How Will Real Estate Trend For The Rest Of 2018

Dated: 11/05/2018

Views: 61

How will residential real estate trend for the rest of 2018? According to economic analysts  - real estate will trend upward. This prediction is based on the latest housing statistics from September.

In September, 1,487 new listings were posted spending an average of only 59 days on market. Listings for new construction also rose - which added to the available inventory. 232 new construction homes were listed in September  - which is a 6 percent increase from last September. Sales of new construction were also up 7 percent, and a median sale price of $373,000.

Existing home prices were also up - increasing 6 percent from last year to $215,000.

Analysts are predicting that prices are likely to continue to rise due to buyer demand. Inventory levels market-wide decreased 9 percent to 5,436 units. Overall months’ supply of inventory was down 10 percent to 5.4 months.

Even though real estate is trending upward, we are seeing a challenge for first time homebuyers in regards to inventory cost.  Laura Burns, CEO of GCAR said, “New York State’s closing costs are some of the most expensive in the Country. On a $225,000 home, a first-time homebuyer can expect to be presented with closing costs of about $5,500. Coupled with the strong lack of entry-level inventory available, particularly in new construction, some potential homebuyers may be forced to remain renters or in their parents’ basements.”

Blog author image

Alexander Monticello Esq.

Alexander is a New York State licensed real estate broker and New York State licensed attorney. A life long upstate New Yorker, Alexander has lived and worked in the Capital Region since 2005. He has ....

Latest Blog Posts

Zacharys Pastry Shoppe

Small Biz 518 – Zachary’s Pastry ShoppeMonticello Real Estate recently sat down and met with owner and chef – Dan Raymond at Zachary’s Pastry Shoppe in Rensselaer County. Chef Dan talks

Read More

Small Biz 518 Death Wish Coffee

Recently, Monticello  Real Estate sat down and talked to Death Wish Coffee.In 2012, Death Wish Coffee Co. started in a small coffee shop in Saratoga Springs, NY. Founder Mike Brown saw a need

Read More

9 Miles East Farm

9 Miles East Farm is located in the town of North Umberland and located 9 miles east of Saratoga Springs. The farm has been there since 2004 and their goal is to improve the soil each year so they

Read More

New Listings

Monticello Real Estate has two new listings.1136 Van Antwerp Road, NiskayunaLocated in Old Niskayuna - this home backs up to Hillside School. The interior has many upgrades. Kitchen is open with

Read More