There is a lot to smile about in the Capital District real estate market. Here are just a few of the trends we are seeing right now.
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No matter where I go, people ask me about the market here in the Capital District. There has been a lot of uncertainty lately with a soaring stock market and a new presidential administration, so it’s only natural that people want to know what’s going on.
Here’s what I’ve been seeing lately.
Home prices here in the Capital District are up by about 5% from last year. The main reason for that is our shortage of inventory. We only have about a five-month supply right now. That’s 20% less inventory than we had at this time in 2016. That’s great news for home sellers because the low supply is driving demand and prices up.
As we see more inventory come on the market in the spring and summer, we will see sales prices decrease. Pending sales are up, which is good, but we are starting to see sales decline from last year. Consistent wages and stable unemployment have contributed to this, too.
With all that in place, it looks like the first quarter stats from 2017 point to a strong market throughout the year. If you have any questions for me or you’re looking to buy a home in the Capital District, give me a call or send me an email. I would love to hear from you.