"How's the Market?"
As realtors, one thing we always get asked is “How’s the market?” At which point I get a little too excited and enthusiastically jump into a discussion of fed rates, inventory, and pricing.
So here are the COLD, HARD numbers for the state of New York in a nut shell, so you can decide for yourself if it’s time to buy or sell right now.
Home prices were UP by 8.4% since the same time last year, and the inventory shortage was reflected in the drop in volume of transactions by 7.4% since July of last year.
There is currently a 6.4 month supply of housing, which reflects a balanced market.
My prediction is that the market will remain busy until the end of the calendar year and that we will see another strong spring market in 2018.
If you want to talk more, or are considering buying or selling your home in the Hudson Valley, Westchester, or the Bronx, please give me a call! (914)434-4199.
