The low point was March of this year when only about 1600
single family homes were available to purchase in Onondaga County. Buyers were
having a hard time finding just the right house among slim pickings and many
turned to new home builders, a welcome sight to a group battered by the
recession.
Since that point sellers
have been coming back into the market hoping to catch the market at the right
time and move forward. Many had felt trapped in a home they purchased during
the boom years and were unable to recapture their initial investment, those
days are gone. In almost every town within The Greater Syracuse area homes are
selling at a brisk pace and prices are rising, often due to multiple offers.
This positive news has caught the attention of many homeowners who have
recently listed their homes for sale offering buyers greater selection.One of the hottest markets is the Town of Clay where a slight undersupply still exists, supply and demand rules still apply. Once the supply of homes in any given market falls beneath six months prices start to nudge up. With interest rates holding at historical lows and inventory starting to rise there hasn’t been a better time to move in years.
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As always, the John Arquette Properties team would love to answer any questions you have regarding the above data!
