2nd Quarter Berkshire County MA - Nestled in the beautiful hills of western Massachusetts Where art and nature come to play

Transcription

1 2nd Quarter 2017 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. 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. Berkshire County Board of REALTORS Multiple Listing Service, Inc. (MLS) Phone: (413) West St, Suite 200, Pittsfield, MA AtHomeInTheBerkshires.com BerkshireRealtors.net

2 nd Quarter Market Watch January June Sales Comparison Strongest Residential Markets YTD West Stockbridge, Hancock, Sheffield, Otis, Lenox, Cheshire, Lanesboro, Lee, Adams, Pittsfield and Tyringham Year to date sales reflect positive market momentum. The dollar volume of real estate sales is up 4% and the number of transactions sold is up 8%. The number of residential homes, multi-family homes, land parcels, condos and commercial properties sold in the first quarter rose compared to sales last year. The first quarter of 2017 was very robust, so the continued momentum despite low inventory is a very positive market trend. HISTORICAL BERKSHIRE COUNTY 2nd QUARTER SALES: # of ALL TRANSACTIONS 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 and the number of sales. Commercial sales in Northern and Central Berkshire were strong and offset the decrease noted in southern Berkshire s commercial market. All Sales st & 2 nd Qtrs $ Sold # Sold $ Sold # Sold North $20,856, $21,247, Central $57,980, $61,979, South $94,409, $96,148, Grand Total $173,247, $179,375, Northern Berkshire had 101 home sales, down from 103. Central Berkshire had 251 home sales, up from 248 Southern Berkshire had 225 homes sales, up from 204. Historical comparison for all property types 1 st & 2 nd Qtrs Residential $99,518,466 $100,841,347 $116,047,211 $133,366,024 $125,275,205 $145,682,313 $146,614,935 Multi-Family $4,253,229 $4,853,600 $6,506,550 $6,395,350 $6,065,100 $5,085,710 $7,536,969 Lots/Land $4,711,500 $2,729,900 $8,643,000 $3,674,800 $4,413,975 $5,894,950 $5,330,500 Condominium $6,142,000 $7,497,975 $9,101,800 $8,643,300 $10,427,450 $9,352,300 $12,867,223 Commercial $6,582,500 $4,377,743 $6,442,000 $4,166,688 $5,105,900 $6,719,250 $6,566,400 Grand Total $121,207,695 $120,300,565 $146,740,561 $156,246,162 $151,287,630 $172,734,523 $178,916,027 Berkshire County Board of REALTORS: Believed to be accurate but not warranted nd Quarter Page 1

3 Hot Berkshire Residential Markets: YTD 2nd Quarter st Qrt st Qtr 2017 $ Sold # Sold $ Sold # Sold Northern Berkshire $17,300, $15,154, Adams $3,698, $4,583, Clarksburg $1,996, $671,000 5 Florida $215,000 1 $120,000 1 North Adams $4,716, $4,295, Savoy $476,000 2 $287,000 2 Williamstown $6,198, $5,197, Central Berkshire $49,541, $48,102, Cheshire $1,347,000 7 $2,383, Dalton $6,473, $5,485, Hancock $534,000 2 $1,569,600 5 Hinsdale $2,263, $1,405,633 7 Lanesboro $2,183, $3,449, Peru $474,000 2 $157,000 1 Pittsfield $29,518, $29,921, Richmond $4,728, $3,216, Washington $694,450 3 No sales 0 Windsor $1,322,900 6 $514,000 2 South Berkshire $78,840, $83,358, Alford $2,972,000 4 $1,130,000 2 Becket $6,407, $6,030, Egremont $6,230, $6,230, Great Barrington $14,546, $12,540, Lee $4,108, $6,240, Lenox $7,100, $12,698, Monterey $5,544, $4,288,618 9 Mt Washington $1,162,500 3 $115,000 1 New Marlborough $3,589, $2,987, Otis $2,998,000 9 $3,836, Sandisfield $3,730,500 9 $1,804,000 7 Sheffield $5,457, $11,580, Stockbridge $12,134, $4,907, Tyringham $545,000 2 $2,399,000 2 West Stockbridge $2,313,000 6 $6,569, Grand Total $145,682, $146,614, 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 14 years. Berkshire County Board of REALTORS: Believed to be accurate but not warranted nd Quarter Page 2

4 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 4 months of inventory to satisfy buyer demand. Anything below 7 months of inventory traditionally shifts to a sellerfavored market. Markets with less than 4 months of inventory are considered in critical inventory deficit. 1 st & 2 nd Quarter 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 st & 2 nd Quarter 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 $150,042 $376,634 $206,430 $191,643 $387,102 $203,933 $370,481 $715,396 $415,506 Median $128,500 $219,000 $137,500 $167,000 $253,000 $135,500 $298,000 $459,900 $297,000 Berkshire County Board of REALTORS: Believed to be accurate but not warranted nd Quarter Page 3

