How’s the Market in Columbia County? August Recap
The kids are back in school but the weather this week feels more like August than August did. And that storm last night was insane… September is off to a wild start. Let’s take a quick look back at what happened in August Real Estate wise.
Note the Multiple Listing Service provider suffered a ransomware attack on August 9th, so we were without an MLS for 2 weeks. This impacted agents, appraisers, and consumers across the region as listing data like status and price changes were not being updated and it was a challenge to launch a new listing. While the MLS is now back online, it’s not back at 100%. All that to say that these stats could be slightly off 🤷♀️
📈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.
📊Interest rates continue to sit above 7% impacting affordability, so this has many buyers sitting on the sidelines.
📉The sales price to list price ratio in the first 30 days on market stayed below 100% for the 2nd month in a row, but 56% of all sales in August still happened in the first 30 days. Pending (under contract) has dipped, so the market appears to have slowed slightly. Is it just August, or the MLS outage, or is this a broader trend? We’ll have to wait and see how September plays out.
🏡 Despite the feeling that there is nothing on the market, there is actually more inventory below $500K than there has been in a very long time. This is good news for first time buyers. The issue is a lot of the homes need some kind of work. Turn key properties are few and far between. Serious buyers should keep an open mind, look past dated features and decor, and look for homes with great potential where they can bring their own vision to life. Remember that the average homeowner only stays in one home for 7-10 years, so your first home is likely not your forever home.
🔑If you are a homeowner thinking of selling, you should know that although demand has softened, it’s still there… the pent up demand is growing everyday. Selling a home in 2023 is not the same as selling a home in 2021. You need to properly prepare your home before putting it on the market. Buyers are already feeling the squeeze with interest rates, they don’t want to buy a home that needs a ton of work. Make necessary repairs, deep clean, declutter, stage it, and hire an agent that is going to properly market your home.
🤔 If you are thinking of buying or selling in the near future, or just curious and want more insight on the market, book a discovery call with me at a time that’s convenient for you.
#columbiacountyny
#columbiacountyrealestate
#hudsonvalleyrealestate
#buyupstate
#chathamny
#beachandbartolorealtors
#jensesmarealestate
#marketupdate
