Real Estate Market Report 6-24-2023

Dated: June 25 2023

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Hello,

Here are some updated national real estate market statistics that may be of interest to you:

With supply still limited relative to demand, 31% of homes sold above list price. 

Local stat: Inventory in NYS fell 16.4% percent compared to this time last year. This marks 43 consecutive months that the number of homes available has fallen in year-over-year comparisons. 

What does this mean to you? It means that if you are looking for a home, you must be dedicated to the process and not looking around nonchalantly. You should be in constant communication with your agent. You should be taking your agent's advice into strong consideration when looking for a home. I have a buyer that did just that and recently went under contract. 

If you'd like me to help you beat the competition, please contact me.

74% of all homes are sold in less than one month. Essentially flat from 73% a month ago.

Homes listed received an average of 3.3 offers, up slightly from 3.1 last month. This makes sense. It's the busiest time of year (June, July & August) for the real estate industry. This is the time of year when most homes are for sale and when most buyers are looking to purchase.

First-time buyers represent 28% of buyers, virtually flat from April 2023 and May 2022.

25% of buyers had all-cash sales, down slightly from 28% last month and unchanged from May 2022. This is excellent news if you're looking to finance a home instead of paying cash.

Median number of days a home is on the market: 18 days, down 18% from last month. Again, this makes sense. It's the busiest time of the year.

25% of buyers are waiving the inspection contingency. This is up from 19% from last month. Would I categorically recommend waiving inspection? No. Ultimately however, it's your decision. Contact me and we'll talk about it.

23% of buyers are waiving the inspection contingency. This is up from 28% from last month. Would I categorically recommend waiving inspection? Again, no. Ultimately however, it's your decision. Contact me and we'll talk about it.

That's it for now. More next week. If you'd like to speak with me about this real estate report or any of your needs, please call, text or email me at any time.

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Patrick Hardy, ABR®, PSA, SRES®

Hey there! Welcome to my website. I am absolutely thrilled that you're here. My goal is to help you buy or sell your property to your utmost satisfaction.I've been in sal....

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