Heavy Rains Don’t Dampen Region’s Real Estate Market
According to the Greater Capital Association of Realtors® current market report, real estate professionals continue to face challenges helping buyers achieve the American dream of homeownership. Uncertainty in borrowing rates, low inventory, and the persistent climb of prices continue to influence buyers and sellers throughout the Capital Region. In June, pending sales experienced a drop of nearly 11 percent from June 2022, settling at 1,127 for the month while closed sales declined by 21 percent from last year, with 906 homes sold.
The shrinking inventory levels across the market have further intensified the situation. The number of homes for sale experienced a staggering 30 percent decrease compared to last year, resulting in a mere 1,597 available units. The scarcity of homes for sale has led to a lack of incentive for current homeowners to list their properties, exacerbating the already constrained supply.
The median sales price rose by 6.4 percent to reach a regional high of $312,250 while the demand for homes remains robust, with buyers willing to pay top dollar to secure their dream of homeownership. Greater Capital Association of Realtors® CEO, Laura Burns, commented, “Although builders throughout the Capital Region and north are swinging their hammers, the pace hasn’t kept up with the demand. Despite a median price of $508,495, demand continues to outpace supply.” The current inventory of 1.8 months is a historic low.
Meanwhile, sellers continue to enjoy favorable sales, receiving, on average, more than 101 percent of their original list price. “The Capital Region real estate market continues to face significant challenges,” said GCAR President Linda Yetto, of NAI Platform. “The limited inventory and strong buyer demand have created an intensely competitive landscape, with properties selling at an astonishing speed, typically within a month of being listed for sale.”
In such a dynamic market, buyers are most successful when they act swiftly and diligently in their property search, as opportunities may be fleeting. For sellers, the current market presents a favorable window for realizing optimal returns on their properties. For those buyers and sellers on the fence: make your move now.