Capital Region Real Estate Market Trends

  7/29/2024 Young Jin’s Monday Market update for Schenectady , NY June 2024: (Market stats provided by Curtesy of Realtors Property Resource, LLC) Wondering how the real estate market did in June 2024? Here’s the latest June 2024 market stats on Schenectady NY! Real estate market is a local event and it’s a very complicated event to say the least! It all depends on what is going on in the region in terms of the job market and demographics etc.… Here’s a quick market snapshot on Schenectady NY! The absorption rate came in at 1.58, which indicates that it takes less than 8 weeks to sell all homes on the market! A normal balanced market would be at 5 to 6 months. List to sold price ratio came in at just over 103% which indicates that most homes sold almost 3% above the list price!   Median days came in at 8 days, which indicates most homes went under contract just over a week! Median sold price decreased to $268,111, a decrease of 0.33% month over month. In summary, once agai...

  6/10/2024 Young Jin’s Monday Market update for Slingerlands, NY May 2024: (Market stats provided by Curtesy of Realtors Property Resource, LLC) Wondering how the real estate market did in May 2024? May 2024 reports have arrived! Here’s the latest May 2024 market stats on Slingerlands NY! Real estate market is a local event and it’s a very complicated event to say the least! It all depends on what is going on in the region in terms of the job market and demographics etc.… Here’s a quick market snapshot on Slingerlands NY! The absorption rate came in at 1.12, which indicates that it takes just over 4 weeks to sell all homes on the market! A normal balanced market would be at 5 to 6 months. List to sold price ratio came in at 99.3%, which indicates that most homes sold slightly below the list price. Median days fell to 15 days, a decrease of almost 60% month over month! Median sold price increased to $655,000, an increase of 3.97% month over month. In summary, once again the rea...

  Young Jin’s Market update for Albany NY March 2024 report: Wondering how the real estate market is doing these days?  Real estate market is a local event.  It all depends on what is going on in the region in terms of job market and demographics etc.… Last week I shared a blog post that may suggest a potential slow down on the real estate market in the Capital Region NY.  Today I am seeing a totally different picture!  Whereas Clifton Park NY may show some signs of slowdown in the market activity in March 2024, Albany NY is showing a very robust activity as of March 31, 2024.  The absorption rate is 0.72, which indicates that it takes 0.72 (less than 3 weeks) month to sell all homes on the market!  A normal balanced market would be 5 to 6 months.  Once again it is showing an extreme seller’s market.  Median days on the market is 12 days, 52% down month over month, with median sold price up by 2.1% month to month.  What does this mean to...

  Are we still in the seller’s market?   We have been in the seller's market for so long… When is the market going to turn to the buyer’s market? If you are wondering why we still have the seller's market, ... I may have the answer for you in this blog post!    The chart below shows the months of supply inventories for Albany County NY, a key indicator of the current real estate market!    In a normal balanced market, it should be 5-6 as opposed to the 1.53 as we have in our most up to date stats at the time of writing this blog post.  As you can see, we are in an  extremely strong seller’s market… and probably explains the reason why it is so hard to buy homes these days (most sellers receiving multiple offers within a few days of being on the market!)... For more info please reach out to me via email or on cell phone.   Wish you good luck in your real estate journey, Young Jin Chun Licensed Real Estate Salesperson Sinkoff Realty Group ...

  Why is it so hard to buy homes these days?  We know that the current real estate market heavily favors the seller, and it has been like that for quite some time.  Home prices have gone up so much and, to make matters worse, so have the mortgages rates in recent years!  Why is it so hard to buy homes?  The real estate market is a function of supply and demand; we just have way more buyers than sellers!  According to Lawrence Yun, Chief Economist of National Association of Realtors, we will need double the number of listings to comfortably meet the demand of home buyers. This indicates to me that it is going to be a while before the real estate market normalizes back to pre-pandemic years…, so buyers can negotiate the purchase of home without getting caught up in multiple offer situations. Wishing you all the best in your real estate journey, Young Jin Chun