5 Modest increases overall. Depends on individual markets RESIDENTIAL REPORT Residential (single family) home sales rose 4% countywide, with the biggest gain in Southern Berkshire of 10%. Sales volume rose slightly, 1% countywide, which was due in part to a decrease of 12% in northern Berkshire and 3% in Central Berkshire. Southern Berkshire showed strong gains over the same period in Central # Sold % Chg # 17.58% 10.31% -3.27% 13.04% 5.98% 1.21% $ Sold $35,281,975 $38,137,864 $41,620,500 $42,279,687 $49,541,124 $48,102,402 % Chg $ 4% 8% 9% 2% 17% -3% Avg $ $181,866 $178,214 $201,065 $180,682 $199,763 $191,643 % Chg Avg -12% -2% 13% -10% 11% -4% North # Sold % Chg # 30.30% -2.33% -5.95% 12.66% 15.73% -1.94% $ Sold $15,604,722 $14,171,547 $14,306,274 $16,532,799 $17,300,547 $15,154,265 % Chg $ 31% -9% 1% 16% 5% -12% Avg $ $181,450 $168,709 $181,092 $185,762 $167,966 $150,042 % Chg Avg 1% -7% 7% 3% -10% -11% South # Sold % Chg # 7.52% 17.48% 3.57% -8.05% 27.50% 10.29% $ Sold $49,954,650 $63,737,800 $77,439,250 $66,462,719 $78,840,642 $83,358,268 % Chg $ -7% 28% 21% -14% 19% 6% Avg $ $349,333 $379,392 $445,053 $415,392 $386,474 $370,481 % Chg Avg -13% 9% 17% -7% -7% -4% Total # Sold Total % Chg # 16.21% 10.17% -1.29% 5.00% 14.91% 3.96% Total $ Sold $100,841,347 $116,047,211 $133,366,024 $125,275,205 $145,682,313 $146,614,935 Total % Chg $ 1% 15% 15% -6% 16% 1% Total Avg $ $238,396 $249,028 $289,926 $259,369 $262,491 $254,099 Total % Chg Avg -13% 4% 16% -11% 1% -3% Berkshire County Board of REALTORS: Believed to be accurate but not warranted nd Quarter Page 4

6 CONDO REPORT In the first two quarters of 2016, condo sales lagged 2015 sales rates. In 2017, it is the opposite, with sales rising in all regions, and exceeding 5-year averages in both the number of units transacted and the dollar volume sold. Overall, we report an increase of 46% over last year in the number of sales, up to 54 units transferred from 37 the previous period. Sales volume topped $12.8 million, compared to $9.3 million last year. Condo sales rose in YTD in all regions Central # Sold % Chg # % 36.36% % 58.33% % 64.29% $ Sold $1,879,850 $4,373,400 $2,785,100 $3,604,400 $2,846,900 $4,755,848 % Chg $ 67% 133% -36% 29% -21% 67% Avg $ $170,895 $291,560 $232,092 $189,705 $203,350 $206,776 % Chg Avg -24% 71% -20% -18% 7% 2% North # Sold % Chg # % % % % 16.67% 28.57% $ Sold $931,500 $916,000 $414,000 $1,196,400 $1,132,900 $1,360,900 % Chg $ 253% -2% -55% 189% -5% 20% Avg $ $155,250 $183,200 $207,000 $199,400 $161,843 $151,211 % Chg Avg 18% 18% 13% -4% -19% -7% South # Sold % Chg # 23.08% % 46.15% 10.53% % 37.50% $ Sold $4,686,625 $3,812,400 $5,444,200 $5,626,650 $5,372,500 $6,750,475 % Chg $ -1% -19% 43% 3% -5% 26% Avg $ $292,914 $293,262 $286,537 $267,936 $335,781 $306,840 % Chg Avg -20% 0% -2% -6% 25% -9% Total # Sold Total % Chg # 65.00% 0.00% 0.00% 39.39% % 45.95% Total $ Sold $7,497,975 $9,101,800 $8,643,300 $10,427,450 $9,352,300 $12,867,223 Total % Chg $ 22% 21% -5% 21% -10% 38% Total Avg $ $227,211 $275,812 $261,918 $226,684 $252,765 $238,282 Total % Chg Avg -26% 21% -5% -13% 12% -6% Berkshire County Board of REALTORS: Believed to be accurate but not warranted nd Quarter Page 5

7 Multi-family sales soar compared to last year 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, but sales were consistent with last year. Central Berkshire saw sales top 38 units, an increase of 36%, and 4.4 million in sales, a 47% increase. Northern Berkshire sales rose 37% with 26 multifamily properties sold, and a dollar volume jump of 78% to $2.3 million. Central # Sold % Chg # 41.67% % -4.35% 13.64% 12.00% 35.71% $ Sold $3,337,800 $2,968,050 $2,636,000 $3,137,200 $2,983,210 $4,390,875 % Chg $ 48% -11% -11% 19% -5% 47% Avg $ $98,171 $129,046 $119,818 $125,488 $106,543 $115,549 % Chg Avg 4% 31% -7% 5% -15% 8% North # Sold % Chg # 75.00% 78.57% 8.00% % 5.56% 36.84% $ Sold $1,000,300 $2,902,000 $3,106,850 $1,732,900 $1,271,100 $2,256,650 % Chg $ 32% 190% 7% -44% -27% 78% Avg $ $71,450 $116,080 $115,069 $96,272 $66,900 $86,794 % Chg Avg -25% 62% -1% -16% -31% 30% South # Sold % Chg # % 0.00% 0.00% 25.00% 0.00% % $ Sold $515,500 $636,500 $652,500 $1,195,000 $831,400 $889,444 % Chg $ -58% 23% 3% 83% -30% 7% Avg $ $128,875 $159,125 $163,125 $239,000 $166,280 $222,361 % Chg Avg -37% 23% 3% 47% -30% 34% Total # Sold Total % Chg # 36.84% 0.00% 1.92% -9.43% 8.33% 30.77% Total $ Sold $4,853,600 $6,506,550 $6,395,350 $6,065,100 $5,085,710 $7,536,969 Total % Chg $ 14% 34% -2% -5% -16% 48% Total Avg $ $93,338 $125,126 $120,667 $126,356 $97,802 $110,838 Total % Chg Avg -17% 34% -4% 5% -23% 13% Berkshire County Board of REALTORS: Believed to be accurate but not warranted nd Quarter Page 6

