Housing Statistics in the Region — Lake George “On Fire”
Southern Adirondack Realtors, Inc. (SAR) released housing statistics for the region in a LinkedIn post several weeks ago. Southern Adirondack Realtors covers Warren, Northern Washington and Saratoga counties and represents hundreds of real estate professionals, including industry and affiliate members.
They reported that the housing market started off strong in the month of January with high buyer demand and strong market fundamentals. The surge in housing statistics points towards an active year for new builds. Trends indicate that most homes will be on the market as traditional sellers. However, a modest increase in short sales and foreclosures at some point this year would not be surprising, said the post.
SAR states that new listings were down 26.9 percent to 384. Pending sales decreased 21.2 percent to 268. Inventory shrank 42.9 percent to 1,297 units, and prices moved higher as the median sales price was up 14.0 percent to $278,000. Days on market decreased 37.8 percent to 51 days. Months supply of inventory was down 49.1 percent to 2.8 months.
View the information here: https://www.linkedin.com/feed/update/urn:li:activity:6770748505649639424/
Albany Business Review reported a real estate sales boom in Lake George on March 26. “Nothing was hotter in the residential real estate market than property in and around Lake George,” said the article. Davies-Davies Real Estate is quoted as saying they have never seen higher demand.
“A combination of still-low interest rates, more freedom to work remotely, and, of course, concerns over the pandemic in New York City led to his phone ringing off the hook,” reported the Business Review.