The Real Estate Market is BACK!!!

After seven long years of decline and treading water, 2015 is officially the mark for when we can official state that the Real Estate Market is back for the entire Pioneer Valley.

Single Family Homes: The Single Family market is the true test of the global real estate marketplace

Pioneer Valley Hampden County Springfield
Units Median Units Median Units Median
2014 4,688 192,500 3,094 177,000 797 123,500
2015 5,239 196,000 3,436 180,000 942 129,000
12% 2% 11% 2% 18% 4%

The significant number is the units sold in 2015 (5,239 single families) because we haven’t had 5,000 homes sold in a single year since 2006!!! Between 2000 and 2006 the Pioneer Valley averaged 5,454 homes sold. Over the next 8 years between 2007 and 2014, the average was 4,368 homes. So it is with great relief that in 2015 we finally broke back through the 5,000 homes sold barrier!!!

On the price standpoint – we still have some work to reach back to the height achieved in 2007, which was $210,000 for the Valley, but the activity is there and the trend is in the right direction!!!

So what does this mean for you? It means that if you want or need to sell, that it’s a decent to good market to accomplish your goal. They key is to drill down beyond these regional stats and determine what the value is of YOUR home in YOUR neighborhood.

If you would like to know what your market value is today, give me a call (413.237.9399) and set up an appointment.

source: MLSPIN Market Reports as of 01.05.2016