How’s the market in Columbia County? April Recap

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

April stats 

• New Listings added =54

• New Pending = 33

• Homes Sold in April = 26

• Median Sales price in April= $615K

• Average days on market = 59

• Homes that sold within in the first 30 days on market sold at 102.52% to list price 

• Current Inventory = 180 homes for sale 

• Median listing price of active listings = $750K 🤯

Taking a deep dive into the numbers this month we see there are 3 distinct segments of the market taking shape:

• The entry level market under $500K is still very much a sellers market.  This segment makes up 30% of the active listings (55), but is 54% of the total sales (70) year to date 

• This middle segment between $500K to $1M is more balanced. This segment makes up 35% of the active listings (64) and 34% of the total sales (43) year to date.

• The top of the market over $1M has clearly shifted into a buyers market. This segments makes up 34% of the active listings (62) but only 12% of the total sales (15) year to date.  These listings are turning slower and inventory continues to build. 

So what does this mean for you?

If you are thinking of selling and your home is in decent condition and under $500K, now is the time to list!  Buyers are hungry and homes in good condition are selling quickly at or above asking price in the first 30 days.  

If you want or need to move up, buying and selling at the same time can be a challenge, but it’s not impossible. There are a few strategies we can discuss.  Price appreciation over the past few years has improved your equity position and you can leverage that equity to move up. Plus as you move up in price point, there is more inventory available and the market is more balanced.

Unfortunately we are not in a region with significant new home construction so the primary way more inventory is created is by existing homeowners listing their homes. In the entry level price range homeowners are holding on to their properties longer, so we are not seeing the number of available homes increase significantly. 

1st time buyers have it rough. Fluctuating Interest rates and increasing prices have impacted affordability. Many buyers are sitting on the sidelines waiting for rates to come down, but when rates do come down more buyers will enter the market and competition for the few homes available will drive up prices. So waiting may actually cost you more.  

If you are curious about how much your home may be worth, Contact me for a personalized market report.  You can also sign up for my FREE Seller Seminar on Saturday, May 20th at 10am in Chatham.

If becoming a homeowner is one of your goals this year, sign up for my FREE Homebuyer Seminar on Wednesday, June 7th at 7pm on Zoom.

Spring, summer, fall, or winter I’m here to help you achieve your real estate goals. Click here for additional info on both events or to RSVP

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