8 Robust land sales keep momentum strong LAND REPORT Land sales for the first 6 months of 2016 dipped slightly from 2015, and our 2017 sales made up the difference. Dollar volume did lag over the previous year by 10%, and $5.3 million in land sale transactions. With 45 sales countywide, overall sales activity is higher than the previous 2 years, but considerably lower than our peak in With inventory retracting, we can hope that building may begin and land sales increase. Central # Sold % Chg # % 10.00% -9.09% 40.00% % 57.14% $ Sold $572,400 $1,874,000 $854,500 $973,000 $478,000 $1,801,200 % Chg $ 57% 227% -54% 14% -51% 277% Avg $ $57,240 $170,364 $85,450 $69,500 $68,286 $163,745 % Chg Avg -37% 198% -50% -19% -2% 140% North # Sold % Chg # % % 0.00% 62.50% % 10.00% $ Sold $555,500 $687,000 $414,900 $778,400 $443,050 $938,900 % Chg $ 63% 24% -40% 88% -43% 112% Avg $ $61,722 $85,875 $51,863 $59,877 $44,305 $85,355 % Chg Avg -64% 39% -40% 15% -26% 93% South # Sold % Chg # % % -3.45% % 35.29% 0.00% $ Sold $1,602,000 $6,082,000 $2,405,400 $2,662,575 $4,973,900 $2,590,400 % Chg $ -60% 280% -60% 11% 87% -48% Avg $ $160,200 $209,724 $85,907 $156,622 $216,257 $112,626 % Chg Avg 24% 31% -59% 82% 38% -48% Total # Sold Total % Chg # % 65.52% -4.17% -4.35% -9.09% 12.50% Total $ Sold $2,729,900 $8,643,000 $3,674,800 $4,413,975 $5,894,950 $5,330,500 Total % Chg $ -42% 217% -57% 20% 34% -10% Total Avg $ $94,134 $180,063 $79,887 $100,318 $147,374 $118,456 Total % Chg Avg -26% 91% -56% 26% 47% -20% Berkshire County Board of REALTORS: Believed to be accurate but not warranted nd Quarter Page 7

9 COMMERCIAL REPORT. Commercial sales, while small in number, showed improvement in the first two quarters of the year in 2017 over past years. and indicate a strengthening market overall. With 23 transactions valued at $6.6 million, the market was steady. Northern and Central Berkshire reported an increase in the average selling price, with double digit increases. Alternatively, Southern Berkshire recorded galling average sale prices. Please note: Not all Berkshire REALTOR assisted commercial sales are included in the MLS database. Commercial sales show steady growth since 2013 Central # Sold % Chg # 0.00% 0.00% % % 80.00% 22.22% $ Sold $872,843 $946,000 $170,000 $972,500 $1,993,750 $2,879,900 % Chg $ 30% 8% -82% 472% 105% 44% Avg $ $218,211 $236,500 $170,000 $194,500 $221,528 $261,809 % Chg Avg 30% 8% -28% 14% 14% 18% North # Sold % Chg # % % % % % 33.33% $ Sold $602,500 $354,000 $1,275,000 $1,207,900 $608,000 $1,378,000 % Chg $ -60% -41% 260% -5% -50% 127% Avg $ $150,625 $118,000 $637,500 $201,317 $202,667 $344,500 % Chg Avg -80% -22% 440% -68% 1% 70% South # Sold % Chg # 14.29% % % 0.00% 33.33% 0.00% $ Sold $2,902,400 $5,142,000 $2,721,688 $2,925,500 $4,117,500 $2,308,500 % Chg $ -34% 77% -47% 7% 41% -44% Avg $ $362,800 $734,571 $453,615 $487,583 $514,688 $288,563 % Chg Avg -42% 102% -38% 7% 6% -44% Total # Sold Total % Chg # 23.08% % % 88.89% 17.65% 15.00% Total $ Sold $4,377,743 $6,442,000 $4,166,688 $5,105,900 $6,719,250 $6,566,400 Total % Chg $ -33% 47% -35% 23% 32% -2% Total Avg $ $273,609 $460,143 $462,965 $300,347 $335,963 $285,496 Total % Chg Avg -46% 68% 1% -35% 12% -15% Berkshire County Board of REALTORS: Believed to be accurate but not warranted nd Quarter Page 8

