $5,329,433 19 Lanesboro $5,330,900 31 $7,727,900 38 Peru $2,031,200 11 $350,050 6 Pittsfield $67,909,178 375 $71,992,413 418 Richmond $9,023,065 24 $6,086,500 17 Washington $1,162,950 5 $632,000 3 Windsor $2,014,900 9 $822,500 5

South Berkshire $149,083,524 425 $167,837,737 466 Alford $3,629,500 5 $2,675,000 4 Becket $9,576,409 46 $8,693,900 43 Egremont $14,695,204 27 $15,278,950 31 Great Barrington $25,820,525 74 $25,283,844 71 Lee $11,545,300 51 $12,294,100 49 Lenox $17,652,950 56 $32,858,175 77 Monterey $12,015,000 23 $4,887,118 11 Mt Washington $2,300,500 6 $1,167,500 4 New Marlborough $4,898,070 18 $5,919,650 22 Otis $5,878,313 26 $8,613,600 36 Sandisfield $5,508,000 16 $5,433,000 14 Sheffield $9,757,554 28 $18,241,500 51 Stockbridge $15,032,700 25 $11,174,400 25 Tyringham $2,913,000 4 $4,965,000 6 West Stockbridge $7,860,500 20 $10,352,000 22

Grand Total $296,912,287 1241 $323,586,089 1345

Most Improved • West Stockbridge • Hancock • Sheffield • Otis • Lenox • Cheshire • Lanesboro • Lee • Adams • Pittsfield • Tyringham

Inventory • Inventory is down

20% from the same time last year.

• Residential inventory is down13%

• There were 2062 single family homes on the market for the first half of 2017, compared to 2379 last year. In some price ranges, inventory is as low as 4 months.

• In the higher end price range in southern Berkshire, inventory can reach as high as 14 years.


RESIDENTIAL PRICE RANGE REPORT Absorption is the number of months it would take to exhaust all current inventory based on the sales rate in the first quarter. Inventory levels continue to drop from last year at the same time. Some price ranges in central Berkshire only have 6 months of inventory to satisfy buyer demand. Anything below 7 months of inventory traditionally shifts to a seller-favored market. Markets with less than 4 months of inventory are considered in critical inventory deficit.

YTD 3rd Qtr 2017 North Central South

Price Class

Sold

YTD

Act

ive

Pend

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Mon

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of

Abs

orpt

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Sold

YTD

Act

ive

Pend

ing

Mon

ths

of

Abs

orpt

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Sold

YTD

Act

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$0-$99K 55 23 7 4 56 23 7 4 22 23 3 9 $100K -$149K 49 25 15 3 116 53 26 4 16 12 4 7 $150K -$199K 29 18 13 6 123 50 21 4 40 34 9 8 $200K -$249K 17 12 5 6 70 42 18 5 48 41 7 8 $250K -$299K 8 7 4 8 40 28 9 6 55 54 8 9 $300K -$349K 2 6 1 27 16 14 5 8 41 31 7 7 $350K -$399K 2 6 4 27 18 17 6 9 34 54 8 14 $400K -$449K 2 1 2 5 6 9 0 14 20 25 7 11 $450K -$499K 3 7 2 21 5 13 1 23 19 31 7 15 $500K -$749K 3 7 3 21 11 31 2 25 46 88 13 17 $750K -$999K 3 7 1 21 2 13 0 59 15 55 2 33 $1M -$1.99M 2 10 0 45 0 9 1 --- 11 78 3 64 $2,M -$2.99M 0 3 0 --- 0 2 0 --- 3 22 0 66 $3M -$4.99M 0 0 0 --- 0 0 0 --- 1 8 3 72 $5M + 0 0 0 --- 0 0 0 --- 0 1 1 ---

YTD 3rd Qtr 2017 175 132 57 7 463 304 96 6 371 557 82 14 -- Not enough sales to calculate Absorption Rate

RESDIENTIAL SALES PRICES BY STATUS North Central South 2016 Qrt 1 Sold $ Active $ Pend $ Sold $ Active $ Pend $ Sold $ Active $ Pend $

Avg $171,163 $408,784 $233,726 $195,712 $344,251 $221,989 $394,799 $714,029 $567,701 Median $129,900 $199,900 $250,000 $170,000 $237,500 $169,000 $305,000 $465,000 $515,000


RESIDENTIAL REPORT Residential (single family) home sales rose 4% countywide, with the biggest gain in Southern Berkshire of 11%. Sales volume rose 6% countywide, which was contracted due to a decrease of 1% in northern Berkshire, a decrease of 5% in Central Berkshire, while Southern Berkshire rose 15% over the previous period. All regions showed an increase in the number of sales.

YTD 3rd Qtr 2017 2012 2013 2014 2015 2016 2017 North

# Sold 144 140 135 166 175 164 % Chg # 22.03% -2.78% -3.57% 22.96% 5.42% -6.29% $ Sold $26,609,503 $25,270,656 $24,571,337 $31,419,002 $30,003,593 $29,684,505 % Chg $ 25% -5% -3% 28% -5% -1% Avg $ $184,788 $180,505 $182,010 $189,271 $171,449 $181,003 % Chg Avg 2% -2% 1% 4% -9% 6%

Central # Sold 315 379 357 423 453 460 % Chg # 13.31% 20.32% -5.80% 18.49% 7.09% 1.55% $ Sold $59,480,375 $69,230,709 $69,421,725 $80,361,973 $94,857,208 $90,528,674 % Chg $ 7% 16% 0% 16% 18% -5% Avg $ $188,827 $182,667 $194,459 $189,981 $209,398 $196,801 % Chg Avg -5% -3% 6% -2% 10% -6%

