Market Update Report

How’s the market?  How to answer that question at holiday parties.      Picture this; you are at one of the many holiday parties that you’ll attend over the next few weeks and your occupation comes up followed by the inevitable question “how’s the local real estate market?”. This is a golden opportunity for you to shine! Here are a few talking points to help you answer the question and demonstrate your knowledge of the CNY Real Estate Market.   Homes are selling at a brisk pace, over the past 6 months nearly 3000 homes have sold and closed in Onondaga County. Compared to last year that’s an increase of 9%. Inventory is down. There are about 1500 homes on the market which is a huge drop from this time last year when there were about 2100 homes on the market. Compared to last year that is a 29% drop in available homes. So, inventory is down 29% and sales are up 9%. The answer to the question is the market is red hot. On an annualized basis, these numbers indicate the market is approaching the record setting year of 2006 which was the high point for sales in Onondaga County. What’s that mean to a potential seller or buyer? Sellers will see brisk activity on their home once listed for sale. Buyers need to act quickly once they find a home that fits their need, hesitation may cost them an opportunity to buy the home they want. Combine all of this with historically low interest rates and it’s a great time to buy or sell.