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

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1 2018 3rd Quarter Real Estate Market Watch JANUARY SEPTEMBER SALES COMPARISON Strong Residential Markets YTD Williamstown, Stockbridge, Great Barrington, Adams, North Adams, Savoy, Hinsdale, Otis, Becket, Monterey, New Marlboro, Pittsfield The total number of real estate sales throughout Berkshire County in the first three quarter of 2018 reflect a fourteen year high. Since the market low in 2009, the number of sales has continued to improve each year. The areas of the largest growth over the first three quarters of the previous year were in commercial sales (up 24%), land sales (up 16%) and condo sales (up 14%). Multifamily markets showed a slight decrease of 3% overall. Jan-Sep YTD Residential $179,225,078 $204,748,531 $208,924,012 $223,838,334 $251,634,625 $267,119,916 $289,653,536 MultiFamily $7,023,450 $9,921,915 $10,915,250 $8,533,475 $10,017,110 $14,627,345 $14,881,785 Lots/Land $4,694,200 $10,697,500 $5,135,050 $6,358,379 $8,730,502 $8,552,150 $13,865,950 Condominium $11,405,975 $21,632,155 $16,759,100 $22,948,400 $16,011,300 $23,927,523 $39,532,375 Commercial $6,567,243 $11,967,000 $6,775,188 $6,773,400 $10,317,451 $10,040,400 $20,276,500 HISTORICAL BERKSHIRE COUNTY 3rd QUARTER SALES: # of ALL TRANSACTIONS In northern Berkshire, strong residential and commercial sales were reported with modest gains in condo sales, and a lagging multifamily market. In the central area, land, condo and residential sales showed solid growth from last year at the same time. In southern Berkshire, the single-family residential market was down 8% but all other markets surged. Northern Berkshire had 203 home sales, up from 164. Central Berkshire had 473 home sales, up from 461 Southern Berkshire had 341 homes sales, down from 370. All Sales YTD 3rd Qtr $ Sold # Sold $ Sold # Sold North $40,678, $55,540, Central $114,859, $127,695, South $168,729, $194,974, Grand Total $324,267, $378,210, Historical comparison for all property types Berkshire County Board of REALTORS: Believed to be accurate but not warranted rd Quarter Page 1

2 HOT BERKSHIRE RESIDENTIAL MARKETS: YTD 3RD QUARTER 2018 YTD 3 rd Qtr 2017 YTD 3 rd Qtr 2018 $ Sold # Sold $ Sold # Sold North 164 $29,684, $43,756,701 Adams 48 $6,818, $8,016,009 Clarksburg 11 $1,332,000 8 $1,257,800 Florida 2 $307,000 2 $228,000 New Ashford 1 $151,000 1 $340,000 North Adams 59 $6,280, $11,601,512 Savoy 4 $515,900 9 $1,853,300 Williamstown 39 $14,278, $20,460,081 Central 461 $90,672, $101,905,147 Cheshire 23 $4,708, $4,502,800 Dalton 52 $10,322, $10,247,395 Hancock 9 $2,599,100 6 $2,719,825 Hinsdale 13 $3,299, $3,846,466 Lanesboro 31 $6,649, $7,901,900 Peru 1 $157,000 9 $1,779,800 Pittsfield 309 $55,659, $59,734,711 Richmond 17 $6,086, $8,159,450 Washington 3 $632,000 4 $1,105,000 Windsor 3 $559,500 7 $1,907,800 South 370 $146,762, $143,991,688 Alford 5 $3,095,000 5 $2,983,000 Becket 36 $8,466, $9,989,550 Egremont 26 $14,054, $9,755,000 Great Barrington 54 $21,862, $31,040,065 Lee 40 $10,669, $10,133,550 Lenox 51 $24,307, $9,478,500 Monterey 9 $4,288, $9,547,023 Mt Washington 2 $982,500 3 $2,045,350 New Marlboro 17 $5,029, $9,573,750 Otis 29 $8,242, $11,273,500 Sandisfield 12 $5,129,000 9 $2,101,700 Sheffield 47 $17,549, $12,490,900 Stockbridge 17 $8,286, $14,063,300 Tyringham 5 $4,795,000 4 $1,998,000 West Stockbridge 20 $10,002, $7,518,500 Grand Total 995 $267,119,916 1,017 $289,653,536 To Note: Historically, Pittsfield residential sales represent 30% of the Berkshire market. Pittsfield started the year down almost 30% over sales rates in 2017, but have rallied quite significantly. Real estate residential sales overall this year in Pittsfield are now tracking a smidgen higher than last year, which boosted the county rates overall. While south county condo and multi-family sales jumped, we note falling residential sales, while the dollar volume continues to rise. Lenox sales fell dramatically. In northern Berkshire, both economic engines in North Adams and Williamstown showed strong gains. Inventory Inventory is down 34% in the last 5 years. 09/18 = 1,225 09/17 = 1,344 09/16 = 1,590 09/15 = 1,772 09/14 = 1,846 In the higher-end price ranges in southern Berkshire, inventory can reach as high as 18 years of absorption. Berkshire County Board of REALTORS: Believed to be accurate but not warranted rd Quarter Page 2

3 RESIDENTIAL ABSORPTION REPORT: BY PRICE RANGE AND REGION Absorption is the number of months it would take to exhaust all current inventory based on the sales rate in the first 3 quarters. Inventory levels continue to drop from last year at the same time. Some price ranges in northern and central Berkshire only have 2-4 months of inventory to satisfy buyer demand. Anything below 7 months of inventory traditionally shifts to a seller-favored market. Markets with less than 5 months of inventory are considered in critical inventory deficit. YTD 3 rd Qtr 2018 North Central South Price Class Sold YTD Active Pending Months of Absorption Sold YTD Active Pending Months of Absorption Sold YTD Active Pending Months of Absorption $0-$99K $100K -$149K $150K -$199K $200K -$249K $250K -$299K $300K -$349K $350K -$399K $400K -$449K $450K -$499K $500K -$749K $750K -$999K $1M -$1.99M $2,M -$2.99M $3M -$4.99M $5M YTD 3 rd Qtr Not enough sales to calculate Absorption Rate RESDIENTIAL SALES PRICES BY STATUS 2018 YTD North Central South Sold $ Active $ Pend $ Sold $ Active $ Pend $ Sold $ Active $ Pend $ Avg $215,550 $392,362 $200,521 $215,444 $363,201 $231,513 $422,263 $711,202 $411,721 Median $159,900 $195,000 $64,900 $185,000 $259,000 $165,000 $345,000 $488,000 $154,900 Berkshire County Board of REALTORS: Believed to be accurate but not warranted rd Quarter Page 3

