Source: The Berkshire Edge —
This month, Berkshire real estate professionals have been discussing home inventory, buyer demand and how an environment with rapidly changing mortgage interest rates may impact sales in the months ahead. At the close of the third quarter, the historically high pace of real estate sales in Berkshire County in 2021 was not sustainable; there had been a 5 per cent drop in the dollar volume transacted so far this year and a decrease of 10% percent in the number of residential homes sold. Despite this downward sales momentum, the median sale price of homes rose 6 percent, to $325,000 countywide. It is important to note that in 2019, in January through September sales amounted to $295 million dollars, compared to $456 million dollars this year to date. The 2020-2021 market expansion was significant.
When looking at the market activity in mid-October of this year, some properties listed for sale are still generating multiple offers, while others we see reporting significant price reductions in the first few weeks of listing. Sellers are faced with a shifting market and cautious buyers. In this rapidly changing market, it’s important for sellers to work with local Realtors who have minute-by-minute access to market data along with unparalleled knowledge of actual Berkshire market conditions to reach their real estate goals.
;
