SPRINGFIELD, Mass. (WWLP) – The Realtor Association of the Pioneer Valley has released its report on the housing market for March. Home closings have decreased however, they’re still selling for more money compared to March 2021.
Closing sales in March this year were down 18.1% over March 2021 with 344 homes sold in Franklin, Hampden, and Hampshire Counties. The median sale price for homes was $300,000, which is about 13.2% higher than last year of $265,000.
The inventory of available homes for sale in March was down 38% with 321 on the market versus 518 homes on the market in March 2021.
“We don’t have anything to sell. We have no inventory and as a result every house gets six or seven offers,” said David Murphy, owner of The Murphy’s Realtors in Northampton.
It’s unclear when inventory will increase, or if prices will drop. Experts say to stay on top of new listings, act fast and include as much cash in the offer as possible.
“It’s such an unhealthy market because buyers get discouraged. Good people with 20 percent down, good stable employment, every reason they should be buying a house and they just can’t get one,” said Murphy.
Historically in Hampshire County, the prices will never go down. Instead, they’ll plateau for a while before rising again. It’s just unclear when that will happen.
The average time on the market dropped by 17.2% year-over-year, down to just 47 days.
A 30-year mortgage averaged at 4.17% with an average .8 points for the last week of March. According to the report, a 30-year mortgage averaged 3.08% with an average .7 points in 2021.