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.