South # Sold 264 282 286 296 331 369 % Chg # 22.79% 6.82% 1.42% 3.50% 11.82% 11.48% $ Sold $93,135,200 $110,247,166 $114,930,950 $112,057,360 $126,773,824 $146,342,518 % Chg $ 13% 18% 4% -3% 13% 15% Avg $ $352,785 $390,947 $401,856 $378,572 $383,002 $396,592 % Chg Avg -8% 11% 3% -6% 1% 4%

Total # Sold 723 801 778 885 959 993 Total % Chg # 18.33% 10.79% -2.87% 13.75% 8.36% 3.55% Total $ Sold $179,225,078 $204,748,531 $208,924,012 $223,838,334 $251,634,625 $266,555,697 Total % Chg $ 12% 14% 2% 7% 12% 6% Total Avg $ $247,891 $255,616 $268,540 $252,925 $262,393 $268,435 Total % Chg Avg -5% 3% 5% -6% 4% 2%

Modest increases overall.

Depends on individual markets


CONDO REPORT Showing dramatic gains over last year, condo sales rose 30% in total number of sales, and 49% in the dollar volume transacted. All regions of the county showed double digit appreciation compared to last year. This also reflects a countywide record high in several years of condo sales, even higher than the peak in 2015 3rd quarter market watch.

YTD 3rd Qtr 2017 2012 2013 2014 2015 2016 2017 North

# Sold 9 10 6 11 13 16 % Chg # 200.00% 11.11% -40.00% 83.33% 18.18% 23.08% $ Sold $1,383,500 $1,896,000 $1,241,300 $2,308,400 $1,948,900 $2,649,400 % Chg $ 172% 37% -35% 86% -16% 36% Avg $ $153,722 $189,600 $206,883 $209,855 $149,915 $165,588 % Chg Avg -9% 23% 9% 1% -29% 10%

Central # Sold 21 28 21 30 25 42 % Chg # 40.00% 33.33% -25.00% 42.86% -16.67% 68.00% $ Sold $3,643,850 $7,640,355 $5,173,600 $5,623,550 $5,395,200 $9,368,748 % Chg $ 5% 110% -32% 9% -4% 74% Avg $ $173,517 $272,870 $246,362 $187,452 $215,808 $223,065 % Chg Avg -25% 57% -10% -24% 15% 3%

South # Sold 21 41 34 52 35 37 % Chg # -12.50% 95.24% -17.07% 52.94% -32.69% 5.71% $ Sold $6,378,625 $12,095,800 $10,344,200 $15,016,450 $8,667,200 $11,909,375 % Chg $ -38% 90% -14% 45% -42% 37% Avg $ $303,744 $295,020 $304,241 $288,778 $247,634 $321,875 % Chg Avg -29% -3% 3% -5% -14% 30%

Total # Sold 51 79 61 93 73 95 Total % Chg # 21.43% 54.90% -22.78% 52.46% -21.51% 30.14% Total $ Sold $11,405,975 $21,632,155 $16,759,100 $22,948,400 $16,011,300 $23,927,523 Total % Chg $ -20% 90% -23% 37% -30% 49% Total Avg $ $223,647 $273,825 $274,739 $246,757 $219,333 $251,869 Total % Chg Avg -34% 22% 0% -10% -11% 15%

Condo sales rose in YTD in

all regions


MULTIFAMILY REPORT Overall, multifamily sales rates soared over the preceding several years comparison, in both dollar volume and number of units sold. Southern Berkshire didn’t realize the same jump, with sales slightly off from last year. Central Berkshire saw sales top 68 units, an increase of 42%, and 7.8 million in sales, a 58% increase. Northern Berkshire sales rose 49% with 49 multifamily properties sold, and a dollar volume jump of 55% to $4.7 million.

YTD 3rd Qtr 2017 2012 2013 2014 2015 2016 2017 North

# Sold 19 34 35 25 33 49 % Chg # 11.76% 78.95% 2.94% -28.57% 32.00% 48.48% $ Sold $1,273,400 $4,046,800 $3,919,150 $2,211,300 $3,079,700 $4,760,826 % Chg $ -17% 218% -3% -44% 39% 55% Avg $ $67,021 $119,024 $111,976 $88,452 $93,324 $97,160 % Chg Avg -26% 78% -6% -21% 6% 4%

Central # Sold 43 34 36 36 48 68 % Chg # 10.26% -20.93% 5.88% 0.00% 33.33% 41.67% $ Sold $4,589,550 $4,191,615 $5,303,600 $4,171,400 $4,906,510 $7,766,975 % Chg $ 1% -9% 27% -21% 18% 58% Avg $ $106,734 $123,283 $147,322 $115,872 $102,219 $114,220 % Chg Avg -8% 16% 19% -21% -12% 12%

South # Sold 7 7 7 8 8 6 % Chg # -22.22% 0.00% 0.00% 14.29% 0.00% -25.00% $ Sold $1,160,500 $1,683,500 $1,692,500 $2,150,775 $2,030,900 $1,499,544 % Chg $ -37% 45% 1% 27% -6% -26% Avg $ $165,786 $240,500 $241,786 $268,847 $253,863 $249,924 % Chg Avg -19% 45% 1% 11% -6% -2%

Total # Sold 69 75 78 69 89 123 Total % Chg # 6.15% 8.70% 4.00% -11.54% 28.99% 38.20% Total $ Sold $7,023,450 $9,921,915 $10,915,250 $8,533,475 $10,017,110 $14,027,345 Total % Chg $ -11% 41% 10% -22% 17% 40% Total Avg $ $101,789 $132,292 $139,939 $123,674 $112,552 $114,043 Total % Chg Avg -16% 30% 6% -12% -9% 1%

Multi-family sales soar

compared to previous


LAND REPORT Land sales rose over last year activity, but most notably, also rose over the previous several years. Historically, the peak of our land sales was in the mid 2000’s with an average 3rd quarter transaction rate of over 100 parcels, and as high as 193 sales in 2004. Our current 81 parcels sold this year represents a significant improvement in the last 10 years, when sales of raw land dropped in 2007, to the all-time low in 2009 (36 sales). This continued momentum is a good sign for our market. Also, with residential inventory retracting, perhaps a spurt of building may begin and land sales increase to accommodate the demand.

