After seven long years of decline and treading water, 2015 officially marked the return of the Real Estate Market in Pioneer Valley. In 2016 the Pioneer Valley not just continued it’s recovery, but showed some record signs, which is a great thing for Homeowners.

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
2015 5,239 196,000 3,436 180,000 942 129,000
2016 5,863 199,000 3,940 180,000 1,140 139,000
12% 2% 14% 0% 21% 8%

As it was in 2015, the significant number is the units sold in 2016 (5,863 single families) because it’s the second year in a row with over 5,000 homes sold, which hasn’t happened 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. Actually, since 2000, this past year was the second highest number of homes sold in both the Pioneer Valley and Hampden County. To see all three have double digit growth in homes sold in 2016 is a very good sign.

On the price standpoint – we continue to make gains but we still have some work to reach back to the height achieved in 2007, which was $210,000 for the Valley. The fact though is that 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 01.05.2017