10 2017 NORTH BERKSHIRE YTD SALES Overall, year-to-date sales in the northern Berkshire region rose compared to the same time last year up 6% in the number of transactions and up 2% 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 two quarter of It should be noted that in Residential sales, Adams and Williamstown report gains, North Adams is almost identical from last year and the biggest factor was a huge surge of sales in Clarksburg last year (from an average of 3-5, up to 15). 151 sales Up +6% Highest gains in Multifamily 92% List-to-Sell Ratio for co-brokes 90% for in-house Residential Sales Volume $15.1M, down 12% Residential # Units Sold 101, down 1% Multi-family Sales Volume: $2.3M, up +77% Multi-family # Units Sold: 26, up 36% Condo Sales Volume: $1.4M, up 20% Condo # Units Sold: 9, up 28% (7 last year) Land Sales Volume: $939K, up 111% Land # Units Sold: 11, up 10% (10) Commercial Sales Volume: $1.4M, up 126% Commercial # Units Sold: 4, up from 3 9 months supply 153 Homes for Sale 3.9 % from 3.57% avg 30 yr Fixed MtgRate in 16 $21 M sales +2% 45 sales pending in July 196 Largest Price Ranges $100 - $149 K Sales $100 - $149 K Inventory $128,500 median sale price $219,000 median list price 49% lowest cooperation rates YTD # Sold $ Sold $14,771,350 $18,694,522 $19,030,547 $19,517,024 $21,448,399 $20,755,597 $21,088,715 Berkshire County Board of REALTORS: Believed to be accurate but not warranted nd Quarter Page 9

11 1 ST & 2 ND QUARTER NORTH COUNTY REAL ESTATE SALES OVERVIEW Residential # Sold % Chg # 30.30% -2.33% -5.95% 12.66% 15.73% -1.94% $ Sold $15,604,722 $14,171,547 $14,306,274 $16,532,799 $17,300,547 $15,154,265 % Chg $ 31% -9% 1% 16% 5% -12% Avg $ $181,450 $168,709 $181,092 $185,762 $167,966 $150,042 % Chg Avg 1% -7% 7% 3% -10% -11% MultiFamily # Sold % Chg # 75.00% 78.57% 8.00% % 5.56% 36.84% $ Sold $1,000,300 $2,902,000 $3,106,850 $1,732,900 $1,271,100 $2,256,650 % Chg $ 32% 190% 7% -44% -27% 78% Avg $ $71,450 $116,080 $115,069 $96,272 $66,900 $86,794 % Chg Avg -25% 62% -1% -16% -31% 30% Lots/Land # Sold % Chg # % % 0.00% 62.50% % 10.00% $ Sold $555,500 $687,000 $414,900 $778,400 $443,050 $938,900 % Chg $ 63% 24% -40% 88% -43% 112% Avg $ $61,722 $85,875 $51,863 $59,877 $44,305 $85,355 % Chg Avg -64% 39% -40% 15% -26% 93% Condominium # Sold % Chg # % % % % 16.67% 28.57% $ Sold $931,500 $916,000 $414,000 $1,196,400 $1,132,900 $1,360,900 % Chg $ 253% -2% -55% 189% -5% 20% Avg $ $155,250 $183,200 $207,000 $199,400 $161,843 $151,211 % Chg Avg 18% 18% 13% -4% -19% -7% Commercial # Sold % Chg # % % % % % 33.33% $ Sold $602,500 $354,000 $1,275,000 $1,207,900 $608,000 $1,378,000 % Chg $ -60% -41% 260% -5% -50% 127% Avg $ $150,625 $118,000 $637,500 $201,317 $202,667 $344,500 % Chg Avg -80% -22% 440% -68% 1% 70% Berkshire County Board of REALTORS: Believed to be accurate but not warranted nd Quarter Page 10

12 NORTH COUNTY RESIDENTIAL SALES: BY TOWN (towns with under 2 sales not shown in breakout) Adams # Sold % Chg # 9.09% 0.00% 16.67% % 4.17% 24.00% $ Sold $3,255,400 $2,838,830 $3,376,849 $3,395,000 $3,698,204 $4,583,050 % Chg $ -11% -13% 19% 1% 9% 24% Avg $ $135,642 $118,285 $120,602 $141,458 $147,928 $147,840 % Chg Avg -18% -13% 2% 17% 5% 0% Clarksburg # Sold % Chg # % % 25.00% % % % $ Sold $513,500 $496,000 $592,400 $421,500 $1,996,900 $671,000 % Chg $ 13% -3% 19% -29% 374% -66% Avg $ $102,700 $124,000 $118,480 $140,500 $133,127 $134,200 % Chg Avg -55% 21% -4% 19% -5% 1% North Adams # Sold % Chg # 15.38% 0.00% 0.00% 3.33% 35.48% 0.00% $ Sold $3,458,412 $3,660,400 $3,883,200 $3,407,700 $4,716,001 $4,295,400 % Chg $ 9% 6% 6% -12% 38% -9% Avg $ $115,280 $122,013 $129,440 $109,926 $112,286 $102,271 % Chg Avg -6% 6% 6% -15% 2% -9% Williamstown # Sold % Chg # 53.33% -4.35% % 53.33% % 11.11% $ Sold $7,769,410 $6,616,417 $6,253,825 $8,159,600 $6,198,442 $5,197,815 % Chg $ 76% -15% -5% 30% -24% -16% Avg $ $337,800 $300,746 $416,922 $354,765 $344,358 $259,891 % Chg Avg 15% -11% 39% -15% -3% -25% Total # Sold Total % Chg # 30.30% -2.33% -5.95% 12.66% 15.73% -1.94% Total $ Sold $15,604,722 $14,171,547 $14,306,274 $16,532,799 $17,300,547 $15,154,265 Total % Chg $ 31% -9% 1% 16% 5% -12% Total Avg $ $181,450 $168,709 $181,092 $185,762 $167,966 $150,042 Total % Chg Avg 1% -7% 7% 3% -10% -11% Berkshire County Board of REALTORS: Believed to be accurate but not warranted nd Quarter Page 11

