Saratoga.com logo
Saratoga.com logo
  • Places to Stay
  • Things To Do
  • Food & Drink
  • Events
  • Businesses
  • Travel Guides
Saratoga Business Journal
  • Home
  • New Businesses
  • Business News
  • Business Reports
  • Business Briefs
  • Business Registrations
  • Personnel Briefs
  • Contact Us
Home  »  Commercial / Residential Real Estate  »  Saratoga County Residential Real Estate Sales Are Expected To Thrive In Foreseeable Future
Commercial / Residential Real Estate

Saratoga County Residential Real Estate Sales Are Expected To Thrive In Foreseeable Future

Posted onOctober 5, 2018October 5, 2018
Barry Potoker, marketing director for Roohan Realty in Saratoga Springs.

By Maureen Werther

Anyone who has ever worked in real estate knows the adage, “All real estate is local,” which means that what is happening in other parts of the country is not necessarily indicative of what is currently happening, or what is likely to happen over time in this market.

Take the economic downturn of 10  years ago, for example. While in other parts of the country real estate markets took a nosedive that lasted for a long period of time, the local market did not feel the recession as badly and it recovered more quickly.

Karen Charbonneau of the Saratoga Home Team group agrees with the adage. She has been in real estate for 24 years. Originally from Massachusetts, she has been working with buyers and sellers in this region for the last eight years.

“In Saratoga County, we didn’t have as much of a dip as the rest of the country did 10 years ago. Certainly, sales were lower, but it was not even as close to as much on the nationwide average,” she said.

However, Charbonneau said that for the last two weeks of August and the first week of September tis year, she has seen a slight slowdown.

“The fall market typically starts the second week in September, after people have gotten their kids back in school,” she said.  “New contracts for the first 20 days of September have declined from last year. There were 182 pending sales in first 20 days of September 2017 and, so far, there have only been 128,” she said.

Charbonneau said fallout from the recent hurricane may have had an effect on the local market. She said there are a lot of people locally who have second homes in the parts of the country that were badly affected by the storm.

“We were pretty even in the first eight months of the year with 2017 and, for single family homes in Saratoga County, the numbers are astoundingly equal in 2018 to what they were in 2017,” said Charbonneau.

According to statistics put out by GCAR, Greater Capital Association of Realtors, Inc., 3,466 homes went on the market in first eight months of 2017 and 2,038 sold, with an average sale price of $314,559 and average number of days on the market of 55.

“If you compare that with the first eight months in 2018, we listed 3,453 houses, with 2,040 sold and an average sale price of $330,500 and average number of days on the market of 52.”

Barry Potoker, marketing director for Roohan Realty said inventories in the region are still on the low side, although it is beginning to pick up.

“Properties are for the most part selling pretty quickly, if they’re in the ‘sweet spot,’” said Potoker, referring to pricing.  “In terms of Saratoga, homes in the mid to high $300,000s and the lower $400,000s will move pretty well. Even in the $500,000s and $600,000s. But, once you’re past that, it’s a little bit harder. That’s the wheelhouse of stuff that’s moving.”

Potoker said the local market is seeing new construction taking off in the last year and he believes it is a trend that will continue. He cited a few reasons for the uptick in new construction.

“People are downsizing. If you can’t find a re-sale in or around Saratoga, you can build a home for what it would cost—or even less—and you have your own custom home. And, pricing is reasonable because there are so many options. Four or five years ago, new construction was struggling,” said Potoker.

Charbonneau said there are a lot of baby boomers looking for homes with first-floor master bedrooms and suites. “They’re looking for their last house and they are OK with doing the work involved in new construction.”

The areas surrounding the city of Saratoga are also seeing a lot of new construction, mainly because there is no land to build on in Saratoga and resales have been limited. Area like Gansevoort, Wilton, Greenfield, and Malta are seeing a big increase in the number of new homes going up, with no sign of slowing down anytime soon.

Julie Bonacio, of Julie & Co. Realty said the continued popularity of living in downtown Saratoga Springs has not abated and she has had multiple clients willing to buy older homes on lots in the city, replacing them with new construction.

