Tuesday, February 2, 2021 / by Vanessa Saunders
It’s June in the Hudson Valley real estate market.
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
I heard one of our Realtors exclaim this morning, "There's a buyer for every home for sale in the Hudson Valley right now." He was referring to the state of the housing market here. Like the rest of the nation, sales of Hudson Valley residential properties have started the new year at a fast moving pace.
The surge in demand for homes has exacerbated the inventory shortage throughout the region. During the four weeks ending January 21, pending sales in rural areas were up 43.5 percent, while in suburban areas they were up 35.1 percent, as well as 32.4 percent in urban areas. New listings were down by 10 percent year over year, the largest drop in seven months.
The biggest driver of the housing shortage nationally is the scarcity of suburban and rural properties. Many homeowners are happily staying put, and what homes do come available are quickly snapped up. Suburban and rural homes are still attracting buyers from the cities. The ongoing pandemic, combined with the ability to work from home motivates buyers to seek properties offering more space, both indoor and outdoor.
Another factor affecting the housing inventory is that builders of new homes have shifted their focus to create their developments outside of city centers where there's more room for sprawl, following urban buyers as they go further afield in their home searches.
One thing is for sure. Even though it's "Frozen February" and there's snow on the ground, for anyone planning to sell their home, it might as well be June in Hudson Valley real estate, where there IS a buyer for every home on the market.