Real Estate Roundup Column: Real estate market continues strong growth in NNY

Real estate rode a roller coaster in 2020 with sales in the first quarter equal to 2019. The second quarter, most of the market was shut down due to COVID restrictions. This was followed by an explosion of sales in the last six months of the year. This growth has continued into the first seven months of 2021. As you will see below, at any one time there are fewer residential properties available on the market. The number of people selling has not changed, but the speed in which properties are selling has.

Jefferson & Lewis Counties

REALTORS® in Jefferson and Lewis counties have sold almost 1,000 single family homes in the first seven months of 2021. Not only is that 34% above 2020, but it is also 41% above 2019. The 12-month average (August 2020 - July 2021) is up 32% from the previous period.

Meanwhile, the number of new listings coming on the market is relatively flat over the past three Julys with a variance of less than five units from 2019 to 2021. The 12-month average is up 4% and the number of new listings is up 11% from 2020 and down 10% from 2019.

Properties are spending less time on the market. Days on the market (DOM), defined as the time from listing to an accepted offer, for 2021 at 70 days which is down over 30% compared to 2020 and 2019. In July, DOM dropped 55% from 2020 to 47 days. This figure was also down from July 2019 by 40%. The 12-month average is down 22% to 76 days.

The number of sales in July was down 2% from the previous year and plunged 38% from 2019. The average drop in number of properties on the market is down 42% over the previous period. There is a five-month supply of homes currently.

The median price received for a property is up 19% over 2020 and 18% over 2019. July’s median price was up 16% from July 2020 and 18% over 2019. For the 12-month period, median price is up 14%. The total amount received for properties is averaging 97.5% of the list price, up slightly from the previous two years.

St. Lawrence County

The rise in the number of properties sold by REALTORS® in St. Lawrence County was even more dramatic with 475 sales through July 31, up over 50% in 2020 and up 27% from 2019. July 2021 alone saw 54% more sales close than in 2020 and 15% more than in 2019. The 12-month average is up 32% from the previous period.

New listings in July were down 10% from 2020 and equal to the number that went on the market in 2019. In the first seven months, new listings are up 20% from 2020 but down 7% from 2019. Over the past twelve months, the average is up 12%.

The amount of time that listings are staying on the market has plunged 33% to 17 weeks in the first seven months of 2021. This is also down from 2019. During the month of July, DOM dropped to 14.4 weeks which was less than both 2020 (21 weeks) and 2019 (23 weeks). In the past 12 months, the DOM has dropped over 25% to 17 weeks.

The inventory of homes for sale has tightened considerably with 40% fewer homes for sale at the end of July than 2020 and 62% fewer than 2019. This is the smallest number for sale in July in the past 16 years. There has been a drop of 47% of homes on the market in past 12 months. There is a 4.6 month supply of homes on the market.

The median price has climbed 25.8% in 2021 compared to 2020 and 2019. July’s rise was 32% over 2020 and 43% over July 2019. For the 12-month period (August 2020 - July 2021), the price is up 19%. The amount received for properties is averaging 94.1% of the list price which is up 3% from the previous two years.

When comparing our area’s sales to the rest of the state, there are many similarities with New York sales up 40% for the first seven months, DOM down to nine weeks, median price up 28%, homes for sale down 19%, and months supply at 3.2 months.

As of now, the seller’s market appears to be continuing. This is good news for a recovering economy.

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Johnson Newspapers 7.1

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