4 3RD QTR BERKSHIRE SALES AT-A-GLANCE Residential # Sold % Chg # 11% -3% 14% 8% 4% 2% $ Sold $204,748,531 $208,924,012 $223,838,334 $251,634,625 $267,119,916 $289,653,536 % Chg $ 14% 2% 7% 12% 6% 8% Avg $ $255,616 $268,540 $252,925 $262,393 $268,462 $284,812 % Chg Avg 3% 5% -6% 4% 2% 6% Condominium # Sold % Chg # 55% -23% 52% -22% 30% 14% $ Sold $21,632,155 $16,759,100 $22,948,400 $16,011,300 $23,927,523 $39,532,375 % Chg $ 90% -23% 37% -30% 49% 65% Avg $ $273,825 $274,739 $246,757 $219,333 $251,869 $366,041 % Chg Avg 22% 0% -10% -11% 15% 45% MultiFamily # Sold % Chg # 9% 4% -12% 29% 39% -3% $ Sold $9,921,915 $10,915,250 $8,533,475 $10,017,110 $14,627,345 $14,881,785 % Chg $ 41% 10% -22% 17% 46% 2% Avg $ $132,292 $139,939 $123,674 $112,552 $117,962 $124,015 % Chg Avg 30% 6% -12% -9% 5% 5% Lots/Land # Sold % Chg # 72% -12% 8% -11% 31% 16% $ Sold $10,697,500 $5,135,050 $6,358,379 $8,730,502 $8,552,150 $13,865,950 % Chg $ 128% -52% 24% 37% -2% 62% Avg $ $144,561 $79,001 $90,834 $140,815 $105,582 $147,510 % Chg Avg 32% -45% 15% 55% -25% 40% Commercial # Sold % Chg # -17% 16% 5% 35% 19% 24% $ Sold $11,967,000 $6,775,188 $6,773,400 $10,317,451 $10,040,400 $20,276,500 % Chg $ 82% -43% 0% 52% -3% 102% Avg $ $629,842 $307,963 $294,496 $332,821 $271,362 $440,793 % Chg Avg 121% -51% -4% 13% -18% 62% Berkshire County Board of REALTORS: Believed to be accurate but not warranted rd Quarter Page 4

5 RESIDENTIAL REPORT For the first 9 months of 2018, residential home sales rose 2% countywide, with the biggest gain in northern Berkshire of 11%. While inventory was lower than years previous, the homes on the market in northern Berkshire were concentrated in the most popular selling ranges. Central Berkshire reported modest gains in the number of transactions and a jump of 12% in the dollar volume. Single family residential sales slipped 8% in southern Berkshire, after 2 years of double-digit growth. Most of the inventory on the market in south county is for $500,000+, while the most sales activity and buyer interest are well below that mark. Inventory pressures have driven the average selling prices up in all markets. Modest increases overall. Depends on individual markets The Berkshire County Board of Realtors has been tracking sales for over 20 years and this is the first time we have recorded more than 1,000 sales year to date by the third quarter. In 2004, we were close with 999 sales. North # Sold % Chg # -3% -4% 23% 5% -6% 24% $ Sold $25,270,656 $24,571,337 $31,419,002 $30,003,593 $29,684,505 $43,756,701 % Chg $ -5% -3% 28% -5% -1% 47% Avg $ $180,505 $182,010 $189,271 $171,449 $181,003 $215,550 % Chg Avg -2% 1% 4% -9% 6% 19% Central # Sold % Chg # 20% -6% 18% 7% 2% 3% $ Sold $69,230,709 $69,421,725 $80,361,973 $94,857,208 $90,672,893 $101,905,147 % Chg $ 16% 0% 16% 18% -4% 12% Avg $ $182,667 $194,459 $189,981 $209,398 $196,687 $215,444 % Chg Avg -3% 6% -2% 10% -6% 10% South # Sold % Chg # 7% 1% 3% 12% 12% -8% $ Sold $110,247,166 $114,930,950 $112,057,360 $126,773,824 $146,762,518 $143,991,688 % Chg $ 18% 4% -3% 13% 16% -2% Avg $ $390,947 $401,856 $378,572 $383,002 $396,655 $422,263 % Chg Avg 11% 3% -6% 1% 4% 6% Total # Sold Total % Chg # 11% -3% 14% 8% 4% 2% Total $ Sold $204,748,531 $208,924,012 $223,838,334 $251,634,625 $267,119,916 $289,653,536 Total % Chg $ 14% 2% 7% 12% 6% 8% Total Avg $ $255,616 $268,540 $252,925 $262,393 $268,462 $284,812 Total % Chg Avg 3% 5% -6% 4% 2% 6% Berkshire County Board of REALTORS: Believed to be accurate but not warranted rd Quarter Page 5

