
The median price for single-family homes sold from the beginning of this year through April in Berkshire County climbed almost 15 percent. Built in 1989, this Georgian manor situated on about 75 acres in the Southfield village of New Marlborough recently sold for $1.3 million.
A healthy dose of buyer demand has been pushing home prices in some parts of the Berkshires higher and higher in recent years.
Countywide, the median price for single-family homes sold during the first four months of the year jumped 14.8 percent compared to the same months in 2003. The median price for the 373 single-family homes sold during those months reached $142,000, according to The Warren Group, parent company of Banker & Tradesman. Unit sales in Berkshire County were also up by 4 percent during those months.
Low mortgage interest rates have contributed to the overall strength of the housing market in Berkshire County, as well as other parts of the Bay State, according to local Realtors. Parts of the Berkshires that have traditionally been a vacation destination are also becoming more desirable for year-round residences, say real estate brokers, because of cultural attractions and technological advances that enable residents to work from home offices.
Realtors in central Berkshire County maintain that a lack of available for-sale homes coupled with the strong buyer demand is putting upward pressure on home prices. “We are seeing a very dramatic increase in prices really across the board,” said Charles Sawyer, president of the Berkshire County of Board of Realtors.
Sawyer, a Realtor with Dayspring Realtors in Pittsfield, said there has been a limited supply of for-sale homes in the last two to three years, and very little new home construction in the region.
Last week, there were 715 single-family homes listed for sale in the Berkshire County multiple listing system, operated by the Realtor board. Of those, 243 homes were already under agreement. About 5 percent of those home listings are in neighboring towns in Vermont, New York and Connecticut.
During the same time last year, there were about 740 homes listed for sale in Berkshire County, estimated Sawyer. “What I think all things point to is that our numbers are pretty much the same. There are no more houses available than last year and there are no less homes,” he said.
Homes priced under $170,000 tend to see the strongest buyer interest, according to Sherry Street, broker-owner of Realty Street in Dalton. Street said as soon as any home in that sought-after price range becomes available for sale, “it’s a feeding frenzy.”
Buyers who have been searching for a property for a long time and lost out on other opportunities “know they have to get their offer in that day.”
In addition, some home sellers with whom Street has worked have been reluctant to put their homes up for sale for fear of not being able to find another suitable home to move into. Many times, they’ll ask Street to find them a new home before they put their current residence on the market.
Despite Realtors’ assertions, prices have not escalated in all communities in Berkshire County. A few communities have seen a slide in unit sales and prices in recent months.
However, prices were on the rise in central county communities like Dalton and Hinsdale and southern Berkshire towns like Becket, Lee and West Stockbridge.
In Dalton, where 17 single-family homes were sold from January through April, the median price climbed to $165,000 – a 40 percent increase from the $117,500 median recorded during the same period in 2003. In Hinsdale, where only three homes were sold during the first four months of the year compared to 9 the prior year, the median priced reached $200,000, which represents a 60 percent increase from the $125,000 median of a year ago.
But the price increase in the city of Pittsfield, where 130 single-family homes were sold through April, was a mere 1 percent. The median price for single-family homes in the city was $119,392, compared to $118,000 for homes sold there during the first four months of 2003. Still, Sawyer said homes in Pittsfield sell quickly – within an average of 60 days.
Meanwhile, in Lanesboro, where only four single-family homes were sold during those same months – 10 less than a year ago – the median price actually dropped 42.8 percent to $69,250 from $121,250.
‘A Good Selection’
While Street and Sawyer contend there is a short supply of for-sale homes in the central part of the county, some longtime Realtors in the Southern Berkshires – a region that has a strong vacation, or second-home, market – say there has been an adequate supply of for-sale homes to choose from in that region.
Out of the 715 homes available for sale last week, 264 were in the Southern Berkshires, according to Sawyer, with 40 homes for sale in the town of Becket.
“We can never have enough waterfront properties, but overall there’s a good a selection of properties on the market right now,” said Joseph L. Carini, president of Wheeler & Taylor Real Estate in Great Barrington.
Home prices rose significantly in towns like Becket, Lee, New Marlborough and West Stockbridge during the first four months of 2004, but took a dip in Lenox and Stockbridge.
The median price for the seven homes sold in New Marlborough during that period surged almost 91 percent to $307,000 this year from $161,000 last year, according to The Warren Group.
In Lee, the median price for 15 single-family homes sold reached $199,900, or 70 percent higher than the $117,500 median recorded a year ago. Six homes were sold in West Stockbridge during the first four months of 2004 with a median price of $477,500, or 59 percent more than $299,900 median a year ago.
And in Becket, the median price for 22 single-family homes sold through April was 13.4 percent higher – $147,500 compared to $130,000 in 2003.
Just as in central Berkshire County, however, some towns in the Southern Berkshires saw prices go down. In Lenox, where 27 homes were sold between January and April, compared to 16 during the same time last year, the median home price fell 38 percent from $345,000 to $250,000.
The five single-family homes that sold in Stockbridge during that time had a median price of $285,000, about 36 percent lower than the $444,000 median price recorded for the six homes sold during the first four months of 2003.





