During August, the Southern Adirondack real estate market saw increased prices and lower levels of inventory compared to August 2021, with homes spending less time on the market and selling above list price.
“Our market’s trend of higher prices and fewer listings continued in August,” said Densay Sengsoulavong, CEO of the Southern Adirondack Realtors that includes Washington and Warren counties.
“While some experts believe price growth may moderate in the months ahead, the Southern Adirondack region is still showing signs of strong demand with high prices and quick sales. Unless we see a spike in inventory or a drop in demand, we’re likely to see a continued seller’s market pushing prices higher for the foreseeable future.”
New listings in the region decreased 13.1 percent in August compared to last year, from 633 to 550. The inventory of homes for sale dropped 31.6 percent, from 1,423 to 974, and pending sales decreased 3.3 percent, from 511 to 494. Closed sales were down 11.4 percent, from 537 to 476. Sellers received 102.2 percent of their list price in August, compared to 101.6 percent in August 2021.
The median sales price increased 6 percent, from $320,900 to $340,000. Homes spent an average of 19 days on the market last month, compared to 29 days in August last year. The months supply of inventory decreased 20 percent, from 3 to 2.4.
Southern Adirondack Realtors Inc. represents over 500 Realtors and real estate industry professionals in New York’s Southern Adirondack region. For more information, visit southernadkrealtors.org.
Meanwhile, the New York State Association of Realtors said home prices across the Empire State rose once again in August while home sales continued to decline, according to the housing report released by.
Closed sales fell 10.9 percent in August from 15,367 homes in 2021 to only 13,740 units last month. Pending sales of homes dipped from 14,464 homes in August 2021 to 13,740 homes in 2022. This represents a 5 percent decline, officials said.
The median sales price of homes across New York state escalated 3.8 percent in August, from $390,000 in 2021 to $405,000 in 2022. This marks 28 consecutive months in year-over-year comparisons that median sales prices have increased.
Inventory of homes for sale fell 15.5 percent in New York state – from 46,367 homes in August 2021 to just 39,179 in August 2022. Months’ supply of inventory fell 8.6 percent from 3.5 months of inventory in August 2021 to just 3.2 months’ supply last month. A six-month to 6.5-month supply is considered to be a balanced market.
Good news for homebuyers as mortgage interest rates dropped slightly last month. According to Freddie Mac, the monthly average on a 30-year fixed-rate mortgage fell from 5.41 percent in July 2022, to 5.22 in August 2022. This is still over 2 percentage points higher than the rate of 2.84 percent in August 2021.
Additional data is available at www.nysar.com/industry-resources/market-data.