Now Is The Time To Sell
Insight provided by Jim LaValley, Associate Real Estate Broker
Housing in the Adirondacks is still in high demand more than a year after the coronavirus pandemic triggered a rush of homebuyers in metropolitan areas to search for a rural respite.
As of April, the latest month for which there is local market data, there were fewer homes on the market than there had ever been in the past 15 years.
More properties were sold in the first three months of this year than were sold during the same period last year, or even the year before that. Properties are lingering on the market for less and less time, and many local Realtors continue to field multiple offers on properties that are at or above listing price.
Because of the high demand and low supply, prices are skyrocketing, leaving lower-income buyers who can’t bid competitively priced out of many properties.
Interest rates remain low. Many companies are continuing to have employees work remotely, giving people the option to work from wherever they’d like.
Inventory — the number of homes on the market — is very low in the Adirondacks, but that’s a nationwide trend,
An April report from the National Association of Realtors, based on input from 3,541 Realtors across the country, showed that with so few homes on the market across the country, homes typically sold within 17 days of being listed — that’s down from 27 days in April 2020. The bulk of home buyers, 85%, were looking for homes in a small town, rural area or resort area.
The number of homes on the market across New York state has declined rapidly. In April 2020, there were 49,195 residential units on the market. This past April, that number had dwindled by more than 21%, to 38,751 properties, according to the New York State Association of Realtors. On average, compared to April 2020, the number of days residential properties were on the market this April declined by six days, or 7.8%, to 71 days.
Within the Adirondack counties of Clinton, Essex, Franklin, Hamilton and Warren, the market trends are similar. The number of homes on the market in these counties, collectively, has shrunk from 907 in April 2020 to 378 this past April, according to a report from the Northern Adirondack Board of Realtors. The number of days homes have stayed on the market has declined, and the price of homes continues to skyrocket. The median sales price for residential properties was $225,000, an increase of more than 32% over April 2020.
It’s not just residential real estate that’s selling. So, if you have waterfront, a primary home, land, or commercial, and are thinking of selling, there has never been a better time.
You can email Jim at firstname.lastname@example.org for a confidential meeting. The time to capitalize, is now.