YTD 3rd Qtr 2017 2012 2013 2014 2015 2016 2017 North

# Sold 10 16 9 17 16 18 % Chg # 233.33% 60.00% -43.75% 88.89% -5.88% 12.50% $ Sold $610,500 $1,001,500 $479,900 $1,202,287 $1,056,302 $1,430,400 % Chg $ 58% 64% -52% 151% -12% 35% Avg $ $61,050 $62,594 $53,322 $70,723 $66,019 $79,467 % Chg Avg -53% 3% -15% 33% -7% 20%

Central # Sold 14 16 15 21 14 21 % Chg # 7.69% 14.29% -6.25% 40.00% -33.33% 50.00% $ Sold $676,200 $2,145,000 $1,025,750 $1,386,500 $1,029,500 $2,200,850 % Chg $ -35% 217% -52% 35% -26% 114% Avg $ $48,300 $134,063 $68,383 $66,024 $73,536 $104,802 % Chg Avg -40% 178% -49% -3% 11% 43%

South # Sold 19 42 41 32 32 42 % Chg # -53.66% 121.05% -2.38% -21.95% 0.00% 31.25% $ Sold $3,407,500 $7,551,000 $3,629,400 $3,769,592 $6,644,700 $4,920,900 % Chg $ -42% 122% -52% 4% 76% -26% Avg $ $179,342 $179,786 $88,522 $117,800 $207,647 $117,164 % Chg Avg 26% 0% -51% 33% 76% -44%

Total # Sold 43 74 65 70 62 81 Total % Chg # -24.56% 72.09% -12.16% 7.69% -11.43% 30.65% Total $ Sold $4,694,200 $10,697,500 $5,135,050 $6,358,379 $8,730,502 $8,552,150 Total % Chg $ -35% 128% -52% 24% 37% -2% Total Avg $ $109,167 $144,561 $79,001 $90,834 $140,815 $105,582 Total % Chg Avg -14% 32% -45% 15% 55% -25%

Robust land sales keep

momentum strong


COMMERCIAL REPORT . REALTOR-assisted commercial sales, while small in number, showed steady improvement in the first three quarters of the year in 2017, compared to sales from past years. With 37 transactions valued at over $10 million, the market was strong. Northern and Central Berkshire reported an increase in the average selling price, with double digit increases. Alternatively, Southern Berkshire recorded falling average sale prices. Please note: Not all Berkshire REALTOR assisted commercial sales are included in the MLS database.

YTD 3rd Qtr 2017 2012 2013 2014 2015 2016 2017 North

# Sold 8 4 6 9 6 8 % Chg # -11.11% -50.00% 50.00% 50.00% -33.33% 33.33% $ Sold $1,642,000 $457,000 $1,606,000 $2,155,400 $1,175,701 $2,153,000 % Chg $ -49% -72% 251% 34% -45% 83% Avg $ $205,250 $114,250 $267,667 $239,489 $195,950 $269,125 % Chg Avg -43% -44% 134% -11% -18% 37%

Central # Sold 4 5 6 7 13 19 % Chg # 0.00% 25.00% 20.00% 16.67% 85.71% 46.15% $ Sold $872,843 $1,006,000 $1,198,000 $1,442,500 $3,771,750 $4,849,900 % Chg $ 30% 15% 19% 20% 161% 29% Avg $ $218,211 $201,200 $199,667 $206,071 $290,135 $255,258 % Chg Avg 30% -8% -1% 3% 41% -12%

South # Sold 11 10 10 7 11 10 % Chg # 37.50% -9.09% 0.00% -30.00% 57.14% -9.09% $ Sold $4,052,400 $10,504,000 $3,971,188 $3,175,500 $4,627,500 $3,037,500 % Chg $ -20% 159% -62% -20% 46% -34% Avg $ $368,400 $1,050,400 $397,119 $453,643 $420,682 $303,750 % Chg Avg -41% 185% -62% 14% -7% -28%

Total # Sold 23 19 22 23 30 37 Total % Chg # 9.52% -17.39% 15.79% 4.55% 30.43% 23.33% Total $ Sold $6,567,243 $11,967,000 $6,775,188 $6,773,400 $9,574,951 $10,040,400 Total % Chg $ -26% 82% -43% 0% 41% 5% Total Avg $ $285,532 $629,842 $307,963 $294,496 $319,165 $271,362 Total % Chg Avg -33% 121% -51% -4% 8% -15%

Commercial sales show

steady growth

© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 3rd Quarter | Infographic

$40.9 M sales +9%

132 Homes for Sale

57 sales pending

in Oct

Highest gains in Multifamily

2017 NORTH BERKSHIRE 3RD QTR YTD SALES

Largest Price Ranges

Up to $99 K Sales

$100 - $149 K Inventory

$129,900 median sale price

$199,900 median list price

255 sales

Up +5 %

179

93% List-to-Sell Ratio for co-broke sale

89% for in-house

Residential Sales Volume $29.8M, down 1% Residential # Units Sold 164, down 6% Multi-family Sales Volume: $4.8M, up +55% Multi-family # Units Sold: 49, up 48%

Condo Sales Volume: $2.6M, up 36% Condo # Units Sold: 16, up 23%

Land Sales Volume: $1.4M, up 35% Land # Units Sold: 18, up 13% (2) Commercial Sales Volume: $2.2M, up 83% Commercial # Units Sold: 8, up from 6

Overall, year-to-date sales in the northern Berkshire region rose compared to the same time last year up 5% in the number of transactions and up 9% in the dollar volume of the transactions. Residential sales were the least robust, with decreases in both the dollar volume and number of transactions. Northern Berkshire showed the strongest growth in the multifamily and condo markets with solid land and commercial sales to carry the first three quarter of 2017. It should be noted that in Residential sales, Adams and North Adams report solid gains, Williamstown is one sale over the same period last year and New Ashford reported 2 sales when prior years there were none. Clarksburg’s momentum from the first 2 quarters slowed in the 3rd.

