Real estate boom in the Adirondack continues and pandemic year

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Aerial view of Saranak lake.  Photo: Nancy Battaglia.

Aerial view of Saranak lake. Photo: Nancy Battaglia.

Housing in the Adirondack is still in high demand more than a year after the coronavirus pandemic caused an influx of home buyers in metropolitan areas looking for a breather in the countryside.

As of April, the last month for which local market data is available, there were fewer homes on the market than at any time in the past 15 years.

More properties were sold in the first three months of this year than in the same period last year, or even the year before. Properties remain on the market for less and less time, and many local realtors continue to post multiple offers for properties that are listed at or above the listed price.

Due to high demand and low supply, prices are skyrocketing, leaving low-income buyers unable to offer competitive prices for many properties.

“We are clearly in the seller’s market and have been in business for over a year now,” said Rob Gillis, owner of Gillis Realty, based in Tupper Lake and Long Lake.

Margie Philo, owner of Berkshire Hathaway Adirondack Premier Properties in Lake Placid, said she heard a variety of reasons why so many people are choosing to buy homes in the Adirondack right now.

“It’s almost like a perfect storm,” she said.

According to Filo, interest rates remain low – 3% and below. In many companies, employees still work remotely, allowing people to work from anywhere.

“There were people who got stuck inside for a year or more, they thought about how they always wanted to buy property, and they had time to look,” she added.

Inventories – the number of homes on the market – are very low in the Adirondack, but according to Philo, this is a nationwide trend.

“The only place where there is still supplies is in the inner cities where people are leaving,” she said.

An April report from the National Association of Realtors, based on data from 3,541 realtors nationwide, found that with so few homes on the market nationwide, homes typically sell within 17 days of being listed – less than 27 days in April. … 2020. The bulk of home buyers, 85%, were looking for homes in a small town, rural area or resort area.

The number of homes on the New York State market is rapidly declining. There were 49,195 housing units on the market in April 2020. According to the Association of Realtors of the State of New York, in April this year that number fell by more than 21% to 38,751 properties. On average, compared to April 2020, the number of days during which residential real estate was on the market in April decreased by six days, or 7.8%, to 71 days.

In the Adirondack counties such as Clinton, Essex, Franklin, Hamilton and Warren, market trends are similar. The number of homes on the market in these counties collectively declined from 907 in April 2020 to 378 in April this year, according to a report by the North Adirondack Council of Realtors. The number of days that houses have remained on the market has dropped, and home prices continue to skyrocket. The median sale price of residential property was $ 225,000, up 32% from April 2020.

Michael Coughlin, executive director of the Clinton County Council of Realtors and the North Adirondack Council of Realtors, told Enterprise last year that stocks in the country were low more than a year before the coronavirus pandemic. He attributed the lack of inventories to the 2008 recession. Buying a home was very difficult at the time, so Coughlin said people instead turned to redeveloping homes they already owned, investing in improving and expanding their homes.

Not only residential real estate is for sale. Gillis spoke of many factors affecting Lake Tupper, such as the construction of a railroad, which he believes bodes well for the future of Tupper Lake business and, by extension, the commercial market.

Filo ticked off a list of commercial properties listed by her agency that were either recently sold or are currently under contract.

“They are buying vacant land, commercial, residential,” she said. “They buy everything.”

Philo advised buyers to work with a realtor who has experience and knowledge of the market.

“It’s very competitive now,” she said. “There was no such competition here before.”

Gillis, who has been a real estate broker for 35 years, said he had never seen a real estate market like this. He expects that this will continue until 2021, and in 2022 he will cross his fingers.

“I’ve never seen such a stable market,” he said. “If you want to sell, now is the time.”

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