13 2017 CENTRAL BERKSHIRE YTD SALES Overall, central sales volume rose 7% compared to the sales rate in the first quarter of The number of sales rose 9%. While the residential market showed moderate activity, with 1% more homes sold this year than last, the dollar volume was down slightly, creating a downward pressure on the average sale price. The rest of the 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 the falling sales in Dalton and Hinsdale were offset by the gains experienced in Hancock and Lanesboro. 334 sales 9% Highest since % List-to-Sell Ratio for co-brokes 89% for in-house Residential Sales Volume $48M, down 3% Residential # Units Sold 251, up 1.2% Multi-family Sales Volume: $4.4M, up +47% Multi-family # Units Sold: 38, up 35%, from 28 Condo Sales Volume: $4.76M, up 67% Condo # Units Sold: 23, up 64% from 14 Land Sales Volume: $1.8M, up 277% Land # Units Sold: 11, up 57% from 7 Commercial Sales Volume: $2.88M, up 44% Commercial # Units Sold: 11, +22% up from 9 7 months supply 284 Homes for Sale 3.9 % from 3.57% avg 30 yr Fixed MtgRate in 16 $62 M sales 7% 122 sales pending in July 173 Largest Price Ranges $150 - $199 K Sales $100 - $149K Inventory $167,000 median sale price $253,000 median list price 69% co-broke 31% in-house 1st Quarter # Sold $ Sold $41,944,868 $48,299,314 $48,066,100 $50,966,787 $57,842,984 $61,930,225 Berkshire County Board of REALTORS: Believed to be accurate but not warranted nd Quarter Page 12

14 1 ST & 2 ND QUARTER CENTRAL COUNTY REAL ESTATE SALES OVERVIEW Residential # Sold % Chg # 17.58% 10.31% -3.27% 13.04% 5.98% 1.21% $ Sold $35,281,975 $38,137,864 $41,620,500 $42,279,687 $49,541,124 $48,102,402 % Chg $ 4% 8% 9% 2% 17% -3% Avg $ $181,866 $178,214 $201,065 $180,682 $199,763 $191,643 % Chg Avg -12% -2% 13% -10% 11% -4% MultiFamily # Sold % Chg # 41.67% % -4.35% 13.64% 12.00% 35.71% $ Sold $3,337,800 $2,968,050 $2,636,000 $3,137,200 $2,983,210 $4,390,875 % Chg $ 48% -11% -11% 19% -5% 47% Avg $ $98,171 $129,046 $119,818 $125,488 $106,543 $115,549 % Chg Avg 4% 31% -7% 5% -15% 8% Lots/Land # Sold % Chg # % 10.00% -9.09% 40.00% % 57.14% $ Sold $572,400 $1,874,000 $854,500 $973,000 $478,000 $1,801,200 % Chg $ 57% 227% -54% 14% -51% 277% Avg $ $57,240 $170,364 $85,450 $69,500 $68,286 $163,745 % Chg Avg -37% 198% -50% -19% -2% 140% Condominium # Sold % Chg # % 36.36% % 58.33% % 64.29% $ Sold $1,879,850 $4,373,400 $2,785,100 $3,604,400 $2,846,900 $4,755,848 % Chg $ 67% 133% -36% 29% -21% 67% Avg $ $170,895 $291,560 $232,092 $189,705 $203,350 $206,776 % Chg Avg -24% 71% -20% -18% 7% 2% Commercial # Sold % Chg # 0.00% 0.00% % % 80.00% 22.22% $ Sold $872,843 $946,000 $170,000 $972,500 $1,993,750 $2,879,900 % Chg $ 30% 8% -82% 472% 105% 44% Avg $ $218,211 $236,500 $170,000 $194,500 $221,528 $261,809 % Chg Avg 30% 8% -28% 14% 14% 18% Berkshire County Board of REALTORS: Believed to be accurate but not warranted nd Quarter Page 13