6 CONDO REPORT Showing dramatic gains over last year, condo sales rose 14% in total number of units sold, and 65% in the dollar volume transacted. All regions of the county showed double digit appreciation compared to last year, with the south county condo market booming. This also reflects a countywide record high in condo sales. Condos sales lagged for many years recovering from the low of 2009, so growth is welcome in this market to satisfy buyer demand in price ranges where single family residential home lack inventory. Condo sales rose in YTD in all regions North # Sold % Chg # 11% -40% 83% 18% 23% 6% $ Sold $1,896,000 $1,241,300 $2,308,400 $1,948,900 $2,649,400 $3,319,900 % Chg $ 37% -35% 86% -16% 36% 25% Avg $ $189,600 $206,883 $209,855 $149,915 $165,588 $195,288 % Chg Avg 23% 9% 1% -29% 10% 18% Central # Sold % Chg # 33% -25% 43% -17% 68% 2% $ Sold $7,640,355 $5,173,600 $5,623,550 $5,395,200 $9,368,748 $11,132,550 % Chg $ 110% -32% 9% -4% 74% 19% Avg $ $272,870 $246,362 $187,452 $215,808 $223,065 $258,897 % Chg Avg 57% -10% -24% 15% 3% 16% South # Sold % Chg # 95% -17% 53% -33% 6% 30% $ Sold $12,095,800 $10,344,200 $15,016,450 $8,667,200 $11,909,375 $25,079,925 % Chg $ 90% -14% 45% -42% 37% 111% Avg $ $295,020 $304,241 $288,778 $247,634 $321,875 $522,498 % Chg Avg -3% 3% -5% -14% 30% 62% Total # Sold Total % Chg # 55% -23% 52% -22% 30% 14% Total $ Sold $21,632,155 $16,759,100 $22,948,400 $16,011,300 $23,927,523 $39,532,375 Total % Chg $ 90% -23% 37% -30% 49% 65% Total Avg $ $273,825 $274,739 $246,757 $219,333 $251,869 $366,041 Total % Chg Avg 22% 0% -10% -11% 15% 45% Berkshire County Board of REALTORS: Believed to be accurate but not warranted rd Quarter Page 6

7 MULTIFAMILY REPORT Overall, multifamily sales rates that had been rising in the past three years slowed this year, with decreases in northern and central Berkshire, the largest multi markets in the region. That said, Southern Berkshire didn t realize the same jump in years past, but are now showing strong gains year-to-date. The residential, multi-family and condo markets, and to some extend the land market, all are intermixed with each other and many times are impacted by buyer demand that can t be satisfied in other property types. When inventory is tight in residential, we see rising interest and purchase of condo or multifamily units for example. Multi-family booming in south, slowing elsewhere North # Sold % Chg # 79% 3% -29% 32% 48% -18% $ Sold $4,046,800 $3,919,150 $2,211,300 $3,079,700 $4,760,826 $3,675,985 % Chg $ 218% -3% -44% 39% 55% -23% Avg $ $119,024 $111,976 $88,452 $93,324 $97,160 $91,900 % Chg Avg 78% -6% -21% 6% 4% -5% Central # Sold % Chg # -21% 6% 0% 33% 42% -9% $ Sold $4,191,615 $5,303,600 $4,171,400 $4,906,510 $7,766,975 $7,000,300 % Chg $ -9% 27% -21% 18% 58% -10% Avg $ $123,283 $147,322 $115,872 $102,219 $114,220 $112,908 % Chg Avg 16% 19% -21% -12% 12% -1% South # Sold % Chg # 0% 0% 14% 0% -13% 157% $ Sold $1,683,500 $1,692,500 $2,150,775 $2,030,900 $2,099,544 $4,205,500 % Chg $ 45% 1% 27% -6% 3% 100% Avg $ $240,500 $241,786 $268,847 $253,863 $299,935 $233,639 % Chg Avg 45% 1% 11% -6% 18% -22% Total # Sold Total % Chg # 9% 4% -12% 29% 39% -3% Total $ Sold $9,921,915 $10,915,250 $8,533,475 $10,017,110 $14,627,345 $14,881,785 Total % Chg $ 41% 10% -22% 17% 46% 2% Total Avg $ $132,292 $139,939 $123,674 $112,552 $117,962 $124,015 Total % Chg Avg 30% 6% -12% -9% 5% 5% Berkshire County Board of REALTORS: Believed to be accurate but not warranted rd Quarter Page 7

8 LAND REAL ESTATE 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 Our current 94 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. Robust land sales keep momentum strong North # Sold % Chg # 60% -44% 89% -6% 13% -17% $ Sold $1,001,500 $479,900 $1,202,287 $1,056,302 $1,430,400 $2,701,000 % Chg $ 64% -52% 151% -12% 35% 89% Avg $ $62,594 $53,322 $70,723 $66,019 $79,467 $180,067 % Chg Avg 3% -15% 33% -7% 20% 127% Central # Sold % Chg # 14% -6% 40% -33% 50% 29% $ Sold $2,145,000 $1,025,750 $1,386,500 $1,029,500 $2,200,850 $2,157,900 % Chg $ 217% -52% 35% -26% 114% -2% Avg $ $134,063 $68,383 $66,024 $73,536 $104,802 $79,922 % Chg Avg 178% -49% -3% 11% 43% -24% South # Sold % Chg # 121% -2% -22% 0% 31% 24% $ Sold $7,551,000 $3,629,400 $3,769,592 $6,644,700 $4,920,900 $9,007,050 % Chg $ 122% -52% 4% 76% -26% 83% Avg $ $179,786 $88,522 $117,800 $207,647 $117,164 $173,213 % Chg Avg 0% -51% 33% 76% -44% 48% Total # Sold Total % Chg # 72% -12% 8% -11% 31% 16% Total $ Sold $10,697,500 $5,135,050 $6,358,379 $8,730,502 $8,552,150 $13,865,950 Total % Chg $ 128% -52% 24% 37% -2% 62% Total Avg $ $144,561 $79,001 $90,834 $140,815 $105,582 $147,510 Total % Chg Avg 32% -45% 15% 55% -25% 40% Berkshire County Board of REALTORS: Believed to be accurate but not warranted rd Quarter Page 8

