Pioneer Valley home sales, prices increased in July during pandemic

Hampden County

SPRINGFIELD, Mass. (WWLP) – In the Pioneer Valley, home sales are up by nearly 3 percent and the median price has increased to about 7 percent.

That’s according to the July 2020 Single-Family Sales Report by the Realtor Association of Pioneer Valley. Real Estate agent, Carrie Blair, of Keller Williams Realty said inventory and supply of property are down, and interest on mortgages are low.

This is making the market very competitive for potential home buyers.

“They have just been leaning more and more towards a seller’s market with no alleviation,” said Blair. “So just be prepared to put your best foot forward first, because your best foot is what’s going to get you in the door for negotiation, and its what’s going to land you the deal.”

On average, a house in the Pioneer Valley has jumped from nearly $240,000 last year to $260,000 this year. But despite the price increase and the pandemic, the report showed that houses are not lasting as long on the market as in 2019.

2020 Single-Family Sales Report

Janene Kane of Springfield told 22News that she is in the process of both selling and buying homes during the pandemic.

“It really didn’t affect it negatively selling our house, and for a price that we wanted to sell it for,” said Kane. “We are looking to move to a different town and I think it definitely affects the number of houses available there.”

The report also states a 30 year fixed mortgage rate in July is averaging nearly 3 percent compared to last year at almost 4 percent.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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