15 CENTRAL COUNTY RESIDENTIAL SALES: TOWN (towns with under 2 sales not shown in breakout) Cheshire # Sold % Chg # % % % 83.33% -9.09% 10.00% $ Sold $513,750 $1,419,400 $1,155,500 $1,251,400 $1,426,900 $2,383,400 % Chg $ -41% 176% -19% 8% 14% 67% Avg $ $171,250 $129,036 $192,583 $113,764 $142,690 $216,673 % Chg Avg -22% -25% 49% -41% 25% 52% Dalton # Sold % Chg # 13.79% % 52.38% -6.25% 20.00% % $ Sold $7,228,000 $3,844,850 $6,694,105 $4,744,592 $7,008,700 $5,864,000 % Chg $ 31% -47% 74% -29% 48% -16% Avg $ $219,030 $183,088 $209,191 $158,153 $194,686 $202,207 % Chg Avg 15% -16% 14% -24% 23% 4% Hancock # Sold % Chg # 0.00% 0.00% 0.00% 0.00% 0.00% % $ Sold $294,000 $1,290,000 $815,000 $454,000 $534,000 $2,212,100 % Chg $ -32% 339% -37% -44% 18% 314% Avg $ $147,000 $645,000 $407,500 $227,000 $267,000 $245,789 % Chg Avg -32% 339% -37% -44% 18% -8% Hinsdale # Sold % Chg # % % % % 83.33% % $ Sold $556,900 $2,219,400 $1,517,000 $1,121,300 $2,278,800 $1,981,533 % Chg $ -62% 299% -32% -26% 103% -13% Avg $ $185,633 $246,600 $189,625 $186,883 $207,164 $220,170 % Chg Avg -23% 33% -23% -1% 11% 6% Lanesboro # Sold % Chg # 9.09% 16.67% 21.43% -5.88% % 14.29% $ Sold $1,940,400 $2,511,600 $3,429,400 $3,681,700 $2,399,800 $3,449,800 % Chg $ -5% 29% 37% 7% -35% 44% Avg $ $161,700 $179,400 $201,729 $230,106 $171,414 $215,613 % Chg Avg -13% 11% 12% 14% -26% 26% Berkshire County Board of REALTORS: Believed to be accurate but not warranted nd Quarter Page 14

16 Pittsfield # Sold % Chg # 24.56% 14.08% -8.02% 21.48% -4.97% 9.88% $ Sold $22,667,875 $26,959,614 $25,598,295 $29,992,095 $31,657,474 $33,128,417 % Chg $ 1% 19% -5% 17% 6% 5% Avg $ $159,633 $166,417 $171,801 $165,702 $184,055 $175,283 % Chg Avg -19% 4% 3% -4% 11% -5% Richmond # Sold % Chg # % 33.33% % 28.57% 33.33% % $ Sold $2,818,000 $3,495,000 $4,025,200 $3,456,000 $4,728,900 $3,216,000 % Chg $ 153% 24% 15% -14% 37% -32% Avg $ $469,667 $436,875 $575,029 $384,000 $394,075 $321,600 % Chg Avg 26% -7% 32% -33% 3% -18% Windsor # Sold % Chg # % % % % % % $ Sold $419,900 $242,900 $724,500 $290,000 $1,322,900 $514,000 % Chg $ -48% -42% 198% -60% 356% -61% Avg $ $209,950 $242,900 $241,500 $290,000 $220,483 $257,000 % Chg Avg 3% 16% -1% 20% -24% 17% Total # Sold Total % Chg # 18.18% 11.54% -1.72% 14.47% 2.68% 2.99% Total $ Sold $37,253,325 $42,589,264 $44,694,500 $46,136,587 $52,525,924 $52,906,250 Total % Chg $ 6% 14% 5% 3% 14% 1% Total Avg $ $179,103 $183,574 $196,029 $176,769 $195,992 $191,689 Total % Chg Avg -11% 2% 7% -10% 11% -2% Berkshire County Board of REALTORS: Believed to be accurate but not warranted nd Quarter Page 15

17 2017 SOUTH BERKSHIRE YTD SALES While south county boasts the highest (14 months) of absorption, the inventory doesn t currently exist where sales are most robust. Since the first quarter, south county inventory is starting to trend lower, in the $500K range as opposed to the $1M+ range in the first quarter. The market is scattered, with solid residential sales, booming condo sales, moderate multi-family sales and a lagging commercial and land market overall. While Great Barrington and Stockbridge have slower markets so far this year, Sheffield, West Stockbridge, Lee and Lenox are robust with double digit gains. 287 sales 10% Gains in all but multi-family 88% List-to-Sell Ratio for co-brokes 81% for in-house Residential Sales Volume $83.3M, up +6% Residential # Units Sold 225, up +10% Multi-family Sales Volume: $889K, up +7% Multi-family # Units Sold: 4, down 1 in 16 Condo Sales Volume: $6.8M up 26% Condo # Units Sold: 22, up 38%, from 16 Land Sales Volume: $2.59M, down 48% Land # Units Sold: 23, Same as last year Commercial Sales Volume: $2.3M, down 44% Commercial # Units Sold: 8, Same as last year 15 months supply 553 Homes for Sale 3.9 % from 3.57% avg 30 yr Fixed MtgRate in 16 $95.9M sales 2% 80 sales pending in July 319 Largest Price Ranges $ K Sales $500K -749K Inventory $298,000 median sale price $459,900 median list price 70% co-broke 30% in-house Highest Coop in Berks! All Sales YTD # Sold $ Sold $59,661,175 $79,410,700 $88,663,038 $78,872,444 $94,135,942 $95,897,087 Berkshire County Board of REALTORS: Believed to be accurate but not warranted nd Quarter Page 16

