A strong market for sure at this point in 2017.
Some records were set, while a top market seemed to hit the breaks on performing.
Also, are banks getting nervous over home prices?
Latham Real Estate
Latham has scored its lowest points in 7 weeks, but still remains a strong sellers market with an absorption rate over 40%.
Only 7 homes sold in Latham during the month of May, in comparison to 16 homes that closed in May last year.
All in all, there are 43 deals pending in Latham currently, a market that almost tops 200 sales per year.
Look for things to continue as usual, and sellers still have the advantage.
Latham homes for sale
The Leverage Real Estate Index has indicated a sellers market throughout the region, in both the Zip code, and School district rankings.
Overall, absorption rates are up 1%, with about 7 months of supply available.
However, the overall averages of home supply have been increased when factoring in the quieter markets.
It’s as strong as it can be for June in the Top 25 markets.
Sellers are seeing home buyers jumping at homes, and of course are happy to obliged. But banks remain strict on FHA loans, with some appraisals falling short.
Record Setting May
Mother Nature may have played a roll in the decreased inventory this year.
The May numbers indicate 3 markets, and 1 County that has set all-time records, based off of data going back to 2006.
The Saratoga Springs zip code, 12866, posted the most home listings in a single month ever. 95 homes hit the market in May in the 12866 zip code, with no other month ever listing more homes.
Niskayuna, 12309, also recorded the most ever homes listed in a single month. The 94 homes that listed in 12309 were the most homes ever listed in one month, going back to 2006.
Clifton Park tired to join this list, but came up a bit short. However, they recorded the 3rd most listings ever in a single month, with 92 homes offered for sale.
On the county level through, Schenectady County, has indeed listed the most ever homes in an single month, with 357 homes listed in May.
Of course, this isn’t the greatest of news for Schenectady County, which is considered a buyers market. (19.1% absorption rate).
More inventory and stale demand could drive home prices downward, something home sellers would obviously not benefit from.
See all homes for sale in Schenectady County
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