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Local real estate boom might be leveling out soon | Local

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Real estate agent Sean Rogge put up a “for sale” sign in front of the house he recently sold in Hudson Falls.

Gretta Hoxprung

Homes in New York’s South Adirondack area were on the market an average of 24 days in June, the lowest at any time in the past decade.

The median selling price also jumped to $350,000, the highest in the past decade.

Densei Sensorabon, CEO of Southern Adirondack Realtors, said in a statement, “The fact that homes continue to sell rapidly and above their asking price is an indication that demand remains strong in our area. “Given that summer is typically the busiest sales season, we expect the market to remain competitive in the coming months.”

Southern Adirondack Realtors, Inc. represents over 525 members and over 60 affiliated members in New York’s Southern Adirondack area, including Essex, Hamilton, Saratoga, Warren and Washington counties.

While the pandemic has sparked a housing boom, local realtors expect and hope it will slow down soon. Many of them are eager for the housing market to return to its pre-pandemic normal. increase.

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Nationally, median sales prices topped $400,000 for the first time, up 15% from the same period last year, according to the National Association of Realtors.

The Adirondack area’s new listings for June increased 1.9% from 697 to 710 compared to last year. Inventory of homes for sale decreased 34.7% from 1,432 to 935, while pending sales increased 4% from 478 to 497. Decreased by 11.4% from 466 to 413.

The seller received 103.6% of the list price in June.

The median selling price for June jumped from $328,250 to $350,000, up 6.6% compared to last year. Homes spent an average of 24 days in the market last month compared to his 44 last year. Inventory supply this month fell 17.9% from 2.8% to 2.3% compared to 2021.

The local housing market was booming during the pandemic, and city folk with enough money sought refuge in rural Adirondack areas. The hot market was economically profitable for local realtors.

Howard Hannah’s agent Angela Cusini-Girard has had her best year in 21 years, but she’s worked harder than ever.

“We had to jump into a home within hours of it being on the market and then have to write an offer within 30 minutes,” Cugini-Girard said. I knew what I was doing, so I knew that a buyer might have to write five or six offers before they got the house.”

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Real estate agent Angela Cusini Girard has a ‘for sale’ sign in front of her recently sold property in Glens Falls. Homes in the Southern Adirondack area are on the market for an average of 24 days before being sold, the lowest at any point in the past decade.

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Interest rates were also very low. The home sold quickly, with multiple offers well above the asking price.

Coldwell Banker Prime Properties Agent Barbara Kenison said:

But the high demand has not been able to keep up with the low inventory of available housing.There are not enough homes built in the last 15 years, according to Howard Hannah agent Sean Rogge.

“So in 2008, when the market hit us hard, builders stopped building houses,” says Rogge. “And we didn’t get him to start building enough housing again until 2019. Then the pandemic hit, creating a huge backlog. Nationwide, millions of homes are in short supply. doing.”

Rogge also pointed out that with rental prices rising by more than 18%, people are considering buying a home away from renting. The average age of a first-time homebuyer is 33, and the largest population in U.S. history is now 32.

“Real estate is the best way to stem inflation,” said Rogge. “Real estate outpaces inflation. From first-time homebuyers to luxury homes, people are investing their money in real estate.”

In July, the tide began to turn and agents noticed more inventory and fewer offers.

“People who are making offers are making serious offers,” said Cousini Girard. “So you might not get 15 offers on one listing in 36 hours, but the incoming buyers have this mindset of, ‘I’m going to give you a really good offer, so I can’t stand locking it up. You may lose to multiple offer situations or higher offers.”

It’s still a seller’s market, but things are improving for buyers, especially local ones.

“What has disappointed me most about the pandemic is that local buyers have been unable to buy homes,” said Cugini-Girard. “They were competing for crazy money that you can’t compete with. And they’re the heart of your business.”

During the pandemic, 70% of her sales were to out-of-town buyers. Cugini-Girard said she is happy to see more local buyers returning to the market, with all of her last six deals being with local buyers.

“We all wrote one offer after another knowing we weren’t going to get these houses,” Kennison said. “And buyers were frustrated.”

Agents are happy that the curve has started to flatten out, even though they have less profit in their pockets.

“Everyone I talk to says the same thing. I am delighted,” said Kennison.

Cugini-Girard also enjoys a fairer market because it can better serve its clients.

“Buyers on the buy side feel more likely to get into the house,” she said. There will be.”

The Adirondack area will also thrive in real estate, said Cousini Girard, as people flock to the area for its schools, arts, hiking, skiing, and proximity to big cities like New York and Boston.

Southern Adirondack Realtors’ Sengsoulavong said July figures due in mid-August will show signs of a slowdown.

“Again, ‘slowdown’ is relative,” Sengsoulavong said. “In my opinion, it will be kind of a market fix to where the normal market is.”

Gretta Hochsprung writes feature articles and local news. 518-742-3206 or [email protected].

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