SPRINGFIELD, Mass. (WWLP) – More single family homes were sold in Massachusetts this October than any other October for the last 13 years.
It’s due to a combination of an improving state economy and continued low mortgage interest rates.
“It’s modestly a seller’s market. Inventory remains low,” said Brian Sears, a broker at Sears Real Estate in Springfield.
You might not see many for sale signs in yards across western Massachusetts. It’s typical this time of the year. Housing inventory is a little low. But here in the Pioneer Valley for the month of October, home sales are up more than 20%.
Here’s a break down of the numbers. Single family home sales for October were up more than 24% in Hampden County and Hampshire County but down 13% in Franklin County. Sales for the entire year show all three counties made gains. A buyer can expect to pay an average of about $205,000 for a single family home in the Pioneer Valley.
“What you really want to do is talk to your local realtor, not just about how the Pioneer Valley or your county is doing, but how your city and how your neighborhood is doing,” said Sears.
All this as interest rates on home mortgages remain low at between 3.75 and 4%. for a 30 year fixed rate.
Sears also told 22News the state economy remains strong and first time home buyers who were priced out of the market are starting to get back in.