49%

lowest

cooperation rates

7 months’ supply

3.81 %

↑ from 3.46% avg 30 yr Fixed MtgRate in ‘16

YTD 2011 2012 2013 2014 2015 2016 2017 # Sold 150 190 204 191 228 243 255 $ Sold $26,975,125 $31,518,903 $32,671,956 $31,817,687 $39,296,389 $37,264,196 $40,678,131

Residential

© Berkshire County Board of REALTORS: Believed to be accurate but not warranted | 2017 3rd Quarter | Page 9

YTD 3RD QUARTER NORTH COUNTY REAL ESTATE SALES OVERVIEW

YTD 3rd Qtr 2012 2013 2014 2015 2016 2017 Residential

# Sold 144 140 135 166 175 164 % Chg # 22.03% -2.78% -3.57% 22.96% 5.42% -6.29% $ Sold $26,609,503 $25,270,656 $24,571,337 $31,419,002 $30,003,593 $29,684,505 % Chg $ 25% -5% -3% 28% -5% -1% Avg $ $184,788 $180,505 $182,010 $189,271 $171,449 $181,003 % Chg Avg 2% -2% 1% 4% -9% 6%

MultiFamily # Sold 19 34 35 25 33 49 % Chg # 11.76% 78.95% 2.94% -28.57% 32.00% 48.48% $ Sold $1,273,400 $4,046,800 $3,919,150 $2,211,300 $3,079,700 $4,760,826 % Chg $ -17% 218% -3% -44% 39% 55% Avg $ $67,021 $119,024 $111,976 $88,452 $93,324 $97,160 % Chg Avg -26% 78% -6% -21% 6% 4%

Lots/Land # Sold 10 16 9 17 16 18 % Chg # 233.33% 60.00% -43.75% 88.89% -5.88% 12.50% $ Sold $610,500 $1,001,500 $479,900 $1,202,287 $1,056,302 $1,430,400 % Chg $ 58% 64% -52% 151% -12% 35% Avg $ $61,050 $62,594 $53,322 $70,723 $66,019 $79,467 % Chg Avg -53% 3% -15% 33% -7% 20%

Condominium # Sold 9 10 6 11 13 16 % Chg # 200.00% 11.11% -40.00% 83.33% 18.18% 23.08% $ Sold $1,383,500 $1,896,000 $1,241,300 $2,308,400 $1,948,900 $2,649,400 % Chg $ 172% 37% -35% 86% -16% 36% Avg $ $153,722 $189,600 $206,883 $209,855 $149,915 $165,588 % Chg Avg -9% 23% 9% 1% -29% 10%

Commercial # Sold 8 4 6 9 6 8 % Chg # -11.11% -50.00% 50.00% 50.00% -33.33% 33.33% $ Sold $1,642,000 $457,000 $1,606,000 $2,155,400 $1,175,701 $2,153,000 % Chg $ -49% -72% 251% 34% -45% 83% Avg $ $205,250 $114,250 $267,667 $239,489 $195,950 $269,125 % Chg Avg -43% -44% 134% -11% -18% 37%


NORTH COUNTY RESIDENTIAL SALES: BY TOWN (towns with under 2 sales not shown in breakout)

YTD 3rd Qtr 2012 2013 2014 2015 2016 2017 Adams

# Sold 40 39 41 34 45 48 % Chg # 14.29% -2.50% 5.13% -17.07% 32.35% 6.67% $ Sold $5,075,500 $4,540,330 $4,917,049 $4,610,900 $6,645,860 $6,818,950 % Chg $ -5% -11% 8% -6% 44% 3% Avg $ $126,888 $116,419 $119,928 $135,615 $147,686 $142,061 % Chg Avg -17% -8% 3% 13% 9% -4%

Clarksburg # Sold 9 7 8 7 16 11 % Chg # 350.00% -22.22% 14.29% -12.50% 128.57% -31.25% $ Sold $1,266,000 $948,750 $976,675 $923,400 $2,095,300 $1,332,000 % Chg $ 178% -25% 3% -5% 127% -36% Avg $ $140,667 $135,536 $122,084 $131,914 $130,956 $121,091 % Chg Avg -38% -4% -10% 8% -1% -8%

North Adams # Sold 53 49 55 58 69 59 % Chg # 10.42% -7.55% 12.24% 5.45% 18.97% -14.49% $ Sold $5,823,562 $6,175,100 $6,957,288 $6,543,600 $7,714,101 $6,280,900 % Chg $ 1% 6% 13% -6% 18% -19% Avg $ $109,879 $126,022 $126,496 $112,821 $111,799 $106,456 % Chg Avg -9% 15% 0% -11% -1% -5%

Savoy # Sold 2 5 0 6 4 4 % Chg # 100.00% 150.00% -33.33% 0.00% $ Sold $413,000 $938,800 $879,000 $626,000 $515,900 % Chg $ 92% 127% -29% -18% Avg $ $206,500 $187,760 $146,500 $156,500 $128,975 % Chg Avg -4% -9% 7% -18%

