Here’s a look at the Eastern New York Real Estate Market for March 2018. March saw a drop of 25% in inventory. The market is currently a seller's market, due to seller’s fear of purchasing a home after selling theirs with inventory being at a record low, not many are listing their houses. Regardless, buyer’s are out in full force hoping to purchase a home with the historically low-interest rates we are currently seeing.
A look at the Housing Stats
March saw 870 single family homes sell with 447 of those properties being 3 bedroom houses. These residences sold on average after 89 days on the market with the median sales price being $223,647.
1 Bedroom: $226,000
2 Bedroom: $176,836
3 Bedroom: $208,181
4 Bedroom: $268,903
5+ Bedroom: $299,074
A Look at the Multi-Family Home Market
March saw 77 Multi-Family properties sell. Interestingly, the 2 bedroom multi-family houses have a sale price to list price ratio of 101.54%, meaning they were selling for MORE than the list price! These homes sold on average after 101 days on the market with the median sales price being $111,968.
2 Bedroom: $140,987
3 Bedroom: $95,198
4 Bedroom: $120,353
5+ Bedroom: $111,704
A Look at the City of Saratoga Springs Market
March saw 32 mixed family dwellings sell. These homes sold, on average, after 69 days on the market with the median sales price being $424,369.
1 Family: $433,920
2 Family: $340,016
What Does this Data Mean
With 3 months of inventory, you’ll find today's Eastern New York Real Estate Market to be a Seller’s Market.
What does this mean if you’re a buying a house in Eastern NY?
With the shortage of houses on the market, buyers should be diligent in making their offers, and their best one, right away as most sellers will receive multiple offers. We are seeing homes sell right around list price as well, with a sale price/list price ratio of 98.31%.
What does this mean if you’re a seller in the Eastern NY market?
With a large number of buyers scurrying for a house in a sea of competition, pricing your home is key to a great selling experience. Do not get too aggressive and over price your home, even in a hot market, as this will cause it to sit on the market and grow stale, your real estate agent is key to developing the perfect pricing strategy to get your home sold! Wondering what your home might be worth? Call our team today!