9 COMMERCIAL REAL ESTATE REPORT REALTOR-assisted commercial sales, while small in number, showed steady improvement in the first three quarters of the year in 2018, compared to sales from past years. With 46 transactions valued at over $20 million, the market was strong. Northern and Central Berkshire reported mixed result in the market more sales but lower prices (north) or fewer sales but higher prices (central). Alternatively, Southern Berkshire recorded huge increase in both average sale prices and the number of total transactions. Excellent news. Please note: Not all Berkshire REALTOR assisted commercial sales are included in the MLS database. Commercial sales show steady growth. North # Sold % Chg # -50% 50% 50% -33% 33% 25% $ Sold $457,000 $1,606,000 $2,155,400 $1,175,701 $2,153,000 $2,086,500 % Chg $ -72% 251% 34% -45% 83% -3% Avg $ $114,250 $267,667 $239,489 $195,950 $269,125 $208,650 % Chg Avg -44% 134% -11% -18% 37% -22% Central # Sold % Chg # 25% 20% 17% 100% 36% -21% $ Sold $1,006,000 $1,198,000 $1,442,500 $4,514,250 $4,849,900 $5,500,000 % Chg $ 15% 19% 20% 213% 7% 13% Avg $ $201,200 $199,667 $206,071 $322,446 $255,258 $366,667 % Chg Avg -8% -1% 3% 56% -21% 44% South # Sold % Chg # -9% 0% -30% 57% -9% 110% $ Sold $10,504,000 $3,971,188 $3,175,500 $4,627,500 $3,037,500 $12,690,000 % Chg $ 159% -62% -20% 46% -34% 318% Avg $ $1,050,400 $397,119 $453,643 $420,682 $303,750 $604,286 % Chg Avg 185% -62% 14% -7% -28% 99% Total # Sold Total % Chg # -17% 16% 5% 35% 19% 24% Total $ Sold $11,967,000 $6,775,188 $6,773,400 $10,317,451 $10,040,400 $20,276,500 Total % Chg $ 82% -43% 0% 52% -3% 102% Total Avg $ $629,842 $307,963 $294,496 $332,821 $271,362 $440,793 Total % Chg Avg 121% -51% -4% 13% -18% 62% Berkshire County Board of REALTORS: Believed to be accurate but not warranted rd Quarter Page 9

10 2018 NORTH BERKSHIRE SALES 3 rd Quarter Year to Date Real Estate Sales: Overall, sales in the northern Berkshire region exceeded sales in 2017 during the same period, 4% more transactions recorded, and 17% higher dollar volume. In 2016 and 2017, northern Berkshire reported large gains in the multi-family market, and that trend has slowed in The residential sales volume spiked up, with double digit gains in the number of homes sold, and modest increases in condo and commercial sales sales Up from 255 Strong Gains! 12% 89% List-to-Sell Ratio from original list price. Residential Sales Volume $43.8M, up 47% Residential # Units Sold 203, up 24% from 164 Multi-family Sales Volume: $3.7M, down 23% Multi-family # Units Sold: 40, down 18% from 49 Condo Sales Volume: $3.3M up 25% Condo # Units Sold: 17, up from 16 last year Land Sales Volume: $2.7M, up from $1.4M Land # Units Sold: 15, down from 18 Commercial Volume: $2.1M, same as last year Commercial # Units Sold: 10 up from 8 6 months supply 141 Homes for Sale 4.63 % from 3.81% avg 30 yr Fixed MtgRate in 17 $56 M sales up 37% 39 sales pending Largest Price Range $100-$149 K Sales $100-$149 K Inventory $159,900 median sale price $195,000 median list price 61% cooperation rates rose YTD Total # Sold Total $ Sold $32,671,956 $31,817,687 $39,296,389 $37,264,196 $40,678,131 $55,540,086 Berkshire County Board of REALTORS: Believed to be accurate but not warranted nd Quarter

11 Northern Berkshire Residential sales strong, multi-family sales slip after 3 years of growth. Condo sales robust. NORTH COUNTY 3RD QUARTER YTD REAL ESTATE SALES OVERVIEW Residential # Sold % Chg # -3% -4% 23% 5% -6% 24% $ Sold $25,270,656 $24,571,337 $31,419,002 $30,003,593 $29,684,505 $43,756,701 % Chg $ -5% -3% 28% -5% -1% 47% Avg $ $180,505 $182,010 $189,271 $171,449 $181,003 $215,550 % Chg Avg -2% 1% 4% -9% 6% 19% MultiFamily # Sold % Chg # 79% 3% -29% 32% 48% -18% $ Sold $4,046,800 $3,919,150 $2,211,300 $3,079,700 $4,760,826 $3,675,985 % Chg $ 218% -3% -44% 39% 55% -23% Avg $ $119,024 $111,976 $88,452 $93,324 $97,160 $91,900 % Chg Avg 78% -6% -21% 6% 4% -5% Lots/Land # Sold % Chg # 60% -44% 89% -6% 13% -17% $ Sold $1,001,500 $479,900 $1,202,287 $1,056,302 $1,430,400 $2,701,000 % Chg $ 64% -52% 151% -12% 35% 89% Avg $ $62,594 $53,322 $70,723 $66,019 $79,467 $180,067 % Chg Avg 3% -15% 33% -7% 20% 127% Condominium # Sold % Chg # 11% -40% 83% 18% 23% 6% $ Sold $1,896,000 $1,241,300 $2,308,400 $1,948,900 $2,649,400 $3,319,900 % Chg $ 37% -35% 86% -16% 36% 25% Avg $ $189,600 $206,883 $209,855 $149,915 $165,588 $195,288 % Chg Avg 23% 9% 1% -29% 10% 18% Commercial # Sold % Chg # -50% 50% 50% -33% 33% 25% $ Sold $457,000 $1,606,000 $2,155,400 $1,175,701 $2,153,000 $2,086,500 % Chg $ -72% 251% 34% -45% 83% -3% Avg $ $114,250 $267,667 $239,489 $195,950 $269,125 $208,650 % Chg Avg -44% 134% -11% -18% 37% -22% Berkshire County Board of REALTORS: Believed to be accurate but not warranted rd Quarter Page 10

