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Young Jin’s Market update for Albany NY March 2024 report

 

Young Jin’s Market update for Albany NY March 2024 report:


Wondering how the real estate market is doing these days?  Real estate market is a local event.  It all depends on what is going on in the region in terms of job market and demographics etc.… Last week I shared a blog post that may suggest a potential slow down on the real estate market in the Capital Region NY.  Today I am seeing a totally different picture!  Whereas Clifton Park NY may show some signs of slowdown in the market activity in March 2024, Albany NY is showing a very robust activity as of March 31, 2024.  The absorption rate is 0.72, which indicates that it takes 0.72 (less than 3 weeks) month to sell all homes on the market!  A normal balanced market would be 5 to 6 months.  Once again it is showing an extreme seller’s market.  Median days on the market is 12 days, 52% down month over month, with median sold price up by 2.1% month to month.  What does this mean to you?  Excellent time to a seller, for sure!  Please reach out to me if you want to know more about your options as a seller or buyer.  Thank you so much for reading my post!

Wish you good luck in your real estate journey,

Young Jin Chun

Licensed Real Estate Salesperson

Sinkoff Realty Group

Email: YoungJin@SinkoffRealtyGroup.com

Website: www.SinkoffRealtyGroup.com

Cell: (518)728-6591


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