The year 2018 was another very active year for real estate here in Holyoke and in the area. Let's start off with the statistics. There were 198 single family home sales in 2018, which is down a bit from the all time high of 211 sales in 2017. The average days on market was 38 days which is way down from the previous year when the average was 79 days.
Based on the stats and knowledge of what was going on in the market it seems that there were a lot of buyers for less houses coming on the market. There was a bit of a shortage which drove down the days on market and increased the sale prices.
The average sale price in 2018 was $216,825 which is an increase of approximately 13% over 2017. The median sale price was $205,000 which is an increase of approximately 12% over. Statisticians say that the median price is a more accurate reflection of the market. Either way values went up significantly since 2017.
The highest priced single family home sale in Holyoke last year was 1190 Northampton Street, which was a 15 room, 8 bedroom, 4.5 bath Craftsman which sold for $869,900. Wow! Almost a million dollars!
I have asked this question before.
Can the market keep going up without the threat of a crash? History shows that most every prolonged period of price increases is followed by a slow down and maybe even a slide. As long as the economy in general is chugging along, I foresee the real estate market doing well. Maybe not as well as 2018.