The number of listings has climbed significantly since my last update and this is the highest inventory levels we’ve seen in a long time.

👀All eyes on the Fed this week. Interest rates have already dropped in anticipation of the Fed meeting, so the question is will they come down further or will they bounce around. Either way here in Columbia County there is less residential inventory today than there was a month ago. It appears that homes going under contract may be outpacing new inventory coming to market.

Time is flying by this summer and it’s time for another market update.

In November we saw interest rates start to come down..finishing close to 7%. Fingers crossed the 8% rate we saw in October was the peak and we are now on the downward slope. Experts are pretty confident that the Fed will not hike rates this week and that with inflation cooling the Fed will start cutting rates by mid 2024.

Interest rates hit 8%, the highest in 20+ years. Home sales continued to slow as a result. Rates dipped in the first week of November but are already creeping back up and the Fed may have one more rate increase coming in December.

So will prices or interest rates come down anytime soon? Probably not. Inventory in Columbia County remains tight overall, which will keep prices stable.

But there’s a lot of price adjustments happening right now, so the market is heading for a crash, right?

🍂 It’s the final quarter of 2023, 3 months left in the year… Is anyone else feeling reflective… Are there things you really wanted to get done this year but haven’t tackled yet? Buying a house perhaps?

Before we look forward, lets take a look back at what happened in September

September saw an increase in new listings but new pendings and solds did not keep pace. Did interest rates hanging out in the high 7% range have something to do with it? Yes, these interest rates are keeping a lot of would be buyers on the sidelines and a lot of would be sellers staying put.

August saw a dip in new listings, but active listings are at the highest level for the year, but they’re still at a historically low level.

36% of active listings (93) are below $500K, but this price range makes up 54% of all sales year to date

34% of active listings (88) are between $500K-$1M, this price range makes up 33% of all sales year to date

29% of active listings (75) are over $1M, but this price range only makes up 13% of all sales year to date.

📈Listings climbed slightly but remain historically low…it still feels very much like there’s nothing on the market. Interest rates have climbed and that has definitely softened buyer demand.

We are just past the halfway mark of 2023, so let’s look back🧐 Year to date we are seeing that closed sales are down approximately -29% compared to the same time last year. Median sales price is up about +15% compared to the same time last year. The number of active listings has grown slightly month over month but still lags behind last year.

Seriously where do the days go⏳how is it June 9th already? TGIF here’s some light reading on the real estate market (May recap) as we head into the weekend.

I can’t believe how quickly we are blowing thru May… how is it the 9th already? Let’s take a look back at April with a quick end-of-the-month recap! 

Here's what’s happening in the market right here in Columbia County, NY

The housing market’s been going through a lot of change lately, and there’s been uncertainty surrounding what will happen this spring. You may be wondering if more homes will go on the market, what’s next with home prices and mortgage rates, or what the best advice is for someone in your position right now.

Wow this week blew by quick. Week 1 April is over but let’s take a look back at March with a quick end-of-the-month recap! 

 Here's what’s happening in the market right here in Columbia County, NY

Throughout Women’s History Month, we reflect on the impact women have in our lives, and that includes impact on the housing market. In fact, since at least 1981, single women have bought more homes than single men each year, and they make up 17% of all households.

So, given this information and what experts are saying about home prices, the question you might be asking is: should I buy a home this spring? Here are three reasons you should consider making a move:

Only 17 days till Spring! Hopefully this weekend’s snowstorm is the last of this weird winter season. Let’s take a look back at February with a quick end-of-the-month recap!  Here's what’s happening in the market right here in Columbia County, NY

Eek we’re already 4 days into February! Since we’re all sitting around trying to stay warm on the coldest day of the year, let’s take a look back at January with a quick end-of-the-month recap!  Here's what’s happening in the market right here in Columbia County, NY

In 2022, the market underwent a major shift as economic uncertainty and higher mortgage rates reduced buyer demand, slowed the pace of home sales, and moderated home prices. But what about 2023?

While watching the stock market recently may have started to feel pretty challenging, checking the value of your home should come as welcome relief in this volatile time. If you’re a homeowner, your net worth got a big boost over the past few years thanks to rising home prices. And that increase in your wealth came in the form of home equity. Here’s how it works.

The talk of a housing bubble in the coming year seems to be at a fever pitch as rising mortgage rates continue to slow down an overheated real estate market. Over the past two years, home prices have appreciated at an unsustainable pace causing many to ask: are things just slowing down, or is a crash coming?