Berkshire County Market Update October 2021
Tuesday Oct 05th, 2021
During the month of September residential inventory increased for sixth month in a row throughout the county. There were 185 new residential listings and 171 residential sales in the month of September. The current absorption rate for residential homes in Berkshire County is 3.3 months, meaning if there were no new listings added it would take just over 3 months to sell the current inventory for single family homes.
The average days a residential home sits on the market is 85 for September, which is down significantly from 160 in September of 2020. Almost a 50% change in one year!
On average homes are selling for closing to the original list price.
Multi-Family/Invesment Property (2-4 Units)
During the month of September multi-family inventory increased quite a bit from August. There were 30 new multi-family listings and 25 sold. Total inventory of active multi-family listings increased from 67 in August to to 89 in September. So there are still some investment properties out there for sale! The current absorption rate for multi-family homes in Berkshire County is 4..4 months, meaning if there were no new listings added it would take just over 4 months to sell the current inventory for mulyi-family homes.
The average days a multifamily home sits on the market is 123 for September, which is down slightly from 156 in September of 2020.
On average multi-family properties are selling for slightly under the oriignal list price. Contrary to what you hear in the news, not everything is selling for over asking!
The average list price for residential homes in pittsfield increase 10.54% from Sepetember 2020 to September 2021. The average sold price increased 6.71% from the last year. The average days on market in September 2020 was 95 and this year was only 64. Overall inventory has decreased just over 20% from last September. We are still in a sellers market in Pittsfield.
Disclaimer: All information above was pulled by Berkshire County FlexMLS and is only intended for a brief overview of the current market condition. For more information and a more detailed analysis don't hesitate to reach out to one of our real estate agents.