The Residential real estate Market in the Warren and Northern Saratoga County region I work and serve has no doubt been very active for the last 12 months! My MLS data reflects a regional total of 1866 sold homes over the last 12 months, with only 1650 sold homes the 12 months prior. So sales were up an estimated 13.15% over the prior 12 months! That's good - right? It is good, however with market buying up inventory at this rate, how long will the inventory be able to maintain to continue sales at this pace?
Current regional number of homes listed for sale in my MLS is 1212 give or take based on two overlapping MLS. If we were to stay on pace to the last 12 months this reflects our months supply of homes at 7.77 months, and anything over 6 represents a stable buyer's market. However if I tune into to specific local markets, like the South Glens Falls district for example, we have very different conditions. With South Glens Falls sale of homes for the last 12 months approximately 255, and only 112 homes currently listed for sale... that all breaks down to only 5.27 months supply, with anything under 6 moths indicating a sellers market.
Queensbury is in a very similar sellers market position right now as well, reflecting approximately 246 homes sold over the last 12 months and only 97 homes listed for sale... that's only a 4.73 months supply. I will not panic, as seasonally in this area there is a spring replenishment of new listings to help level things out, but the scales are currently tipped to reflect we could be looking at a slow down if inventory of homes for sale doesn't increase this spring. I thought it was worth noting the low inventory and seller's market conditions currently happening in the South Glens Falls and Queensbury NY districts. That's all for now
If considering selling your home, it's always best to do so in a seller's market to get the best value in the shortest amount of time. However as a real estate agent who makes a living from home sales and has hundreds of other area sales agents to compete against, I like to have an idea what to expect and plan for in the months ahead as well as have an idea what could happen to area home values.