Springfield Housing Prices Market Trend

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Springfield Housing Prices Market Trend

Greater Springfield and Western Massachusetts Housing Market.

The housing market in the Greater Springfield, Massachusetts area has been very active. Unlike the previous year where the market reached record prices. The prices has stabilized, and in some cases have dropped. The inventory of houses on the market is very high, which gives buyers more options. Buyer's don't feel pressured to buy or worry so much about competition. This is good for buyers, but they are feeling pressured to make a move soon because of the rise of current mortgage rates . According to the National Association of Realtor On-line Magazine. "30-Year Mortgages Hit Highest Rates Since '02(May 26, 2006)."

"Long-term mortgage rates continued their upward trend this week, reaching the highest point since June 2002. According to Freddie Mac, interest on 30-year loans bumped up to 6.62 percent from 6.60 percent; while 15-year mortgage rates rose to 6.23 percent from 6.20 percent. Adjustable-rate mortgages bucked the trend, with the one-year ARM dipping to 5.61 percent from 5.62 percent last week and five-year ARMs dropping to 6.21 percent from 6.23 percent over the same period. All of the rates are up noticeably from a year ago, when the averages held at 5.65 percent for 30-year mortgages, 5.21 percent for 15-year loans, 4.21 percent for one-year ARMs, and 5.07 percent for five-year ARMs."

Source: Contra Costa Times, Martin Crutsinger (05/26/06)

Most realtors are advising their sellers to drop the listing price by 3 to 5 percent to compete with the market trends. Yes, the market has turned a little in favor of the buyers. However, don't be fooled the sellers still have the ball in their court, thanks to the rise of interest rates, sellers know that buyer have make a move soon. Below are some numbers in the Greater Springfield Massachusetts area; Single Family homes sold or under agreement in the last two months in Agawam, Longmeadow, Chicopee,

East Longmeadow, and Springfield as of May 26, 2006

Agawam: Single Family Listings: 85 Average List Price: $243,502 Average Sale Price: $238,185 Average Market Time: 77.45

Chicopee: Single Family Listings: 101 Average List Price: $186,966 Average Sale Price: $185,405 Average Market Time: 68.42

East Longmeadow: Single Family Listings: 44 Average List Price: $329,839 Average Sale Price: $320,702 Average Market Time: 120.59

Longmeadow: Single Family Listings: 59 Average List Price: $379,549 Average Sale Price: $334,484 Average Market Time: 100.54

Single Family Listings: 408 Average List Price: $157,927 Average Sale Price: $156,144 Average Market Time: 87.73

The totals and averages of the above cities combined out of 500 listings:

Single Family Listings: 500 Average List Price: $204,266 Average Sale Price: $199,077 Average Market Time: 86.91

The following data is based on the market in the Springfield Massachusetts. The information is gathered on all active single family homes for sale in Springfield, Mass according to the National Multiple Listings Service (MLS) as of 02/21/2006.

		Market Trends

No. of Homes Under $100K	36	Avg Price	$79,586	Avg time on Mkt	67.11
No.of Homes Btwn 101k to 120k	42	Avg Price	$112,527	Avg time on Mkt	72.95
No.of Homes Btwn 121 to 150K	145	Avg Price	$138,509	Avg time on Mkt	64.48
No.of Homes Btwn 151 to 200K	189	Avg Price	$173,802	Avg time on Mkt	68.31
No.of Homes Btwn 201 to 250K	46	Avg Price	$225,225	Avg time on Mkt	85.54
No. of Home Btwn 251 to 300K	26	Avg Price	$279,135	Avg time on Mkt	157.31
No.of Homes Btwn 301 to 400K	9	Avg Price	$339,956	Avg time on Mkt	62.22
No.of Homes Btwn 401 to 710K	4	Avg Price	$518,750	Avg time on Mkt	162.25
No.of Homes Btwn 711k to 1mil	1	Avg Price	$949,900	Avg time on Mkt	246

Springfield, Mass Totals:	498	Avg Price	$169,320	Avg Days on Mkt	74.25

The Above Stats are for the following area:
	Totals:
East Forest Park	Single Family Listings: 61			Average List Price: $191,310		Avg Market Time 71.46
East Springfield	Single Family Listings: 43			Average List Price: $150,935		Avg Market Time: 63.40
Forest Park	Single Family Listings: 59			Average List Price: $196,519		Avg Market Time: 73.17
Hill McKnight	Single Family Listings: 51			Average List Price: $141,164		Avg Market Time: 71.16
Indian Orchard	Single Family Listings: 21			Average List Price: $145,971		Avg Market Time: 72.57
Liberty Heights	Single Family Listings: 21			Average List Price: $149,095		Avg Market Time: 100.14
N Brightwood	Single Family Listings: 0
Pine Pt Bstn Rd	Single Family Listings: 71			Average List Price: $151,955		Avg Market Time: 88.21
Sixteen Acres	Single Family Listings: 70			Average List Price: $193,595		Avg Market Time: 68.99
South End Central	Single Family Listings: 12			Average List Price: $179,508		Avg Market Time: 83.42