12 NORTH COUNTY RESIDENTIAL SALES: BY TOWN (towns with under 2 sales not shown in breakout) Adams # Sold % Chg # -3% 5% -17% 32% 7% 13% $ Sold $4,540,330 $4,917,049 $4,610,900 $6,645,860 $6,818,950 $8,016,009 % Chg $ -11% 8% -6% 44% 3% 18% Avg $ $116,419 $119,928 $135,615 $147,686 $142,061 $148,445 % Chg Avg -8% 3% 13% 9% -4% 4% Clarksburg # Sold % Chg # -22% 14% -13% 129% -31% -27% $ Sold $948,750 $976,675 $923,400 $2,095,300 $1,332,000 $1,257,800 % Chg $ -25% 3% -5% 127% -36% -6% Avg $ $135,536 $122,084 $131,914 $130,956 $121,091 $157,225 % Chg Avg -4% -10% 8% -1% -8% 30% North Adams # Sold % Chg # -8% 12% 5% 19% -14% 36% $ Sold $6,175,100 $6,957,288 $6,543,600 $7,714,101 $6,280,900 $11,601,512 % Chg $ 6% 13% -6% 18% -19% 85% Avg $ $126,022 $126,496 $112,821 $111,799 $106,456 $145,019 % Chg Avg 15% 0% -11% -1% -5% 36% Savoy # Sold % Chg # 150% -33% 0% 125% $ Sold $938,800 $879,000 $626,000 $515,900 $1,853,300 % Chg $ 127% -29% -18% 259% Avg $ $187,760 $146,500 $156,500 $128,975 $205,922 % Chg Avg -9% 7% -18% 60% Williamstown # Sold % Chg # 3% -24% 86% -28% 0% 26% $ Sold $12,439,676 $11,170,325 $17,669,103 $12,610,332 $14,278,755 $20,460,081 % Chg $ -8% -10% 58% -29% 13% 43% Avg $ $327,360 $385,184 $327,206 $323,342 $366,122 $417,553 % Chg Avg -10% 18% -15% -1% 13% 14% Berkshire County Board of REALTORS: Believed to be accurate but not warranted rd Quarter Page 11

13 2018 CENTRAL BERKSHIRE SALES 3 rd Quarter Year to Date Real Estate Sales: Overall, central sales volume rose 11% compared to the same time last year and there was a modest increase of 1% in the total number of sales transacted. As inventory has tightened, the hill towns in central Berkshire reported improving sales rates over last year, but Pittsfield, the economic engine of our real estate market rebounded to a steady pace. Increasing condo and multi-family sales helped offset single family growth. Our previously strong multi-family market lagged a little year-to-date, with a drop of 6 sales compared to last year. All other markets were robust. 620 sales Up 1% Highest since % List-to-Sell Ratio: from the original listing price when first on market Residential Sales Volume $101.9M, up 12% Residential # Homes Sold 473, up 3% Multi-family Sales Volume: $7M, down 9% Multi-family # Units Sold: 62, down from 68 Condo Sales Volume: $11.1M up 19% Condo # Units Sold: 43, up from 42 last year Land Sales Volume: $2.2M, close to same Land # Units Sold: 27, up from 21, 219% Commercial Sales Volume: $5.5M, up 13% Commercial # Units Sold: 15, down from 19 5 months supply 278 Homes for Sale 4.63 % from 3.81% avg 30 yr Fixed MtgRate in 17 $128 M sales 11% 100 sales pending 154 Largest Price Range $100 - $199 K Sales $100 - $199 K Inventory $185,000 median sale price $259,000 median list price 76% co-broke 25% in-house 2n YTD Total # Sold Total $ Sold $84,213,679 $82,122,675 $92,985,923 $110,702,668 $114,859,366 $127,695,897 Berkshire County Board of REALTORS: Believed to be accurate but not warranted rd Quarter Page 2

14 CENTRAL COUNTY YTD 3 RD QUARTER REAL ESTATE SALES OVERVIEW Central Berkshire Residential sales strong, multi-family sales slip years of growth. Condo and land sales with modest increases. Residential # Sold % Chg # 20% -6% 18% 7% 2% 3% $ Sold $69,230,709 $69,421,725 $80,361,973 $94,857,208 $90,672,893 $101,905,147 % Chg $ 16% 0% 16% 18% -4% 12% Avg $ $182,667 $194,459 $189,981 $209,398 $196,687 $215,444 % Chg Avg -3% 6% -2% 10% -6% 10% MultiFamily # Sold % Chg # -21% 6% 0% 33% 42% -9% $ Sold $4,191,615 $5,303,600 $4,171,400 $4,906,510 $7,766,975 $7,000,300 % Chg $ -9% 27% -21% 18% 58% -10% Avg $ $123,283 $147,322 $115,872 $102,219 $114,220 $112,908 % Chg Avg 16% 19% -21% -12% 12% -1% Lots/Land # Sold % Chg # 14% -6% 40% -33% 50% 29% $ Sold $2,145,000 $1,025,750 $1,386,500 $1,029,500 $2,200,850 $2,157,900 % Chg $ 217% -52% 35% -26% 114% -2% Avg $ $134,063 $68,383 $66,024 $73,536 $104,802 $79,922 % Chg Avg 178% -49% -3% 11% 43% -24% Condominium # Sold % Chg # 33% -25% 43% -17% 68% 2% $ Sold $7,640,355 $5,173,600 $5,623,550 $5,395,200 $9,368,748 $11,132,550 % Chg $ 110% -32% 9% -4% 74% 19% Avg $ $272,870 $246,362 $187,452 $215,808 $223,065 $258,897 % Chg Avg 57% -10% -24% 15% 3% 16% Commercial # Sold % Chg # 25% 20% 17% 100% 36% -21% $ Sold $1,006,000 $1,198,000 $1,442,500 $4,514,250 $4,849,900 $5,500,000 % Chg $ 15% 19% 20% 213% 7% 13% Avg $ $201,200 $199,667 $206,071 $322,446 $255,258 $366,667 % Chg Avg -8% -1% 3% 56% -21% 44% Berkshire County Board of REALTORS: Believed to be accurate but not warranted rd Quarter Page 12

