NORTHAMPTON, Mass. (WWLP) – This year’s brutal winter is finally over, but the housing market is still feeling the effects.
Single-family home sales in Hampshire County tumbled nearly 30% in March compared to the same time last year.
Janise Fitzpatrick of the Jones Realty Group told 22News that there are three big reasons why the market has slumped. She says sales really took a dive during the winter months, with most people staying inside, rather than shopping the market. She also says demand is outweighing the supply of homes for sale.
Finally, Fitzpatrick says there is a real need for middle-of-the road homes; mansions don’t typically sell fast.
“The low-end, the better ones, have been scooped up already. If they are foreclosures of short sales or distressed properties, so what you have there are some tough properties to get through the mortgage process,” she said.
Fitzpatrick told 22News that she expects the market to pick up again with the nicer weather.