Chicopee, MA

The local market currently exhibits very competitive conditions, driven by a significantly elevated pending ratio and constrained inventory, despite some price moderation over the past year. The low active listing count and decreasing new listings contribute to rapid absorption.

The pending ratio, a key indicator of market velocity, stands at 1.58, representing a substantial year-over-year increase of 138.3%, suggesting high demand relative to available supply. Active listings have decreased by 20.0% year-over-year to 12, with new listings also down 20.0% over the past year to 16. The median listing price has seen a year-over-year decline of 6.4%, settling at $297,000, though month-over-month price changes are nearly flat (-0.2%). Days on market have increased by 9.3% over the past year, reaching 24 days, while the share of price-reduced listings has decreased by 9.3% year-over-year, to 11.8%.

The pronounced pending ratio, combined with diminishing active and new listing volumes, indicates significant inventory pressure. This environment typically favors price discipline on the part of sellers due to elevated buyer interest and limited choice. While the median days on market has seen a modest increase, the overall pace of sales remains swift, offering less negotiating latitude for prospective purchasers.

The average listing price of $313,150 notably exceeds the median of $297,000, creating a spread of $16,150. This differential suggests a segment of higher-priced properties influencing the market average. The median price per square foot is $237, which has seen a year-over-year decline of 2.5%.