Well, Holyoke had an increase in volume in the last year. 184 single family homes sold in 2015 compared to 167 in 2014 and 151 in 2013. This is a good sign for a healthy market. The days on market remained steady at 118. Technically if you look at the averages the days on market is 143. That includes two new construction homes that were on the market for over 2,000 days each which skewed the average. These two houses were originally listed in 2010 as homes to be built. They were not built until 2015 and both sold last year.
The average sale price in Holyoke actually went down 3.5% from $184,586 in 2014 to $178,229 in 2015. The reason behind this decrease may be because only two homes sold for over $400,000 in 2015 compared to three over $400,000 and one at $520,000 in 2014. Overall a case could be made that values were pretty flat from 2014 to 2015 in most segments of the market in Holyoke.
My outlook for 2016 is more of the same. The interest rates went up a very small amount in 2015 and will continue to have very small increases in 2016. I don't think this will have any measurable impact on the local real estate market. Volume will be in the range of 170 to 185 single family sales in Holyoke. Prices I think will remain steady.
Stay tuned for periodic updates on the Holyoke market.