CAPITAL REGION, N.Y. -- Capital Region realtors say if you are waiting for the market to bottom out to buy a home, that time has passed. This, as the area sees its tenth straight month of increasing home sales.
Residential sales are up 11 percent. Prices are also appreciating, while the average home costs about $200,000. And now, there's less inventory to choose from. 22 percent less homes are on the market compared to this time last year.
"We're starting to see the balance shift back more to a seller's market now, which is a good thing. We really want a balanced market with about six months of inventory supply, where it doesn't really favor buyers, it doesn't really favor sellers. Because the flip side is, if the market shifts entirely in one director towards sellers, multiple listing agencies come forward and it's tough to find a home," said Kevin Clancy, Clancy Real Estate Broker.
Clancy says there's about six months worth of inventory for the median local home.