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Hot Temps – Hotter Market

Posted by GCAR on July 28, 2020
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While business owners across New York’s regions spent much of June preparing to re-open, REALTORS® took a deep breath, donned masks and gloves, and got busy. Very busy.

Last month Sellers received 96 percent of the original list price causing the median sales price to increase to $225,000. As more consumers show interest in buying a home, upward pressure on prices will most likely occur. Greater Capital Association CEO, Laura Burns, commented “To state that the region’s REALTORS® are busy would certainly be an understatement. Buyers’ pent up demand from the spring shutdown and historically low-interest rates have generated a dynamic market. The month over month annual comparison shows a 20 percent increase in showings last month over June 2019. There were nearly 25,000 showings across all price points; 9,000 were in the $225 – 400K price range.”

Greater Capital Association of Realtors President, Tom McGroder of Thomas J. Real Estate, said: “If sellers are contemplating a move, there hasn’t been a better time to sell their home faster or for a better price since 2008.” Many Sellers are doing just that – in the year over year comparison, the Greater Capital Region and surrounding areas experienced a nearly 6 percent increase in New Listings last month with more than 2,000 homes coming onto the market in June.

Pending sales increased 17 percent above June 2019’s activity (1,553 June 2020). Closed Sales were reported at 808, a reduction of 29 percent. Mr. McGroder continued, “With the average Days On Market currently at 68, and the increase in Pending Sales, we expect to see Sold figures catching up in the coming months.”

Across the country, the positive real estate activity the Capital Region is experiencing has followed suit. “The sales recovery is strong, as buyers were eager to purchase homes and properties that they had been eyeing during the shutdown,” said Lawrence Yun, NAR’s chief economist. “This revitalization looks to be sustainable for many months ahead as long as mortgage rates remain low and job gains continue.”