Last week we talked about the “Rochester Real Estate Market for August “ and this week we are turning our attention to the “Troy Real Estate Market Update for August.” Both of these areas are where we do a lot of real estate work. Here’s where you can find more detailed information regarding the Troy community.
Let’s start this off by looking at the homes for sale in August with a comparison of year over year starting in 2016. You’ll note that in August of 2016, Troy had 255 homes for sale followed by NO CHANGE in 2017. There were still 255 homes for sale in 2017, but that dropped slightly to 240 homes in 2018, which was a -5.9 percent decrease.
The average days on market are next. In 2016, the average days on market in August for Troy were 25 days and in 2017, it went down by -12.0 percent to 22 days on market. When we look at 2018, we see the average days on market actually edged up slightly by +13.6 percent from the year previous to 25 days on market.
Next, we look at the graph which reflects the Months Supply of Homes for Sale. I pretty much always assume the definition of this term needs to be clarified each time I mention it because not everyone understands what Months Supply of Homes for Sale means. Here’s a pretty good definition. “The Supply of Homes for Sale is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. For example, if there are 50 homes on the market and 10 homes selling each month, there is a 5 month supply of homes for sale.”(definition supplied by Findwell.com) If you have questions about the meaning or anything else, please contact me. I’d be happy to explain in detail.
If you look at the current graph below you will see that back in August 2016, the Months Supply of Homes for Sale in Troy was 3.3 months and in 2017, it held even at 3.3 months. In 2018, the Months Supply of Homes for Sale slightly decreased to 3.1 months which was a -6.1 percent drop.
So there you have it! If this causes you to have any questions with regard to the Troy real estate market, please reach out to me. That’s what I’m here for and if you are a buyer hoping to get into a home then you definitely will need someone who is a good advocate and will negotiate on your behalf. The Integrity Team will be that advocate. I will be that advocate.
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