15 CENTRAL COUNTY RESIDENTIAL SALES: BY TOWN (towns with under 2 sales not shown in breakout) Cheshire # Sold % Chg # 110% -48% 109% -39% 64% -17% $ Sold $3,440,900 $2,139,000 $4,336,400 $2,863,500 $4,708,700 $4,502,800 % Chg $ 104% -38% 103% -34% 64% -4% Avg $ $163,852 $194,455 $188,539 $204,536 $204,726 $236,989 % Chg Avg -3% 19% -3% 8% 0% 16% Dalton # Sold % Chg # 5% 2% 7% 33% -13% -6% $ Sold $8,097,550 $8,347,455 $7,761,552 $12,512,375 $10,322,051 $10,247,395 % Chg $ 4% 3% -7% 61% -18% -1% Avg $ $197,501 $198,749 $172,479 $208,540 $198,501 $209,131 % Chg Avg -1% 1% -13% 21% -5% 5% Hancock # Sold % Chg # -33% 100% 25% 0% 80% -33% $ Sold $1,014,900 $1,196,200 $1,556,500 $1,185,500 $2,599,100 $2,719,825 % Chg $ 116% 18% 30% -24% 119% 5% Avg $ $507,450 $299,050 $311,300 $237,100 $288,789 $453,304 % Chg Avg 225% -41% 4% -24% 22% 57% Hinsdale # Sold % Chg # 29% 22% 27% 7% -13% 46% $ Sold $1,899,000 $2,250,500 $3,251,200 $4,032,300 $3,299,152 $3,846,466 % Chg $ 60% 19% 44% 24% -18% 17% Avg $ $211,000 $204,591 $232,229 $268,820 $253,781 $202,446 % Chg Avg 25% -3% 14% 16% -6% -20% Lanesboro # Sold % Chg # 13% 41% -4% 13% 19% 0% $ Sold $3,324,200 $5,549,800 $5,333,260 $4,836,800 $6,649,400 $7,901,900 % Chg $ 3% 67% -4% -9% 37% 19% Avg $ $195,541 $231,242 $231,881 $186,031 $214,497 $254,900 % Chg Avg -9% 18% 0% -20% 15% 19% Berkshire County Board of REALTORS: Believed to be accurate but not warranted rd Quarter Page 13

16 CENTRAL COUNTY RESIDENTIAL SALES: BY TOWN (towns with under 2 sales not shown in breakout) Peru # Sold % Chg # 25% 0% 0% 60% -88% 800% $ Sold $806,500 $879,500 $895,500 $1,937,200 $157,000 $1,779,800 % Chg $ 74% 9% 2% 116% -92% 1034% Avg $ $161,300 $175,900 $179,100 $242,150 $157,000 $197,756 % Chg Avg 39% 9% 2% 35% -35% 26% Pittsfield # Sold % Chg # 22% -11% 19% 3% 7% 1% $ Sold $44,310,759 $41,226,070 $49,145,261 $55,558,118 $55,659,490 $59,734,711 % Chg $ 23% -7% 19% 13% 0% 7% Avg $ $167,844 $174,687 $174,274 $191,580 $180,128 $191,457 % Chg Avg 1% 4% 0% 10% -6% 6% Richmond # Sold % Chg # 0% 0% 8% 57% -23% 0% $ Sold $5,035,000 $5,855,200 $5,395,900 $8,771,065 $6,086,500 $8,159,450 % Chg $ -26% 16% -8% 63% -31% 34% Avg $ $387,308 $450,400 $385,421 $398,685 $358,029 $479,968 % Chg Avg -26% 16% -14% 3% -10% 34% Washington # Sold % Chg # 100% 25% 20% -17% -40% 33% $ Sold $760,000 $1,002,000 $1,513,900 $1,162,950 $632,000 $1,105,000 % Chg $ 17% 32% 51% -23% -46% 75% Avg $ $190,000 $200,400 $252,317 $232,590 $210,667 $276,250 % Chg Avg -42% 5% 26% -8% -9% 31% Windsor # Sold % Chg # -50% 100% 0% 33% -63% 133% $ Sold $541,900 $976,000 $1,172,500 $1,997,400 $559,500 $1,907,800 % Chg $ -52% 80% 20% 70% -72% 241% Avg $ $180,633 $162,667 $195,417 $249,675 $186,500 $272,543 % Chg Avg -3% -10% 20% 28% -25% 46% Berkshire County Board of REALTORS: Believed to be accurate but not warranted rd Quarter Page 14

17 2018 SOUTH BERKSHIRE SALES 3 rd Quarter Year to Date Real Estate Sales: While south county boasts the highest (14 months) of absorption, the inventory doesn t currently exist where sales are most robust. The multifamily and condo market have filled some demand in homes where the market gaps existed. Land sales are on the rise, and continue to be a hopeful sign that some development will be coming in the future to meet buyer demand. Single family residential sales slowed overall. Lenox, Sheffield and West Stockbridge residential sales slowed the greatest, while Great Barrington and Stockbridge reporting gains. 480 sales up 3% Condo & Multifamily strong 87% List-to-Sell Ratio from original list price to sale price Residential Sales Volume $144M, down 2% Residential # Homes Sold 341, down 8%, 370 Multi-family Sales Volume: $4.2M, up 100% Multi-family # Units Sold: 18, up from 7 Condo Sales Volume: $25.1M up 111% Condo # Units Sold: 48, up from 37 last year Land Sales Volume: $9M, up 83% Land # Units Sold: 52, up from 42, 24% Commercial Sales Volume: $12.7M, up 110% Commercial # Units Sold: 21, up from months supply 531 Homes for Sale % from 3.81% avg 30 yr Fixed MtgRate in 17 $195M sales 16% 68 sales pending 260 Largest Price Range $ K Sales $ K Inventory $345,000 median sale price $488,000 median list price 67% co-broke 33% in-house 2nd Qtr YTD Total # Sold Total $ Sold $142,081,466 $134,568,238 $136,169,677 $148,744,124 $168,729,837 $194,974,163 Berkshire County Board of REALTORS: Believed to be accurate but not warranted nd Quarter