18 1 ST & 2 ND QUARTER SOUTH COUNTY REAL ESTATE SALES OVERVIEW Residential # Sold % Chg # 7.52% 17.48% 3.57% -8.05% 27.50% 10.29% $ Sold $49,954,650 $63,737,800 $77,439,250 $66,462,719 $78,840,642 $83,358,268 % Chg $ -7% 28% 21% -14% 19% 6% Avg $ $349,333 $379,392 $445,053 $415,392 $386,474 $370,481 % Chg Avg -13% 9% 17% -7% -7% -4% MultiFamily # Sold % Chg # % 0.00% 0.00% 25.00% 0.00% % $ Sold $515,500 $636,500 $652,500 $1,195,000 $831,400 $889,444 % Chg $ -58% 23% 3% 83% -30% 7% Avg $ $128,875 $159,125 $163,125 $239,000 $166,280 $222,361 % Chg Avg -37% 23% 3% 47% -30% 34% Lots/Land # Sold % Chg # % % -3.45% % 35.29% 0.00% $ Sold $1,602,000 $6,082,000 $2,405,400 $2,662,575 $4,973,900 $2,590,400 % Chg $ -60% 280% -60% 11% 87% -48% Avg $ $160,200 $209,724 $85,907 $156,622 $216,257 $112,626 % Chg Avg 24% 31% -59% 82% 38% -48% Condominium # Sold % Chg # 23.08% % 46.15% 10.53% % 37.50% $ Sold $4,686,625 $3,812,400 $5,444,200 $5,626,650 $5,372,500 $6,750,475 % Chg $ -1% -19% 43% 3% -5% 26% Avg $ $292,914 $293,262 $286,537 $267,936 $335,781 $306,840 % Chg Avg -20% 0% -2% -6% 25% -9% Commercial # Sold % Chg # 14.29% % % 0.00% 33.33% 0.00% $ Sold $2,902,400 $5,142,000 $2,721,688 $2,925,500 $4,117,500 $2,308,500 % Chg $ -34% 77% -47% 7% 41% -44% Avg $ $362,800 $734,571 $453,615 $487,583 $514,688 $288,563 % Chg Avg -42% 102% -38% 7% 6% -44% Berkshire County Board of REALTORS: Believed to be accurate but not warranted nd Quarter Page 17

19 SOUTH COUNTY RESIDENTIAL SALES: TOWN (towns with under 2 sales not shown in breakout) Alford # Sold % Chg # 0.00% % 0.00% 0.00% % % $ Sold $350,000 $4,322,500 $6,330,800 $7,657,500 $2,972,000 $1,130,000 % Chg $ -17% 1135% 46% 21% -61% -62% Avg $ $350,000 $864,500 $1,266,160 $1,531,500 $743,000 $565,000 % Chg Avg -17% 147% 46% 21% -51% -24% Becket # Sold % Chg # 15.38% 6.67% 6.25% -5.88% 56.25% 0.00% $ Sold $2,001,950 $2,419,950 $4,230,800 $3,464,100 $6,407,509 $6,030,400 % Chg $ -11% 21% 75% -18% 85% -6% Avg $ $133,463 $151,247 $248,871 $216,506 $256,300 $241,216 % Chg Avg -23% 13% 65% -13% 18% -6% Egremont # Sold % Chg # % 28.57% 44.44% % 36.36% % $ Sold $1,967,500 $3,002,750 $7,633,000 $6,087,000 $6,230,404 $6,230,000 % Chg $ -47% 53% 154% -20% 2% 0% Avg $ $281,071 $333,639 $587,154 $553,364 $415,360 $479,231 % Chg Avg -32% 19% 76% -6% -25% 15% Great Barrington # Sold % Chg # % 23.33% % 3.33% 29.03% % $ Sold $11,729,100 $12,837,400 $9,885,700 $12,928,550 $14,726,425 $13,903,100 % Chg $ -17% 9% -23% 31% 14% -6% Avg $ $390,970 $346,957 $329,523 $417,050 $368,161 $408,915 % Chg Avg -4% -11% -5% 27% -12% 11% Lee # Sold % Chg # 50.00% 16.67% 19.05% % 15.00% 8.70% $ Sold $3,810,650 $6,639,400 $6,400,900 $3,846,494 $5,215,300 $6,765,700 % Chg $ 48% 74% -4% -40% 36% 30% Avg $ $211,703 $316,162 $256,036 $192,325 $226,752 $270,628 % Chg Avg -1% 49% -19% -25% 18% 19% Berkshire County Board of REALTORS: Believed to be accurate but not warranted nd Quarter Page 18

