Great Barrington, MA

The market in ZIP 01230 is currently categorized as Very Weak. The pending ratio has declined year-over-year, alongside a significant contraction in new listing activity and increasing days on market, indicating reduced transaction velocity.

The market in ZIP 01230 has seen a year-over-year decrease of 7.4% in the pending ratio, currently at 0.23, reflecting a slower pace of new contracts relative to active inventory. New listings have sharply declined by 50.0% year-over-year. Active listings have risen by 19.1% over the past year, contributing to a total of 81 active properties. Median days on market increased by 9.0% year-over-year to 73 days, suggesting properties are taking longer to find buyers. The median listing price has experienced a significant month-over-month decrease of 22.6% and a year-over-year decline of 6.6% to $925,000. Meanwhile, the share of listings with price reductions has risen by 3.9% year-over-year to 11.0%.

The current market dynamics indicate reduced urgency among buyers and increasing pressure on sellers to adjust pricing. The declining pending ratio and extended days on market suggest that buyers have greater flexibility and extended timelines for decision-making. The notable year-over-year increase in active listings combined with a decrease in new listings points to inventory accumulating, further easing pressure on buyers. Sellers are experiencing a market that demands greater price discipline, as evidenced by the increase in price reductions and the overall softening of median listing prices.

Within the luxury segment, the average listing price of $1,468,692 significantly exceeds the median listing price of $925,000, underscoring the influence of higher-value properties on overall market statistics. The average listing price has remained unchanged year-over-year. The median price per square foot is $424, showing a modest year-over-year decrease of 1.9%.