Last week we talked about the “Rochester Real Estate Market for July “ and this week we are turning our attention to the “Troy Real Estate Market Update for July.” 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 July with a comparison of year over year starting in 2016. You’ll note that in July of 2016 Troy had 267 homes for sale followed by a -5.6 percent drop to 252 homes in 2017 and down to 231 homes in 2018 which was a -8.3 percent drop from the previous year.
The average days on market are next. In 2016 the average days on market in July for Troy were 22 days and in 2017 it went up by+18.2 percent to 26 days on market. When we look at 2018, we see the average days on market actually edged up again by +11.5 percent from the year previous to 29 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 July 2016 the Months Supply of Homes for Sale in Troy was 3.5 months and in 2017 it decreased to 3.3 months which was a -5.7 percent drop. In 2018, the Months Supply of Homes for Sale decreased to 3.0 months which was a -9.1 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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