Here is some very interesting research about this quadrant in Western Massachusetts. This shows the trend in sales over the last decade. The best part about this report is that it demonstrates that this area has been sheltered from the huge downward adjustment in home values that other areas have experienced.
Yes, the market has changed dramatically since the peak in 2005, but the biggest difference is how many houses are being sold, not the actual values. Great news for people in W. MA who have some equity in their homes!
| AREA PROPERTY SALES |
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WESTFIELD |
AGAWAM/F.H. |
WEST SPRING. |
SOUTHWICK |
| 2008 SALES # AVERAGE SALE PRICE |
279 $225,560 |
214 $212,148 |
184 $204,883 |
70 $260,739 |
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| 2005 SALES # AVERAGE SALE PRICE |
414 $241,015 |
279 $217,610 |
243 $209,110 |
109 $271,580 |
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| % CHANGE FROM 2005 # PROPERTIES SOLD - AVERAGE SALE PRICE |
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| QUADRANT 10 YEAR HISTORY |
| (Westfield, Agawam / Feeding Hills, West Springfield & Southwick Combined) |
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| YEAR |
# PROPERTIES SOLD |
AVERAGE SALE PRICE |
| 1999 |
943 |
$128,155 |
| 2000 |
857 |
$136,795 |
| 2001 |
873 |
$146,657 |
| 2002 |
871 |
$159,886 |
| 2003 |
862 |
$173,289 |
| 2004 |
939 |
$202,211 |
| 2005 (Peak) |
1045 |
$230,070 |
| 2006 |
966 |
$229,842 |
| 2007 |
885 |
$229,597 |
| 2008 |
747 |
$220,294 |
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| Source of Information: MLS Property Information Network |
| All statistics based on first 3 Quarters of each given year. Ex: 01/01/08 - 09/30/08 |
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