May 2021 Housing Market stats are finally in! The Western NY Housing Market continues to be stronger than ever… Homes are selling in much fewer days on market. This often makes it feel like there is a housing shortage. A brief look at the activity overview shows that there were more new listings this month year-to-date than last year. The inventory is just selling quicker than ever before! This means we still have the largest pool of buyers than ever due to historically low interest rates. Check out the numbers in the reports below:
May 2021 Monthly Indicators:
Closed sales year-to-date is also higher than both of the previous two years. This is another indication that the feeling of historically low inventory is not due to a lack of inventory. Instead the feeling is due to an increase in the number of buyers actively looking to buy a new home.
May 2021 Housing Market Stats by County:
May 2021 Market Stats - Erie County NY
May 2021 Market Stats - Niagara County NY
May 2021 Market Stats - Allegany County NY
May 2021 Market Stats - Cattaraugus County NY
May 2021 Market Stats - Chautauqua County NY
May 2021 Market Stats - Genesee County NY
May 2021 Market Stats - Orleans County NY
May 2021 Market Stats - Wyoming County NY
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When Will The Market Crash?
The most common question today is: “When will the market crash?” The Western NY Housing Market has historically always been one of the most stable markets in the country. According to WNYREIS data, the Western NY Housing Market was barely affected, if at all, during the last housing crash.
Historically, property values fluctuate between 3-5% up or down over any given period. Western NY continued to see an increase in property values in 2006 during that last big housing market crash. Obviously, Western NY has seen a significant increase in prices over the last several years. However, when property values begin to stabilize across the US, our belief is that Western NY will again fall back into that 3-5% fluctuation that is common for this area.