The Western New York market is suffering from a lack of inventory.

Today, we're talking about the current state of the real estate market here in Western New York. Coming into the spring season, it's critically important for you to understand what it takes to get your home sold and the type of market that we're in today.

The first thing we're going to look at is the inventory levels because we know supply and demand are what determine pricing. So we've got the most recent statistics from the Buffalo Niagara Association of Realtors, which are February's numbers. Inventory levels in February were 1,238 single-family and condos for sale in all of Western New York. That's down significantly from the same time in February, just before the pandemic in 2020. In fact, the numbers this past February show 42% lower inventory than just three years ago.

The second point to consider is that the list-price-to-sale-price ratio is currently 99.8%. That means that sellers who put their home on the market receive almost 100% of the list price. So what does that mean if you're considering listing your home in Western New York this spring? I would get it on the market as quickly as possible. With record-low inventory levels and interest rates fluctuating daily, the best thing you can do is get the home on the market before your neighbor does.

“You need to know what’s happening in our market as we head into spring.”

One of the things I have heard from my seller clients over the last couple of weeks is they'd like to wait until the flowers bloom, get the pool open, or get the snow out of the driveway before listing. Everybody wants their home to look as beautiful as possible, and let's face it, here in western New York, that time is not the winter. However, we've got to consider supply and demand in many neighborhoods throughout Erie County. There are only one, maybe two, homes for sale. That means if you put your home on the market, there's a good chance you may be one of the only homes for sale in your neighborhood, meaning that the buyers will compete for your property.

Last week, a home in western New York priced in the low three hundreds. So for 35% over asking price with 15 offers, we are back into the multiple offer world we were in last year and the year before. The best way to capitalize on that is to get your home on the market sooner rather than later.

One of the biggest challenges our sellers face in trying to get their home on the market before their neighbors do is some of the projects that need to be done; painting, maybe cleaning the carpets. You may need a handyman. This is what's important to remember: We've got terrific vendors that work with us daily that we can refer to help lighten the load and help you get from where you are today to getting your home on the market before your neighbors.

Hopefully, you found this helpful and interesting to you. Remember, if you have any questions about the Western New York housing market or real estate in general, please feel free to reach out. I would love to serve as your resource for all of your real estate needs.