Market Insights :: December 2023

*Please Note:  As part of my statistical analysis each month, I consider only single-family homes found within the four principal Counties which make up the Capital Region of NYS, primarily due to population density.  Further, I exclude new construction home sales from the analysis.

Here are the Capital Region real estate Market Insights for December 2023

There is the suggestion of a trend emerging in the Capital Region real estate market. Let’s delve into it.

The number of homes which were placed “for sale” in November has increased by 2% compared with October.  The number of homes offered for sale increased to a total of 867 houses in November.  That is good news for prospective purchasers as the number of houses available to view has modestly increased. 

The number of “pending sales” or contracts accepted in November 2023 declined by 16%; for a total of 489 pending sales.  This decline, when considered within the context of the decline experienced in November, is the suggestion of a trend I referred to above.  For purposes of context, I checked the market statistics for December 2022 and found that pending sales declined by 22% one year ago.  Despite the increase in mortgage interest rates experienced so far in 2023, it seems the Capital Region real estate market is experiencing a stronger level of buyer activity than it did precisely one year ago. 

The average number of days it took for a home to sell in November increased to 26 days.  With less buyers in the real estate market during November, home sellers waited a little longer for an acceptable offer.

The number of price reductions in November decreased by 17% for a total of 354 price reductions.  A legitimate question to ask is why there weren’t more price reductions given the fact that there were fewer prospective purchasers in the real estate market in November.  My initial reaction is this segment of the market has not yet “caught up” with other elements of the real estate market.  This is related to the “cause and effect” I spoke of last month.  Once a trend is firmly established, we may see this number reverse.

Whether or not you have children, you were once a child.  Regardless, you will enjoy reading a humorous blog entry “These Aren’t My Boots” relating the predicament of a kindergarten teacher and one of her six-year-old students on the day of the first big snowfall of the year.

I wish you and your family a blessed Christmas!