18 SOUTH COUNTY YTD 3 RD QUARTER REAL ESTATE SALES OVERVIEW South Berkshire Residential sales down 8%, but multifamily market, land and condos soar. Commercial sales jump considerably. Residential # Sold % Chg # 7% 1% 3% 12% 12% -8% $ Sold $110,247,166 $114,930,950 $112,057,360 $126,773,824 $146,762,518 $143,991,688 % Chg $ 18% 4% -3% 13% 16% -2% Avg $ $390,947 $401,856 $378,572 $383,002 $396,655 $422,263 % Chg Avg 11% 3% -6% 1% 4% 6% MultiFamily # Sold % Chg # 0% 0% 14% 0% -13% 157% $ Sold $1,683,500 $1,692,500 $2,150,775 $2,030,900 $2,099,544 $4,205,500 % Chg $ 45% 1% 27% -6% 3% 100% Avg $ $240,500 $241,786 $268,847 $253,863 $299,935 $233,639 % Chg Avg 45% 1% 11% -6% 18% -22% Lots/Land # Sold % Chg # 121% -2% -22% 0% 31% 24% $ Sold $7,551,000 $3,629,400 $3,769,592 $6,644,700 $4,920,900 $9,007,050 % Chg $ 122% -52% 4% 76% -26% 83% Avg $ $179,786 $88,522 $117,800 $207,647 $117,164 $173,213 % Chg Avg 0% -51% 33% 76% -44% 48% Condominium # Sold % Chg # 95% -17% 53% -33% 6% 30% $ Sold $12,095,800 $10,344,200 $15,016,450 $8,667,200 $11,909,375 $25,079,925 % Chg $ 90% -14% 45% -42% 37% 111% Avg $ $295,020 $304,241 $288,778 $247,634 $321,875 $522,498 % Chg Avg -3% 3% -5% -14% 30% 62% Commercial # Sold % Chg # -9% 0% -30% 57% -9% 110% $ Sold $10,504,000 $3,971,188 $3,175,500 $4,627,500 $3,037,500 $12,690,000 % Chg $ 159% -62% -20% 46% -34% 318% Avg $ $1,050,400 $397,119 $453,643 $420,682 $303,750 $604,286 % Chg Avg 185% -62% 14% -7% -28% 99% Berkshire County Board of REALTORS: Believed to be accurate but not warranted rd Quarter Page 15

19 SOUTH COUNTY RESIDENTIAL SALES: TOWN (towns with under 2 sales not shown in breakout) Alford # Sold % Chg # 200% -22% 0% -29% 0% 0% $ Sold $7,958,500 $9,380,800 $8,466,250 $3,629,500 $3,095,000 $2,983,000 % Chg $ 192% 18% -10% -57% -15% -4% Avg $ $884,278 $1,340,114 $1,209,464 $725,900 $619,000 $596,600 % Chg Avg -3% 52% -10% -40% -15% -4% Becket # Sold % Chg # -9% 24% -3% 9% -5% 11% $ Sold $5,175,950 $8,468,250 $6,553,850 $9,144,509 $8,466,900 $9,989,550 % Chg $ -6% 64% -23% 40% -7% 18% Avg $ $178,481 $235,229 $187,253 $240,645 $235,192 $249,739 % Chg Avg 3% 32% -20% 29% -2% 6% Egremont # Sold % Chg # 33% 33% -6% 60% 8% -31% $ Sold $8,660,250 $8,512,750 $7,685,500 $14,143,404 $14,054,950 $9,755,000 % Chg $ 220% -2% -10% 84% -1% -31% Avg $ $721,688 $532,047 $512,367 $589,308 $540,575 $541,944 % Chg Avg 140% -26% -4% 15% -8% 0% Great Barrington # Sold % Chg # 17% -14% 17% 24% -11% 17% $ Sold $18,973,900 $13,986,400 $21,182,050 $22,211,025 $21,862,900 $31,040,065 % Chg $ 13% -26% 51% 5% -2% 42% Avg $ $387,222 $333,010 $432,287 $364,115 $404,869 $492,699 % Chg Avg -3% -14% 30% -16% 11% 22% Lee # Sold % Chg # 16% 21% -9% 6% 18% -13% $ Sold $7,734,110 $9,250,400 $7,358,794 $8,030,800 $10,669,700 $10,133,550 % Chg $ 24% 20% -20% 9% 33% -5% Avg $ $266,693 $264,297 $229,962 $236,200 $266,743 $289,530 % Chg Avg 7% -1% -13% 3% 13% 9% Berkshire County Board of REALTORS: Believed to be accurate but not warranted rd Quarter Page 16

20 SOUTH COUNTY RESIDENTIAL SALES: TOWN (towns with under 2 sales not shown in breakout) Lenox # Sold % Chg # 6% -3% 3% -21% 96% -57% $ Sold $11,354,000 $13,851,900 $13,120,125 $10,596,750 $24,307,700 $9,478,500 % Chg $ 7% 22% -5% -19% 129% -61% Avg $ $344,061 $432,872 $397,580 $407,567 $476,622 $430,841 % Chg Avg 1% 26% -8% 3% 17% -10% Monterey # Sold % Chg # 71% 8% -23% 100% -55% 111% $ Sold $7,441,500 $7,342,000 $5,269,500 $11,652,500 $4,288,618 $9,547,023 % Chg $ 236% -1% -28% 121% -63% 123% Avg $ $620,125 $564,769 $526,950 $582,625 $476,513 $502,475 % Chg Avg 96% -9% -7% 11% -18% 5% Mt Washington # Sold % Chg # 200% 100% -67% 50% $ Sold $325,000 $525,000 $2,300,500 $982,500 $2,045,350 % Chg $ 62% 338% -57% 108% Avg $ $325,000 $175,000 $383,417 $491,250 $681,783 % Chg Avg -46% 119% 28% 39% New Marlborough # Sold % Chg # -28% 0% 62% -24% 6% 29% $ Sold $8,684,000 $5,848,650 $7,781,675 $4,391,070 $5,029,650 $9,573,750 % Chg $ 3% -33% 33% -44% 15% 90% Avg $ $668,000 $449,896 $370,556 $274,442 $295,862 $435,170 % Chg Avg 43% -33% -18% -26% 8% 47% Otis # Sold % Chg # -42% 40% -10% 16% 32% -14% $ Sold $4,130,425 $5,779,500 $6,310,300 $5,635,913 $8,242,200 $11,273,500 % Chg $ -65% 40% 9% -11% 46% 37% Avg $ $275,362 $275,214 $332,121 $256,178 $284,214 $450,940 % Chg Avg -40% 0% 21% -23% 11% 59% Berkshire County Board of REALTORS: Believed to be accurate but not warranted rd Quarter Page 17

