What's Poppin' in NY's 518 Real Estate Market?

Real Estate Agent with Miranda Real Estate Group, Inc. NYS 10401214143

Spring is OFFICIALLY here & with it, the real estate market that I anticipated in my last post is no longer a speculation (revisit it at Wintertime Market Update).  So what IS happening in New York's  Capital Region Real Estate Market this spring?  A LOT! 

Here are the details:

Is the market crashing?  NO!  Inventory is LOW! SUPER LOW!! This is a BIG topic of conversation & here are the numbers to back it up:   On Feb 21st, there were 1510 residential properties seeking buyers.  "We all" (i.e. our local real estate world) anticipated this number to climb as we moved into March which is the traditional start of our spring market.  I enjoyed some time away in early March and came back to an even LOWER number of homes seeking buyers upon my return.  Today, that number is 1277 (& drops to 912 when new construction is excluded).  Consequently, in the presence of on-going buyer demand, multiple offers are in full force.   

Why is inventory so low?  In a nutshell, prices are up and so are mortgage rates.  This causes those who might WANT to move to keep seated while the market happily welcomes those who HAVE TO move. Read that again... In general, this market situation boils down to want vs need & the related participation.  Period.  

Here is some information from Schenectady County (population approx 160,000) where I reside:  Today, there are 72 residences seeking buyers.  That's it.  72 houses.  They range from $1500 (no, I didn't miss a zero) to $1,500,000. Average days on market are 70 (median 26.5) with an average size of 1864 sq ft and average asking price of $294,803. 

It's definitely still a sellers' market as their are 238 properties under contract (i.e. pending).  In comparison, they connected with their buyer in an average of 25 days (median 7), average 1651 sq ft, and had an average asking price of $243,733 which was approximately $4k less than the price they originally hit the market with.  Price it correctly, and "they will come".  And that holds true in ANY market. 

What's it all mean? 

It's a great time to be a seller  BUT proper preparation & pricing is still key to getting a great market response (i.e. buyers won't fight over a house that isn't worth it). 

It's still a frustrating time to be a buyer.  Buyers need "tight" collaboration with an agent that understands how to navigate multiple offers. 

Not convinced it's all real?  Here is some follow up from my desk from earlier blogs:

1170 Regent St.... CLOSED.  4 days on market.  Sale price 102% over asking.

20 Old Fort Rd... CLOSED.  4 days on market.  Sale price 100% of asking

73 Railroad Place... CLOSED.  2 days on market.  Sale price 102% of asking.

And most recently:

29 Charlton Rd... 49 showings, multiple offers, under contract in 5 days.

135 Goldfinch Lane... 35 showings, multiple offers, under contract in 5 days.

What's next?  If only I had a crystal ball!  One thing is for sure:  real estate is always interesting and people will always WANT & NEED housing. 

Buyers: if you can afford the payment, find the house.  Rent NEVER adds to YOUR portfolio. You can't wait though.  Know your finances, secure an agent to work with, & schedule visits as soon as a property peaks your interest. 

Sellers: It's a great time to capture huge equity from your house. Yes, the buying side can be a challenge but, if you're itching for life's next chapter, this is a great time to go capture it. 

Curious about what your scenario might look like?  Let's talk! 






Posted by




Brenda Mayette
Licensed Sales Agent

Miranda Real Estate Group, Inc.

1482 Rt 9, Clifton Park, NY 
518-527-0800 (direct/cell)

"Getting you home with personality & professionalism"



Comments (5)

Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Brenda - okay, I am beyond curious.  $1500 for New York real estate?  There's a story, maybe even a future post, about that opportunity. . .  

Apr 19, 2023 06:30 AM
Brenda Mayette

It's true!  :)   It's a City Owned, fire damaged, foreclosure property. 

Apr 19, 2023 06:35 AM
Michael Jacobs

😃 - thank you for that additional information.  

Apr 19, 2023 06:39 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Brenda,

Good to hear spring is in full force and your market is hot. I like your analysis: " this market situation boils down to want vs need & the related participation.  Period."  Easy to understand!

Apr 19, 2023 06:50 AM
Brenda Mayette

It sure is hot & I enjoy helping everyone learn what's REALLY happening.

Apr 19, 2023 07:49 AM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Hello Brenda, thank you for the market update and the low low low inventory. Real estate is always very interesting indeed. There is something to get excited for every day haha. 

Apr 19, 2023 07:02 AM
Brenda Mayette

It sure is, Lise Howe 😃

Apr 19, 2023 07:50 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Brenda and thank you for the great information to share with us today in the Rain.  Make it a Special Day!

Apr 19, 2023 08:57 AM
Brenda Mayette

You're very welcome Will Hamm !😃  Thank YOU for the visit. 

Apr 20, 2023 05:08 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Brenda... you could be describing the Greater Charlotte area's market in this post.

Apr 20, 2023 04:33 AM
Brenda Mayette

Hi Nina Hollander, Broker !  So many of us are experiencing this kind of market yet the reaction-capturing headlines make so many think otherwise.  Thanks for the visit! 

Apr 20, 2023 05:09 AM
Nina Hollander, Broker

Brenda Mayette that's why I keep telling people if they have questions to call me and not to read media headlines.

Apr 20, 2023 05:13 AM
Brenda Mayette

EXACTLY Nina Hollander, Broker !!!!! 😃

Apr 20, 2023 05:14 AM