Your search results

Summer is Coming to a Close

Posted by GCAR on September 24, 2018
| 0

Pending sales showed no change from August 2017 after 2 months of steady increases. This may be an indication that summer selling season is coming to an end.

Closed sales are back on a downward trend after a slight increase in July. Even though closed sales decreased 3.3 percent from August 2017 to 1,271 for the month, we are still at nearly the same rate year to date as we were in 2017.

Prices were up compared to last year at this time. The median sales price increased 4.5 percent to $224,722. There could be some changes to the long-standing trend of price increases as we leave the summer of 2018 behind.

Inventory levels continue to decrease. They were down 13.8 percent from August 2017 to 5,307 units. In terms of total homes for sale, achieving market balance has proven difficult for many years now. But the chase is on as more sellers and developers are jumping into the market. New construction is showing a 6 percent increase year to date.

Unsold inventory is at a 5.2-month supply. This is a 16.1 percent decrease from last year. Supply has been trending downward for several months. If there are to be any changes in current market dynamics, any change here will likely be one of the indicators of a market shift.

Lawrence Yun, NAR chief economist, says “While inventory continues to show modest year over year gains, it is still far from a healthy level and new home construction is not keeping up to satisfy demand. Homes continue to fly off the shelves with a majority of properties selling within a month, indicating that more inventory – especially moderately priced, entry-level homes – would propel sales.”

While some are starting to look for recessionary signs like fewer sales, dropping prices and even foreclosures, others are taking a more cautious and research-based approached to their predictions.

The fact remains that the trends do not yet support a dramatic shift away from what has been experienced over the last several years.

  •  

     

  • Upcoming Events

    Jan
    23
    Wed
    9:00 am SOLD OUT Safety for Realtors @ Hyatt Place Saratoga
    SOLD OUT Safety for Realtors @ Hyatt Place Saratoga
    Jan 23 @ 9:00 am – 11:30 am
    ♦ CE Credits: 2 ♦ Instructors: Patrick Hussey and Bruce McClellan ♦ Presented by Personal Safety Services with Patrick Hussey, a black belt in karate with 35 years of experience in the martial arts. The course includes 45-minutes of hands-on self-defense training and 45 minutes of lecture and Q & A. YOU WILL RECEIVE A FREE SAFETY GIFT, a ‘Vigilant Personal Alarm’. Wear your ...
    Jan
    24
    Thu
    1:00 pm Facebook Pages: Building a Faceb... @ GCAR
    Facebook Pages: Building a Faceb... @ GCAR
    Jan 24 @ 1:00 pm – 3:00 pm
    ♦ CE Credits: 0 ♦ Instructor: Nicole Parker ♦ This course will walk you through the steps of creating a Business Facebook Page, building an audience, posting, and creating content. We will also explore creating and managing advertisements in Facebook. In order to participate, a Personal Facebook page is required. Please bring your computer or tablet, as well as your cell phone.
    Jan
    28
    Mon
    12:30 pm Paragon Advanced @ GCAR
    Paragon Advanced @ GCAR
    Jan 28 @ 12:30 pm – 3:30 pm
    ♦ CE Credits: 3 ♦ Instructor: Jeffrey Decatur ♦ Learn advanced techniques for the Eastern NY Regional MLS system: Saving searches, auto emailing, CRS auto fill, customizing your email signature and much more!
    Jan
    30
    Wed
    9:00 am Ethics: Providing A Positive Exp... @ GCAR
    Ethics: Providing A Positive Exp... @ GCAR
    Jan 30 @ 9:00 am – 4:00 pm
    ♦ CE Credits: 6 ♦ Instructor: Linda Page ♦ Gain a full understanding of the conduct of ethics and arbitration hearings, enforcement procedures, and disciplinary guidelines. Learn about the mediation process and its benefits. Explore the mandatory Ombudsman program and citation options.
    Feb
    1
    Fri
    12:30 pm Historic Homes Hold Value @ GCAR
    Historic Homes Hold Value @ GCAR
    Feb 1 @ 12:30 pm – 3:30 pm
    ♦ CE Credits: 3 ♦ Instructor: Lisbeth Calandrino ♦ Learn why historic home property values appreciate significantly faster in a good market and appreciate equivalent to the market in a bad market. Find out how historic homes obtain their designation; features of historic homes and what makes them valuable. Learn how to locate historic homes, neighborhood associations and historic societies; discover their influence and ...
    Feb
    4
    Mon
    9:00 am Purchase Contract @ GCAR
    Purchase Contract @ GCAR
    Feb 4 @ 9:00 am – 12:00 pm
    ♦ CE Credits: 3 ♦ Instructor: Bill Alston ♦ Want to avoid problems at closing? A canceled contract? The need for an addendum? Title work to be redone? An appraisal being amended? Learn how to complete these vital contracts correctly the first time and sale smoothly through your closing!
    1:00 pm Listing Contract @ GCAR
    Listing Contract @ GCAR
    Feb 4 @ 1:00 pm – 4:00 pm
    ♦ CE Credits: 3 ♦ Instructor: Bill Alston ♦ Want to avoid problems at closing? A canceled contract? The need for an addendum? Title work to be redone? An appraisal being amended? Learn how to complete these vital contracts correctly the first time and sale smoothly through your closing!
    Feb
    7
    Thu
    12:30 pm Paragon Pro @ GCAR
    Paragon Pro @ GCAR
    Feb 7 @ 12:30 pm – 3:30 pm
    ♦ CE Credits: 3 ♦ Instructor: Jennifer Vucetic ♦ Delve deeper into the Paragon features you use daily; creating CMA’s, more in-depth information on searches and their results and a whole lot more!
    Feb
    8
    Fri
    9:00 am Media Adverting for Realtors: Ke... @ DoubleTree
    Media Adverting for Realtors: Ke... @ DoubleTree
    Feb 8 @ 9:00 am – 12:00 pm
    ♦ CE Credits: 3 ♦ Instructor: Becky Jones ♦ This class will review the New York Real Estate License Law (12A) section 175.25 Real Estate advertising. Looking at what is defined as advertising and on different types of media; content of the ads, do you need to have your license type or number; and placement, what about Facebook and other social media.
    1:00 pm Market Going Up or Down? Learn H... @ DoubleTree
    Market Going Up or Down? Learn H... @ DoubleTree
    Feb 8 @ 1:00 pm – 4:00 pm
    ♦ CE Credits: 3 (appraisers/agents/brokers) ♦ Instructor: Becky Jones ♦ Are Appraisers killing your deal? Know what to tell the appraiser and how to communicate your information to save the deal!  Students will learn how to analyze, interpret, and forecast the market.
Skip to toolbar