21 SOUTH COUNTY RESIDENTIAL SALES: TOWN (towns with under 2 sales not shown in breakout) Sandisfield # Sold % Chg # 33% -25% 33% 25% -20% -25% $ Sold $2,580,331 $5,139,500 $3,442,770 $5,479,500 $5,129,000 $2,101,700 % Chg $ 10% 99% -33% 59% -6% -59% Avg $ $215,028 $571,056 $286,898 $365,300 $427,417 $233,522 % Chg Avg -18% 166% -50% 27% 17% -45% Sheffield # Sold % Chg # -15% -9% 35% -7% 88% -32% $ Sold $6,088,000 $6,673,000 $10,005,000 $9,067,654 $17,549,500 $12,490,900 % Chg $ -35% 10% 50% -9% 94% -29% Avg $ $276,727 $333,650 $370,556 $362,706 $373,394 $390,341 % Chg Avg -23% 21% 11% -2% 3% 5% Stockbridge # Sold % Chg # 43% -12% -28% 0% -19% 76% $ Sold $15,929,200 $14,638,300 $9,431,546 $13,791,700 $8,286,900 $14,063,300 % Chg $ 73% -8% -36% 46% -40% 70% Avg $ $482,703 $504,769 $449,121 $656,748 $487,465 $468,777 % Chg Avg 21% 5% -11% 46% -26% -4% Tyringham # Sold % Chg # -50% -25% 67% -20% $ Sold $425,000 $2,028,000 $763,000 $4,795,000 $1,998,000 % Chg $ -29% -62% 528% -58% Avg $ $425,000 $507,000 $254,333 $959,000 $499,500 % Chg Avg 42% -50% 277% -48% West Stockbridge # Sold % Chg # 63% -8% -33% 88% 33% -30% $ Sold $5,112,000 $5,734,500 $2,897,000 $5,936,000 $10,002,000 $7,518,500 % Chg $ 78% 12% -49% 105% 68% -25% Avg $ $393,231 $477,875 $362,125 $395,733 $500,100 $537,036 % Chg Avg 10% 22% -24% 9% 26% 7% Berkshire County Board of REALTORS: Believed to be accurate but not warranted rd Quarter Page 18

22 REALTORS CHIEF ECONOMIST REFLECTS ON PAST RECESSION, WHAT'S AHEAD FOR HOUSING Despite rising mortgage rates and slower sales, home prices to rise at a healthier pace in 2018 and beyond. WASHINGTON (August 27, 2018) NAR Chief Economist Lawrence Yun says concerns about whether the housing market has peaked and is headed for another significant slowdown are unfounded. Over the past 10 years, prudent policy reforms and consumer protections have strengthened lending standards and eliminated loose credit, as evidenced by the higher than normal credit scores of those who are able to obtain a mortgage and near record-low defaults and foreclosures, which contributed to the last recession. Today, even as mortgage rates begin to increase and home sales decline in some markets, the most significant challenges facing the housing market stem from insufficient inventory and accompanying unsustainable home price increases, said Yun. The economy is rolling along and jobs are being created. Though the latest monthly net new job gains of 157,000 is a bit light compared to recent past months, the one-year total is still very solid at 2.4 million. Wages are picking up at 2.7% and housing demand will therefore continue to accumulate. What has been missing in many markets has been housing supply, partly due to acute shortage of construction workers. It is welcoming to see the construction industry boosting wages at swifter rate of 3.5%. This financial incentive is no doubt helping to draw more workers into construction as evidenced by 4.4% job growth rate in construction compared to 1.6% growth rate in all jobs. With housing supply to steadily rise, the broad housing market will be in a healthier balanced state in the future. Realtors across the country have stated that limited housing inventory is hindering local market home sales. Inventory levels have fallen for three straight years, and multiple bidding is still prevalent on starter homes in many markets across the country. Home Buyers 2017 Unmarried couples, 8% Single Males, 7% The answer is to encourage builders to increase supply, and there is a good probability for solid home sales growth once the supply issue is addressed, Yun said. Additional inventory will also help contain rapid home price growth and open up the market to perspective homebuyers who are consequently and increasingly being priced out. In the end, slower price growth is healthier price growth. Single Female, 18% Married, 65% Berkshire County Board of REALTORS: Believed to be accurate but not warranted rd Quarter Page 19

23 HOMEOWNERSHIP IMPACT TO THE LOCAL ECONOMY When a home is sold in Massachusetts not only does the home price affect the economy, so does multiplier costs associated with each sale. Our national association studied the impact of housing sales on the local economies in Massachusetts and found that in addition to the $465.7 million dollars that accounted for 1,833 sale transitions in Berkshire County, Massachusetts last year, the following additional revenue is generated PER SALE $30,726 per home sale is generated from real estate related industries. This includes Real estate brokerage, Mortgage lending, Insurance, Appraisal, Moving services, legal service, etc.. $4,572 per home sale is generated from additional expenditures on consumer items such as furniture, appliance and remodeling. $16,943 per home sale is a multiplier effect to the new community, where there is greater spending at restaurants, sports games and charity events. Berkshire County MA - Nestled in the beautiful hills of western Massachusetts Where art and nature come to play This report was written by Sandra J. Carroll, Chief Executive Officer. Information believed to be accurate, but is not warranted. Data and statistics pulled from the REALTOR S MLS database of properties listed for sale and sold through the services of a real estate firm holding membership. Mortgage Rates Taken from FreddieMac historical Rates by Month. Economic data from the National Association of REALTORS. Statistics account for REALTOR assisted sales and transfers in Berkshire County, Massachusetts. Berkshire REALTOR Members are encouraged to share this information with clients and customers to promote awareness of market trends and foster informed decisions. Phone: (413) West St, Suite 200, Pittsfield, MA AtHomeInTheBerkshires.com BerkshireRealtors.net Berkshire County Board of REALTORS: Believed to be accurate but not warranted rd Quarter Page 20