Berkshire County Quarterly Market Watch Report

2012 Full Report

In 2012, Berkshire REALTORS managed a real estate market of over $314 million dollars in sales, up from $262 million transacted last year. Sales rose over 2011 rates in all parts of Berkshire County, with a total increase in residential market of 25%, of which there was a 23% increase in central Berkshires sales, 36% in northern Berkshire and 24% in Southern Berkshire. These signs of strong improvement mirror what we hear our Realtors reporting from the field.  Richmond sales set the record for the largest increase in sales for the county. Lenox, Lee, Lanesboro and Pittsfield showed strong gains this year.  Windsoralso showed strong gains.

Historically, the Berkshire real estate market peaked in 2005, with a gradual decrease in following years. Sales data indicates that 2009 was the bottom of the market, which was our lowest point in sales for the preceding 10+ years and following 3 years. The market turned with bump in sales in 2010, and again shows strength with solid growth in 2012. While our overall market peaked in 2005, the southern Berkshire residential market peaked in 2004, the northern Berkshire residential market peaked in 2005 and the central Berkshire in 2006. All markets saw the same increase in 2010 and 2012.

Despite slow growth from our low in 2009, prices continue to be more affordable and interest rates are at historical lows. The combination of these two things makes it very beneficial for people who are in the market to buy. Interest rates are expected to remain low through 2014 improving unemployment rates, favorable buying conditions, low interest rates, and slow but steadily growing confidence, 2013 has the elements for a positive year. Continue reading Berkshire Real Estate Market Report