Williamstown # Sold 37 38 29 54 39 39 % Chg # 27.59% 2.70% -23.68% 86.21% -27.78% 0.00% $ Sold $13,508,441 $12,439,676 $11,170,325 $17,669,103 $12,610,332 $14,278,755 % Chg $ 50% -8% -10% 58% -29% 13% Avg $ $365,093 $327,360 $385,184 $327,206 $323,342 $366,122 % Chg Avg 17% -10% 18% -15% -1% 13%


$115 M sales ↑4%

304 Homes for Sale in Oct

96 sales pending

in Oct

Highest since 3rd Qrt 2002

2017 CENTRAL BERKSHIRE 3RD QTR YTD SALES


$150 - $199 K Sales

$100 - $149K Inventory

$170,000 median sale price $237,500

median list price

610 sales

↑10%

156

90% List-to-Sell Ratio

for co-brokes

89% for in-house

Residential Sales Volume $91M, down 5% Residential # Units Sold 460, up 1.6% Multi-family Sales Volume: $7.8M, up +58% Multi-family # Units Sold: 68, up 42%, from 48

Condo Sales Volume: $9.4M, up 74% Condo # Units Sold: 42, up 68% from 25

Land Sales Volume: $2.2M, up 114% Land # Units Sold: 21, up 50% from 14 Commercial Sales Volume: $4.9M, up 29% Commercial # Units Sold: 19, +46% up from 13

The central residential market showed steady activity, with 10% more homes sold this year-to-date leading up to the 3rd quarter than last, while the dollar volume rose at a rate of only 4%. This created a downward pressure on the average sale price. The rest of the central market showed dramatic gains, with double digit increases in multifamily, condo, land and commercial sales in the central regions so far this year. Pittsfield residential sales were strong and despite slower sales in Dalton, Richmond, Peru and Windsor, there were gains experienced in Cheshire, Hancock, Hinsdale, and Lanesboro.

70% co-broke

30% in-house

6 months’ supply

3.81 %


YTD 2011 2012 2013 2014 2015 2016 2017

# Sold 349 397 462 435 517 553 610 $ Sold $65,112,746 $69,262,818 $84,213,679 $82,122,675 $92,985,923 $109,960,168 $114,715,147


YTD 3RD QUARTER CENTRAL COUNTY REAL ESTATE SALES OVERVIEW


# Sold 315 379 357 423 453 460 % Chg # 13.31% 20.32% -5.80% 18.49% 7.09% 1.55% $ Sold $59,480,375 $69,230,709 $69,421,725 $80,361,973 $94,857,208 $90,528,674 % Chg $ 7% 16% 0% 16% 18% -5% Avg $ $188,827 $182,667 $194,459 $189,981 $209,398 $196,801 % Chg Avg -5% -3% 6% -2% 10% -6%

MultiFamily # Sold 43 34 36 36 48 68 % Chg # 10.26% -20.93% 5.88% 0.00% 33.33% 41.67% $ Sold $4,589,550 $4,191,615 $5,303,600 $4,171,400 $4,906,510 $7,766,975 % Chg $ 1% -9% 27% -21% 18% 58% Avg $ $106,734 $123,283 $147,322 $115,872 $102,219 $114,220 % Chg Avg -8% 16% 19% -21% -12% 12%

Lots/Land # Sold 14 16 15 21 14 21 % Chg # 7.69% 14.29% -6.25% 40.00% -33.33% 50.00% $ Sold $676,200 $2,145,000 $1,025,750 $1,386,500 $1,029,500 $2,200,850 % Chg $ -35% 217% -52% 35% -26% 114% Avg $ $48,300 $134,063 $68,383 $66,024 $73,536 $104,802 % Chg Avg -40% 178% -49% -3% 11% 43%

Condominium # Sold 21 28 21 30 25 42 % Chg # 40.00% 33.33% -25.00% 42.86% -16.67% 68.00% $ Sold $3,643,850 $7,640,355 $5,173,600 $5,623,550 $5,395,200 $9,368,748 % Chg $ 5% 110% -32% 9% -4% 74% Avg $ $173,517 $272,870 $246,362 $187,452 $215,808 $223,065 % Chg Avg -25% 57% -10% -24% 15% 3%

Commercial # Sold 4 5 6 7 13 19 % Chg # 0.00% 25.00% 20.00% 16.67% 85.71% 46.15% $ Sold $872,843 $1,006,000 $1,198,000 $1,442,500 $3,771,750 $4,849,900 % Chg $ 30% 15% 19% 20% 161% 29% Avg $ $218,211 $201,200 $199,667 $206,071 $290,135 $255,258 % Chg Avg 30% -8% -1% 3% 41% -12%


CENTRAL COUNTY RESIDENTIAL SALES: TOWN (towns with under 2 sales not shown in breakout)

YTD 3rd Qtr 2012 2013 2014 2015 2016 2017 Cheshire

# Sold 10 21 11 23 14 23 % Chg # -16.67% 110.00% -47.62% 109.09% -39.13% 64.29% $ Sold $1,688,550 $3,440,900 $2,139,000 $4,336,400 $2,863,500 $4,708,700 % Chg $ -27% 104% -38% 103% -34% 64% Avg $ $168,855 $163,852 $194,455 $188,539 $204,536 $204,726 % Chg Avg -12% -3% 19% -3% 8% 0%

Dalton # Sold 39 41 42 45 60 52 % Chg # 5.41% 5.13% 2.44% 7.14% 33.33% -13.33% $ Sold $7,788,250 $8,097,550 $8,347,455 $7,761,552 $12,512,375 $10,322,051 % Chg $ 0% 4% 3% -7% 61% -18% Avg $ $199,699 $197,501 $198,749 $172,479 $208,540 $198,501 % Chg Avg -5% -1% 1% -13% 21% -5%