20 SOUTH COUNTY RESIDENTIAL SALES: TOWN Lenox # Sold % Chg # -4.35% -9.09% 35.00% 22.22% % 50.00% $ Sold $7,191,000 $5,101,400 $10,566,500 $10,225,825 $10,220,750 $16,341,475 % Chg $ -21% -29% 107% -3% 0% 60% Avg $ $326,864 $255,070 $391,352 $309,873 $365,027 $389,083 % Chg Avg -17% -22% 53% -21% 18% 7% Monterey # Sold % Chg # % % 14.29% % % % $ Sold $1,120,000 $4,306,500 $4,607,500 $2,564,500 $5,544,500 $4,288,618 % Chg $ -54% 285% 7% -44% 116% -23% Avg $ $373,333 $615,214 $575,938 $512,900 $554,450 $476,513 % Chg Avg -39% 65% -6% -11% 8% -14% New Marlborough # Sold % Chg # 25.00% 10.00% % 71.43% 0.00% % $ Sold $5,101,500 $8,469,500 $4,264,150 $3,908,500 $3,589,400 $2,987,650 % Chg $ -24% 66% -50% -8% -8% -17% Avg $ $510,150 $769,955 $609,164 $325,708 $299,117 $298,765 % Chg Avg -40% 51% -21% -47% -8% 0% Otis # Sold % Chg # % % % % 0.00% 88.89% $ Sold $7,500,900 $2,176,500 $4,097,600 $2,643,200 $2,998,000 $3,836,400 % Chg $ 344% -71% 88% -35% 13% 28% Avg $ $468,806 $310,929 $292,686 $293,689 $333,111 $225,671 % Chg Avg 122% -34% -6% 0% 13% -32% Sandisfield # Sold % Chg # 0.00% 25.00% 0.00% 40.00% 28.57% % $ Sold $652,400 $860,000 $4,307,000 $2,253,200 $3,730,500 $1,804,000 % Chg $ -53% 32% 401% -48% 66% -52% Avg $ $163,100 $172,000 $861,400 $321,886 $414,500 $257,714 % Chg Avg -53% 5% 401% -63% 29% -38% Berkshire County Board of REALTORS: Believed to be accurate but not warranted nd Quarter Page 19

21 SOUTH COUNTY RESIDENTIAL SALES: TOWN Sheffield # Sold % Chg # % 37.50% 54.55% % 54.55% 88.24% $ Sold $2,188,000 $3,283,500 $6,013,000 $5,020,000 $5,457,654 $11,580,500 % Chg $ -52% 50% 83% -17% 9% 112% Avg $ $273,500 $298,500 $353,706 $456,364 $321,038 $361,891 % Chg Avg -34% 9% 18% 29% -30% 13% Stockbridge # Sold % Chg # % 35.00% % -5.00% 5.26% % $ Sold $7,931,425 $11,680,200 $11,397,000 $9,029,500 $13,224,200 $6,127,400 % Chg $ 78% 47% -2% -21% 46% -54% Avg $ $396,571 $432,600 $569,850 $475,237 $661,210 $408,493 % Chg Avg -11% 9% 32% -17% 39% -38% West Stockbridge # Sold % Chg # % 16.67% % % 20.00% % $ Sold $2,265,500 $2,165,500 $3,169,500 $2,052,000 $2,313,000 $6,569,500 % Chg $ -35% -4% 46% -35% 13% 184% Avg $ $377,583 $309,357 $528,250 $410,400 $385,500 $505,346 % Chg Avg -13% -18% 71% -22% -6% 31% Total # Sold Total % Chg # 10.14% 12.88% 5.43% -4.12% 19.89% 10.76% Total $ Sold $54,784,925 $67,690,100 $82,903,450 $72,343,369 $84,337,142 $90,108,743 Total % Chg $ -6% 24% 22% -13% 17% 7% Total Avg $ $336,104 $367,881 $427,337 $388,943 $378,193 $364,813 Total % Chg Avg -15% 9% 16% -9% -3% -4% Berkshire County Board of REALTORS: Believed to be accurate but not warranted nd Quarter Page 20

22 2017 MARKET INDICATORS Federal Reserve Rate Hike The Federal Reserve raised short-term interest rates by a quarter point at the end of the second quarter. In a sign of confidence, the Fed also upgraded its forecast for U.S. economic growth and unemployment this year. The Fed also indicated they will start gradually selling off the assets bought during and after the financial crisis to boost the economy. Interest rates for mortgages are not expected to rise immediately, but a consensus of economists agree that the rates are likely to rise to approximately 4.5% by year end and potentially 5% by the end of No one was surprised by this move, and economists predict that there will be one or two more increases before the year is out. Sean Becketti, chief economist for Freddie Mac notes that 30-year fixed mortgage rates are still close to a seven-month low, which is very good news for those potential homebuyers in the market and even those who may be looking to refinance. The average 30-year fixed-rate mortgage is now about 4.04 percent up slightly from the record low of 3.50 percent in December Innovative Solutions for Homeownership More homebuyers? In a stroke of good news, Fannie Mae announced new policies that will help more borrowers with student debt qualify for a home loan. The new solutions give homeowners the opportunity to pay down student debt with a mortgage refinance, allow borrowers to exclude nonmortgage debt paid by others as part of the loan application process, and make it more likely for borrowers with student debt to qualify for a mortgage loan by allowing lenders to accept student debt payments included on credit reports. We understand the significant role that a monthly student loan payment plays in a potential home buyer s consideration to take on a mortgage, and we want to be a part of the solution, said Jonathan Lawless, Vice President of Customer Solutions, Fannie Mae. These new policies provide three flexible payment solutions to future and current homeowners and, in turn, allow lenders to serve more borrowers. Report generated by Sandra J. Carroll, Chief Executive Officer, Berkshire County Board of REALTORS, Inc. 99 West Street, Pittsfield, MA (413) Fax (413) 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. Berkshire County Board of REALTORS: Believed to be accurate but not warranted nd Quarter Page 21