Holyoke, MA

The market in ZIP 01040 is currently categorized as Very Competitive, driven by a significantly elevated pending ratio despite recent price adjustments. While median listing prices have seen downward movement, the high number of pending transactions relative to active inventory suggests strong absorption.

Median listing prices have experienced a notable decrease, down 10.5% month-over-month and 9.0% year-over-year, settling at $277,450. Concurrently, active listings show a modest increase of 4.8% over the past year, reaching 22 units. New listings have contracted by 16.7% year-over-year. The median days on market has lengthened substantially, increasing 73.7% year-over-year to 33 days. The share of price-reduced listings is 15.0%, a slight decrease of 0.7% year-over-year. Notably, the pending ratio stands at 1.27, representing a significant 98.7% increase over the past year, indicating a rapid rate of contract formation relative to available inventory. Median price per square foot shows a modest gain of 2.2% year-over-year, reaching $203.

The exceptionally high pending ratio of 1.27 suggests that properties are being committed to contract at a pace that outstrips new inventory, creating a competitive environment for available listings. While the recent decline in median listing price may offer some relief, the robust demand indicated by pending activity limits negotiating leverage for buyers. Sellers may find the market receptive to properties that are appropriately priced for current conditions, though the lengthening median days on market suggests a need for price discipline.

The average listing price of $344,067 exceeds the median listing price of $277,450 by 24.0%, indicating a segment of higher-priced properties in the market. The median price per square foot across all listings is $203.