Hancock # Sold 3 2 4 5 5 9 % Chg # -25.00% -33.33% 100.00% 25.00% 0.00% 80.00% $ Sold $469,000 $1,014,900 $1,196,200 $1,556,500 $1,185,500 $2,599,100 % Chg $ -68% 116% 18% 30% -24% 119% Avg $ $156,333 $507,450 $299,050 $311,300 $237,100 $288,789 % Chg Avg -57% 225% -41% 4% -24% 22%

Hinsdale # Sold 7 9 11 14 15 12 % Chg # -50.00% 28.57% 22.22% 27.27% 7.14% -20.00% $ Sold $1,184,800 $1,899,000 $2,250,500 $3,251,200 $4,032,300 $3,155,633 % Chg $ -63% 60% 19% 44% 24% -22% Avg $ $169,257 $211,000 $204,591 $232,229 $268,820 $262,969 % Chg Avg -26% 25% -3% 14% 16% -2%

Lanesboro # Sold 15 17 24 23 26 31 % Chg # 7.14% 13.33% 41.18% -4.17% 13.04% 19.23% $ Sold $3,234,400 $3,324,200 $5,549,800 $5,333,260 $4,836,800 $6,649,400 % Chg $ 17% 3% 67% -4% -9% 37% Avg $ $215,627 $195,541 $231,242 $231,881 $186,031 $214,497 % Chg Avg 9% -9% 18% 0% -20% 15%


YTD 3rd Qtr 2012 2013 2014 2015 2016 2017 Peru

# Sold 4 5 5 5 8 1 % Chg # -20.00% 25.00% 0.00% 0.00% 60.00% -87.50% $ Sold $464,500 $806,500 $879,500 $895,500 $1,937,200 $157,000 % Chg $ -37% 74% 9% 2% 116% -92% Avg $ $116,125 $161,300 $175,900 $179,100 $242,150 $157,000 % Chg Avg -22% 39% 9% 2% 35% -35%

Pittsfield # Sold 216 264 236 282 290 309 % Chg # 18.03% 22.22% -10.61% 19.49% 2.84% 6.55% $ Sold $36,038,025 $44,310,759 $41,226,070 $49,145,261 $55,558,118 $55,658,790 % Chg $ 4% 23% -7% 19% 13% 0% Avg $ $166,843 $167,844 $174,687 $174,274 $191,580 $180,126 % Chg Avg -12% 1% 4% 0% 10% -6%

Richmond # Sold 13 13 13 14 22 17 % Chg # 333.33% 0.00% 0.00% 7.69% 57.14% -22.73% $ Sold $6,843,050 $5,035,000 $5,855,200 $5,395,900 $8,771,065 $6,086,500 % Chg $ 514% -26% 16% -8% 63% -31% Avg $ $526,388 $387,308 $450,400 $385,421 $398,685 $358,029 % Chg Avg 42% -26% 16% -14% 3% -10%

Washington # Sold 2 4 5 6 5 3 % Chg # 100.00% 100.00% 25.00% 20.00% -16.67% -40.00% $ Sold $649,900 $760,000 $1,002,000 $1,513,900 $1,162,950 $632,000 % Chg $ 35% 17% 32% 51% -23% -46% Avg $ $324,950 $190,000 $200,400 $252,317 $232,590 $210,667 % Chg Avg -32% -42% 5% 26% -8% -9%

Windsor # Sold 6 3 6 6 8 3 % Chg # 20.00% -50.00% 100.00% 0.00% 33.33% -62.50% $ Sold $1,119,900 $541,900 $976,000 $1,172,500 $1,997,400 $559,500 % Chg $ 13% -52% 80% 20% 70% -72% Avg $ $186,650 $180,633 $162,667 $195,417 $249,675 $186,500 % Chg Avg -5% -3% -10% 20% 28% -25%

Total # Sold 315 379 357 423 453 460 Total % Chg # 13.31% 20.32% -5.80% 18.49% 7.09% 1.55% Total $ Sold $59,480,375 $69,230,709 $69,421,725 $80,361,973 $94,857,208 $90,528,674 Total % Chg $ 7% 16% 0% 16% 18% -5% Total Avg $ $188,827 $182,667 $194,459 $189,981 $209,398 $196,801


$168M sales ↑13%

557 Homes for Sale

82 sales pending

in Oct

Best since 2005

2017 SOUTH BERKSHIRE 3RD QTR YTD SALES


$250-299 K Sales

$500K -749K Inventory

$298,000 median sale price $459,900

median list price

464 sales ↑ 11%

288

88% List-to-Sell Ratio

for co-brokes

81% for in-house

Residential Sales Volume $146.3M, up +15% Residential # Units Sold 369, up +11% Multi-family Sales Volume: $1.5M, -26% Multi-family # Units Sold: 6, down from 6 in ‘16

Condo Sales Volume: $11.9M up 37% Condo # Units Sold: 37, up 6%, from 35

Land Sales Volume: $4.9M, down 26% Land # Units Sold: 42, up 31% Commercial Sales Volume: $3M, down 34% Commercial # Units Sold: 10, down from 11 LY

While south county boasts the highest (14 months) of absorption, the inventory doesn’t currently exist where sales are most robust. The residential market remains strong, up double digits from the same time last year. The rest of the market is scattered, with booming condo sales, slow multi-family sales and a lagging commercial market. More parcels were transacted at a much lower price than previous years. Lenox, Lee, Sheffield and West Stockbridge markets were very strong, while Great Barrington ran similar to last year. Monterey home sales have struggled the most so far this year, but Otis, New Marlborough, Tyringham and Egremont made up with modest gains.

