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Low Inventory Remains a Pressure Point Throughout Region

Posted by GCAR on November 1, 2019
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The housing market in the Capital Region finished out with third quarter of the year on a high. The demand for inventory has remained high throughout the first 9 months of 2019. The number of new listings increased 4 percent last month to 1,740 from 1,677 in September 2019. Demand has helped prop up sales and prices, despite heavy reductions in inventory and months supply across the region. The median sale price rose 2 percent to $215,000. The month’s supply of inventory fell 3.3 percent to 5.9.

Pending sales decreased 5 percent from September 2018 to 962 for the month.

The number of closed sales fell 8 percent from September 2018 to 1,052 for the month. Sales were down this month, as the general lack of listings is beginning to cause some buyer fatigue. Houses in the Capital Region are spending an average of 52 days on market until sale. That’s down from 62 days on market until sale in September 2018.

“Low inventory levels make this a sellers market,” said Greater Capital Association of REALTORS® President, Jay Christiana. “Houses are moving off the market quickly and sellers are receiving 95.3 percent of original list price.”

Nationally, buyer and seller activity remained strong, buoyed by low mortgage rates and a strong economy. The market fundamentals suggest no significant changes from recent trends, other than the seasonally tempered pace we see this time of year. As we move into the final quarter of 2019, buyers will find fewer homes coming on the market, but also less competition for those homes.