submitted by Joe Cairo, REMAX Centre Realty
So, by now, most of you know that the interest rates are up about 3% from the same time last year. How does this affect our market in Northampton? I wanted to give you some statistics comparing June 2021 versus June 2022 to give you some idea on the impact in our marketplace.
In June 2021, there were 85 properties listed with a total listing volume of $50,500,000. The average median list price was $500,000. The average sold median price on these properties was $527,000. The average number of days on the market was nine.
Moving forward to June 2022, 63 properties were listed, and the average median list price was $550,000. The average sold median price on these properties was $558,000. The average number of days on the market was eight.
As you can see by these statistics, the days on market stayed about the same but the number of properties that went on the market was down by 22! The property values have increased by $50,000. These statistics show that the interest rate increase had not really impacted us that much so far. In time, it will likely level out and potentially cause a decrease in property values thereby, normalizing the market.
We are not in a typical market and just like anything else, things will eventually stabilize. If you have any questions, please do not hesitate to call me at 215-630-9363. www.josephcairo.com