67% co-broke

‘

33% in-house

14 months’ supply

3.81 %


YTD 2011 2012 2013 2014 2015 2016 2017

# Sold 297 322 382 378 395 417 464 $ Sold $105,785,299 $108,134,225 $142,081,466 $134,568,238 $136,169,677 $148,744,124 $167,709,837


YTD 3RD QUARTER SOUTH COUNTY REAL ESTATE SALES OVERVIEW


# Sold 264 282 286 296 331 369 % Chg # 22.79% 6.82% 1.42% 3.50% 11.82% 11.48% $ Sold $93,135,200 $110,247,166 $114,930,950 $112,057,360 $126,773,824 $146,342,518 % Chg $ 13% 18% 4% -3% 13% 15% Avg $ $352,785 $390,947 $401,856 $378,572 $383,002 $396,592 % Chg Avg -8% 11% 3% -6% 1% 4%

MultiFamily # Sold 7 7 7 8 8 6 % Chg # -22.22% 0.00% 0.00% 14.29% 0.00% -25.00% $ Sold $1,160,500 $1,683,500 $1,692,500 $2,150,775 $2,030,900 $1,499,544 % Chg $ -37% 45% 1% 27% -6% -26% Avg $ $165,786 $240,500 $241,786 $268,847 $253,863 $249,924 % Chg Avg -19% 45% 1% 11% -6% -2%

Lots/Land # Sold 19 42 41 32 32 42 % Chg # -53.66% 121.05% -2.38% -21.95% 0.00% 31.25% $ Sold $3,407,500 $7,551,000 $3,629,400 $3,769,592 $6,644,700 $4,920,900 % Chg $ -42% 122% -52% 4% 76% -26% Avg $ $179,342 $179,786 $88,522 $117,800 $207,647 $117,164 % Chg Avg 26% 0% -51% 33% 76% -44%

Condominium # Sold 21 41 34 52 35 37 % Chg # -12.50% 95.24% -17.07% 52.94% -32.69% 5.71% $ Sold $6,378,625 $12,095,800 $10,344,200 $15,016,450 $8,667,200 $11,909,375 % Chg $ -38% 90% -14% 45% -42% 37% Avg $ $303,744 $295,020 $304,241 $288,778 $247,634 $321,875 % Chg Avg -29% -3% 3% -5% -14% 30%

Commercial # Sold 11 10 10 7 11 10 % Chg # 37.50% -9.09% 0.00% -30.00% 57.14% -9.09% $ Sold $4,052,400 $10,504,000 $3,971,188 $3,175,500 $4,627,500 $3,037,500 % Chg $ -20% 159% -62% -20% 46% -34% Avg $ $368,400 $1,050,400 $397,119 $453,643 $420,682 $303,750 % Chg Avg -41% 185% -62% 14% -7% -28%


SOUTH COUNTY RESIDENTIAL SALES: TOWN (towns with under 2 sales not shown in breakout)

YTD 3rd Qtr 2012 2013 2014 2015 2016 2017 Alford

# Sold 3 9 7 7 5 4 % Chg # 0.00% 200.00% -22.22% 0.00% -28.57% -20.00% $ Sold $2,730,000 $7,958,500 $9,380,800 $8,466,250 $3,629,500 $2,675,000 % Chg $ 64% 192% 18% -10% -57% -26% Avg $ $910,000 $884,278 $1,340,114 $1,209,464 $725,900 $668,750 % Chg Avg 64% -3% 52% -10% -40% -8%

Becket # Sold 32 29 36 35 38 36 % Chg # 88.24% -9.38% 24.14% -2.78% 8.57% -5.26% $ Sold $5,519,050 $5,175,950 $8,468,250 $6,553,850 $9,144,509 $8,466,900 % Chg $ 34% -6% 64% -23% 40% -7% Avg $ $172,470 $178,481 $235,229 $187,253 $240,645 $235,192 % Chg Avg -29% 3% 32% -20% 29% -2%

Egremont # Sold 9 12 16 15 24 26 % Chg # -25.00% 33.33% 33.33% -6.25% 60.00% 8.33% $ Sold $2,702,500 $8,660,250 $8,512,750 $7,685,500 $14,143,404 $14,054,950 % Chg $ -41% 220% -2% -10% 84% -1% Avg $ $300,278 $721,688 $532,047 $512,367 $589,308 $540,575 % Chg Avg -21% 140% -26% -4% 15% -8%

Great Barrington # Sold 42 49 42 49 61 54 % Chg # -8.70% 16.67% -14.29% 16.67% 24.49% -11.48% $ Sold $16,793,200 $18,973,900 $13,986,400 $21,182,050 $22,211,025 $21,862,900 % Chg $ -9% 13% -26% 51% 5% -2% Avg $ $399,838 $387,222 $333,010 $432,287 $364,115 $404,869 % Chg Avg 0% -3% -14% 30% -16% 11%

Lee # Sold 25 29 35 32 34 40 % Chg # 47.06% 16.00% 20.69% -8.57% 6.25% 17.65% $ Sold $6,245,550 $7,734,110 $9,250,400 $7,358,794 $8,030,800 $10,669,700 % Chg $ 34% 24% 20% -20% 9% 33% Avg $ $249,822 $266,693 $264,297 $229,962 $236,200 $266,743 % Chg Avg -9% 7% -1% -13% 3% 13%