She and her agents are seeing a lot more qualified leads. “People who are buying are focused and know what they want.”

She pointed to the 2018 Showcase of Homes.

“We had over 1,000 people come through our new condos on Union Avenue, and some of the other builders have had the same good numbers. People have been coming out in droves,” she said.

Another segment of the market—apartments—are “a whole other phenomenon,” said Potoker. “People are building a lot of rental developments and they are filling right up.”

Millennials and others can’t afford to purchase first homes, so rentals are booming. “They just keep building them and they fill up,” he said.

The apartment surge in this region is largely attributable to the higher-than-average cost of homes in Saratoga County, as compared to other counties in the region, as well as nationwide.

The real estate professionals agreed that they do not see the local and regional market remaining low for long and Saratoga County in particular continues to thrive and attract more people to the area.

Previous Article Local Opportunities For Negotiating Leases On Commmercial Properties Appear Strong
Next Article Commercial Real Estate Strong In Saratoga; Retailers Are Seeking Small, Workable Spaces
Subscribe to Our Newsletter View the Latest Virtual Edition

Categories

  • 50-Plus
  • Banking
  • Banking / Asset Managment
  • Building Trades
  • Business Briefs
  • Business News
  • Business Registrations
  • Business Reports
  • Commercial / Residential Real Estate
  • Community Services
  • Construction
  • Construction Planning
  • Corporate Tax / Business Planning
  • Cyber / Tech
  • Dining Guide
  • Economic Development
  • Economic Outlook 2016
  • Economic Outlook 2017
  • Economic Outlook 2018
  • Economic Outlook 2019
  • Economic Outlook 2020
  • Economic Outlook 2022
  • Economic Outlook 2023
  • Economic Outlook 2024
  • Economic Outlook 2025
  • Education/ Training/ Personal Development
  • Entrepreneurial Women
  • Entrepreneurship
  • Environment / Development
  • Financial Planning / Investments
  • Fitness / Nutrition
  • Health / Community Services
  • Health & Fitness
  • Health & Wellness
  • Healthcare
  • Holiday Guide
  • Holiday Shopping
  • Home / Energy
  • Home / Insurance
  • Home & Real Esate
  • Insurance / Employee Benefits
  • Insurance / Medical Services
  • Leadership Development
  • Legal / Accounting
  • Meet The Chef
  • New Businesses
  • Non-Profit
  • Office / Computer / New Media
  • Office / HR / Employment
  • Office/ Technology/ E-Commerce
  • Outlook 2021
  • Personnel Briefs
  • Retirement Planning
  • Senior Living / Retirement
  • Summer Construction
  • Uncategorized
  • Wellness
  • Women In Business
  • Workplace / Security / Legal
  • Year-End Tax Planning

Archives

  • May 2025
  • April 2025
  • March 2025
  • February 2025
  • January 2025
  • December 2024
  • November 2024
  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • June 2024
  • May 2024
  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
Connect With Us

Follow, like and subscribe to Saratoga.com on social media

Account Sign In Submit An Event
Saratoga.com logo
  • Home
  • Places To Stay
  • Things To Do
  • Food & Drink
  • Events
  • Real Estate
  • Businesses
  • Guides
  • Contact Us
  • Blogs
  • Sweepstakes
  • Advertising
Visit Saratoga.com For Everything Saratoga
Full-Service Internet Marketing: Search Engine Optimization, Website Design and Development by Mannix Marketing, Inc.
Mannix Marketing, Inc. is headquartered near Saratoga Springs in Glens Falls, New York
Saratoga.com All Rights Reserved © 2025
Disclaimer & Privacy Policy / Terms of Use / Copyright Policies
[uc-privacysettings]

We strive to insure accuracy on Saratoga.com however accuracy cannot be guaranteed. Information is subject to change.
Please alert us if there is any inaccurate information here.

Having trouble using this site? Accessibility is our goal, please contact us with site improvements.