As I have mentioned before, 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. In 2017 we finally saw the sales numbers increase across the board in Pioneer Valley, Hampden County and Springfield.
Single Family Homes: The Single Family market is the true test of the global real estate marketplace. Here is a sneak peak at the increases seen in Great Springfield:
| Pioneer Valley | Hampden County | Springfield | ||||
| Units | Median | Units | Median | Units | Median | |
| 2016 | 5,874 | 199,000 | 3,949 | 180,000 | 1,142 | 139,000 |
| 2017 | 5,989 | 207,500 | 4,089 | 190,000 | 1,225 | 148,000 |
| 2% | 4% | 4% | 6% | 7% | 6% | |
After 8 years (2007-2014) of sub-5,000 units sold in the Pioneer Valley, 2017 marked the third straight year above the historical 5,000 homes sold average. For comparison sakes, the lowest year (since 2000) was 2011 when we sold 3,869 single family homes in the Pioneer Valley. 2017 represents a 55% increase when compared to just 6 years prior!!!
As for Median Price, Pioneer Valley is on pace to fully recover to the peak of $210,000 in 2018. Hampden County and Springfield are also within striking distance of the peaks in 2007 of $192,000 (2007) and $153,000 (2006), respectively.
So what does this mean for you? It means that if you want or need to sell, that it’s a excellent 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 04.23.2018
