The Berkshire real estate market continues to record high buyer demand and a lack of inventory. The spring market is always busy and the future of a steady market depends upon new homes entering the market for sale. Those who own underused homes may see this as a prime time to sell. In February, the number of new listings put on the market fell from previous years, and the active inventory count of residential homes for sale is 42 percent lower than last year. There is a slight increase in the number of pending listings at the close of February, up 2.6 percent. The dollar volume of sales under contract in February is noticeably higher, jumping from $46 million to $102 million. Closed sales so far this year were up 5.5 percent with 174 homes sold and valued at over $68 million dollars. The dollar volume of sold transactions in February soared to over $27.8 million dollars, an increase of 94 percent, from $14 million in February of 2020. Understandably median sales prices continue to climb, now reporting a countrywide average of $266,387, up from $215,112 last year. Here is the full PDF report for Residential Sales February 2021 in Berkshire County.
Northern Berkshire:
In northern Berkshire, there continues to be a severe inventory shortage of residential homes available for sale. With only 44 homes on the market compared to 117 last year, pending and sales are reflecting that shortage. Pending sales going into March fell 28 percent from the rates in 2020, with unmet demand due to lack of inventory. The pending sales dollar volume also retracted, down 19.7 percent in February due to the lack of homes under contract, with $10 million under agreement compared to $12 million under agreement last year. Closed sales volume was consistent, with a bit over $2 million dollars transacted. The median sales price has tracked higher as well, jumping 36 percent from $151,513 to $205,722 this year. PDF Report North Berkshire Residential Sales February 2021
Central Berkshire:
Central Berkshire residential inventory is the lowest in the County with 1.3 months of homes available for sale. A balanced market is approximately 7 months of inventory to satisfy buyer demand. Going into March, there is a 26 percent decrease in the number of homes under contract, with 45 sales pending at the end of February 2021, compared to 61 during the same month last year. Closed sales in the central region totaled 31 homes during the month, but dollar volume jumped $7.6 million compared to $5 million. The median sale price continues to rise from $200,320 to $213,172. PDF Report Central Berkshire Residential Sales February 2021
Southern Berkshire:
The inventory of residential homes for sale in southern Berkshire is at historically low levels. There are 3.5 months of inventory available in February 2021 compared to 9 months of inventory last year. Pending sales continue to surge in the southern region, up 67 percent in February with 55 residential homes currently under contract compared to 33 last year. The jump in the dollar volume of these pending sales is also significant, now tracking at over $64 million dollars compared to $18 million last year. Sales in February rose slightly from 21 homes last February to 26 this February, though dollar volume jumped from $7 millions to over $17 million dollars. Median sale price rose slightly, to $430,355. PDF Report South Berkshire Residential Sales February 2021
Condo Highlight:
Condo sales are tracking the same market dynamics as residential homes, with a lack of inventory, an increase in sales and an increase in condos under agreement at the end of January. Closed sales were down due to unmet demand and the median sales price retracted to $295,500. Full Condo Report February 2021
