The following is based on listings and sales of properties in Williamstown MA as reported in the Multiple Listing Service of Berkshire County.
At the end of week one in August the Williamstown market shows 59 active single family listings ranging in price from 139,900 to $2,950,000.
There are currently 15 pending sales ranging in list price from $115,000 to $899,000
Year to date this year there have been just 27 closed sales from a low of $90,000 to high of $1,020,000.
In 2016 by August 6th there had been 25 closed sales ranging in price from $135,900 to $1,150,000. By year end the number of closed sales had doubled to 51. If the same ratio holds true this year we might reasonably hope to see a total of 54 closed single family homes sales.
If none of the 15 pending sales falls through and in fact all close by year end this would leave an additional 12 more homes to go under contract and close by year end to meet the same ratio as last year. This could turn out to be a bit ambitious this late in the year. A more cautious expectation would be that it will be fortunate if the market will match last year’s total closed sales of 51.
It seems safe however to conclude there will be between 51 and 54 closed single family home sales for 2017.
Condominiums continue to present a popular option for buyers today. Currently there are 5 active existing condo listings on the market plus the planned 20 brand new units at The River Houses, part of the Cable Mills complex on Water St. These latter offerings range in price from the mid 6s to the mid 9s, setting an entirely new price point for condominiums in Williamstown and a range increasingly common in the Berkshires as whole.
There have been six closed condo sales to date this year ranging from $124,000 to $355,000. Last year through August 6th there were the same number and for the full year, double that to 12. There are just two pending condo listings at the moment so it may be difficult to match last year’s total of 12. The new condominiums at The River Houses won’t be ready for closings and occupancy until fall of 2018.
Residential prices for the most part in Williamstown have not advanced over last year which is good news for buyers and not so welcome for sellers. Media reports of tight inventories and double digit appreciation appear to be largely limited to a few major coastal hot spots such as Boston, LA, San Francisco and Seattle all of which have strong economic indicators. Some formerly hot markets like NYC and Miami have cooled off in recent months according to press reports.
Williamstown and the Berkshires are experiencing market conditions more “normal” throughout the land.
Copyright Paul Harsch III, Harsch Associates Berkshire Real Estate