The Adirondack Real Estate Boom Continues

  Winter is upon us.  While I often think of the season as a bit slower than summer, winter 2020 is proving to be very busy.  On top of preparing for the holidays, and enjoying the opportunity to ski Whiteface, this is a busy selling season for area Realtors and their clients.
   The northern Adirondacks continues to see a very active real estate market.  Here are a few statistics:

• Closed sales year to date is up 6.3% from last year  
• Pending sales year to date are up a significant 25.1%
• Most significantly, prices year to date is up 24.3%

   These astonishing numbers follow a spring slump from Covid-19 that limited business activity beginning in March and lasting until early summer.  We got up and running in early June and quickly gained steam.  Buyer activity through the summer and fall was robust, and, even as the snow flies, it remains strong, with homes selling quickly, often with multiple offers.
   Because of the low inventory of homes for sale, land purchases have increased.  In the Adirondack-Champlain Valley MLS, 363 vacant parcels have sold so far this year, a hefty 60% increase over this time in 2019. 
Can this go on?
   What I wrote in early April proved to be not far off. The real estate market was shut down in the spring, but once it opened, we saw a tremendous demand for local real estate from buyers from metropolitan areas, particularly New York City and Philadelphia.  This has not changed.
    Again, a few statistics:

• The September inventory of homes for sale was down 46.2% from last year
• While listing prices have increased, the percentage of list price received by sellers is stable at 94.7%

 
   With inventory tight, and interest rates at record lows, I expect that prices will remain stable for some time and we will likely see another increase in the spring.
   There is still a demand for homes in our area for buyers looking to relocate or purchase a vacation property.  My clients tell me that now more than ever they feel the mountains are a good place to be.  I’ve spoken with brokers in other resort communities and found common themes: lots of sales, low inventory, and an increased desire to be in a mountain resort community.

   If you’re considering purchasing a property in the Adirondacks, now is a good time.  Work with a realtor who understands the market. With some patience, you will find the home you’re looking for at the right price.  While prices are up, there are still some outstanding opportunities.  Be ready and don’t hesitate when those opportunities arise, or they will go to someone else.
   If you’re considering selling, don’t delay.  Inventory is low, which means that there is very limited competition for what you have to sell.  Again, be sure to work with a realtor who has an intimate knowledge of the real estate market and its trajectory.
   As always, I hope you will reach out to me with any questions you may have and if I can help with your real estate needs.
   I wish all of you a wonderful Holiday season.  Stay safe.
   Peace.