YTD 3rd Qtr 2012 2013 2014 2015 2016 2017 Lenox

# Sold 31 33 32 33 26 51 % Chg # 19.23% 6.45% -3.03% 3.13% -21.21% 96.15% $ Sold $10,583,600 $11,354,000 $13,851,900 $13,120,125 $10,596,750 $24,307,700 % Chg $ 1% 7% 22% -5% -19% 129% Avg $ $341,406 $344,061 $432,872 $397,580 $407,567 $476,622 % Chg Avg -15% 1% 26% -8% 3% 17%

Monterey # Sold 7 12 13 10 20 9 % Chg # -12.50% 71.43% 8.33% -23.08% 100.00% -55.00% $ Sold $2,217,500 $7,441,500 $7,342,000 $5,269,500 $11,652,500 $4,288,618 % Chg $ -43% 236% -1% -28% 121% -63% Avg $ $316,786 $620,125 $564,769 $526,950 $582,625 $476,513 % Chg Avg -35% 96% -9% -7% 11% -18%

Mt Washington # Sold 3 0 1 3 6 2 % Chg # 200.00% 100.00% -66.67% $ Sold $1,565,000 $325,000 $525,000 $2,300,500 $982,500 % Chg $ 62% 338% -57% Avg $ $521,667 $325,000 $175,000 $383,417 $491,250 % Chg Avg -46% 119% 28%

New Marlborough # Sold 18 13 13 21 16 17 % Chg # 38.46% -27.78% 0.00% 61.54% -23.81% 6.25% $ Sold $8,421,000 $8,684,000 $5,848,650 $7,781,675 $4,391,070 $5,029,650 % Chg $ 1% 3% -33% 33% -44% 15% Avg $ $467,833 $668,000 $449,896 $370,556 $274,442 $295,862 % Chg Avg -27% 43% -33% -18% -26% 8%

Otis # Sold 26 15 21 19 22 29 % Chg # 23.81% -42.31% 40.00% -9.52% 15.79% 31.82% $ Sold $11,957,500 $4,130,425 $5,779,500 $6,310,300 $5,635,913 $8,242,200 % Chg $ 88% -65% 40% 9% -11% 46% Avg $ $459,904 $275,362 $275,214 $332,121 $256,178 $284,214 % Chg Avg 52% -40% 0% 21% -23% 11%

Sandisfield # Sold 9 12 9 12 15 12 % Chg # 50.00% 33.33% -25.00% 33.33% 25.00% -20.00% $ Sold $2,345,900 $2,580,331 $5,139,500 $3,442,770 $5,479,500 $5,129,000 % Chg $ 0% 10% 99% -33% 59% -6%


YTD 3rd Qtr 2012 2013 2014 2015 2016 2017 Sandisfield, cont…

Avg $ $260,656 $215,028 $571,056 $286,898 $365,300 $427,417 % Chg Avg -33% -18% 166% -50% 27% 17%

Sheffield # Sold 26 22 20 27 25 47 % Chg # 23.81% -15.38% -9.09% 35.00% -7.41% 88.00% $ Sold $9,382,600 $6,088,000 $6,673,000 $10,005,000 $9,067,654 $17,549,500 % Chg $ 35% -35% 10% 50% -9% 94% Avg $ $360,869 $276,727 $333,650 $370,556 $362,706 $373,394 % Chg Avg 9% -23% 21% 11% -2% 3%

Stockbridge # Sold 23 33 29 21 21 17 % Chg # 109.09% 43.48% -12.12% -27.59% 0.00% -19.05% $ Sold $9,201,300 $15,929,200 $14,638,300 $9,431,546 $13,791,700 $8,286,900 % Chg $ 85% 73% -8% -36% 46% -40% Avg $ $400,057 $482,703 $504,769 $449,121 $656,748 $487,465 % Chg Avg -11% 21% 5% -11% 46% -26%

Tyringham # Sold 2 1 0 4 3 5 % Chg # 0.00% -50.00% -25.00% 66.67% $ Sold $600,000 $425,000 $2,028,000 $763,000 $4,795,000 % Chg $ -59% -29% -62% 528% Avg $ $300,000 $425,000 $507,000 $254,333 $959,000 % Chg Avg -59% 42% -50% 277%

West Stockbridge # Sold 8 13 12 8 15 20 % Chg # -33.33% 62.50% -7.69% -33.33% 87.50% 33.33% $ Sold $2,870,500 $5,112,000 $5,734,500 $2,897,000 $5,936,000 $10,002,000 % Chg $ -37% 78% 12% -49% 105% 68% Avg $ $358,813 $393,231 $477,875 $362,125 $395,733 $500,100 % Chg Avg -5% 10% 22% -24% 9% 26%

Total # Sold 264 282 286 296 331 369 Total % Chg # 22.79% 6.82% 1.42% 3.50% 11.82% 11.48% Total $ Sold $93,135,200 $110,247,166 $114,930,950 $112,057,360 $126,773,824 $146,342,518 Total % Chg $ 13% 18% 4% -3% 13% 15% Total Avg $ $352,785 $390,947 $401,856 $378,572 $383,002 $396,592 Total % Chg Avg -8% 11% 3% -6% 1% 4%


2017 MARKET INDICATORS

Report generated by Sandra J. Carroll, Chief Executive Officer, Berkshire County Board of REALTORS, Inc. 99 West Street, Pittsfield, MA 01201 | (413) 442-8049 Fax (413) 448-2852. Data derived from the Berkshire County

Multiple Listing Service, Inc. Believed to be accurate but not warranted. Mortgage Rates Taken from FreddieMac historical Rates by Month. Economic data from the National Association of REALTORS.

Strongest Residential Markets YTD 2017 3rd Quarter Market …… · 2018-05-22 · Total # Sold 723...

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Transcript of Strongest Residential Markets YTD 2017 3rd Quarter Market …… · 2018-05-22 · Total # Sold 723...