The nationwide Inventory of homes has decreased for nine consecutive quarters, according to Trulia’s most recent Inventory and Price Watch Report. Year over year inventory slid 8.9 percent for the second quarter 2017. Buyers are scrambling to purchase as choices are becoming limited. Nationwide only 47 percent of the housing inventory remained on the Market at the end of the 60-day period between April 1 and June 1. In 2012, 57 percent of the nation’s housing inventory remained for that same timeframe.
Not All Metros are Created Equally
Housing inventories are tumbling in many West Coast cities. Affected the most, the San Francisco Bay’s three major metros (San Jose, Oakland and San Francisco) ranked first, second, and fourth as the Fastest Moving Markets in the nation. Homebuyers in Seattle, WA are facing dramatic shortages; ranked third, almost 80 percent of its inventory sold in 60 days. Salt Lake City, UT pushed through 74 percent of its inventory.
Investors looking for a downtown Miami condo have a glut of choices. Miami is the slowest moving market in the nation with 62.3 percent of its inventory remaining after two months. Fairfield County, CT, Winston-Salem, NC, Knoxville, TN, and Greensboro-High Point, NC rounded out the five slowest moving markets, respectively, with close to 60 percent of their inventories still on the market.
Upstate New York’s Markets
Which Upstate New York markets are the fastest and slowest markets? With the East Coast home to the majority of slow moving markets, it might appear as though all of New York markets are sluggish. Surprisingly, there are two shining stars in Upstate New York and they are both Great Lake communities.
National Rank | NY Metro | Inventory remaining after 60 days 2017 | Percentage Change 2012 - 2017 | Share on Market Change 2012 - 2017 |
14 | Rochester, NY | 35.70% | -45% | -21% |
15 | Buffalo, NY | 36.30% | -43% | -19% |
68 | Albany, NY | 48.40% | -42% | -19% |
93 | Syracuse, NY | 55.60% | -34% | -10% |
Rochester, NY is the nation’s 14th fastest moving market. This year Rochester shot into the top 15 markets by selling 64.3 percent of its housing inventory in 60 days. In 2012, this community had 56.7 percent of its housing inventory on the market after two month, a 45 percent plunge in inventory over the last five years.
Ranking 15th for the fastest moving markets is Buffalo, NY. Only 36.3 percent of Buffalo’s inventory remained on the market after the 60 days between April 1 and June 1. Like Rochester, Buffalo’s housing inventory has steeply declined over the last five years, dropping 19 percentage points from 2012.
Albany ranks as the nation’s 33rd slowest moving market. This is notable considering that Albany’s market sloughed off more than 50 percent of its inventory. Compared to 2012, the Albany market is improving year over year, like the Great Lake communities, with inventory in this metro dropping almost 20 percent since 2012.
Syracuse, NY is a buyers’ market. Ranking seventh slowest nationally, Syracuse ended the two month period with 55.6 percent of its inventory. Inventory levels are not depreciating as quickly in this metro dropping only 10 percentage points since 2012. This slower recovery makes it a great time to invest in Syracuse, NY real estate.
The Upstate New York housing inventory is a mixed bag in some markets sellers are delighted by the multiple offers while in others buyers have time to find their dream home. No matter the market conditions, HUNT Real Estate’s sales professionals understand Upstate New York trends and can help find a perfect home.
