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.

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

Is it time to downsize? Are you thinking about selling your home and moving on?

Or

Are you running out of space and thinking it’s time to move up into a larger home? Wondering how to navigate buying and selling at the same time?

Come to my next seller seminar and learn everything you need to know to get your home ready to sell and what to expect from listing to closing.

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

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

Thinking of selling in 2023? Want to know what your home is worth?Attend our FREE Seller Seminar on Saturday, February 25th at 10am at Beach & Bartolo Realtors in Chatham

Tired of renting, but think you can't afford to buy? Well… homeownership may be closer than you think.