Higher prices, new listings closed 2020
The residential real estate market stayed active all the way to the end of December.
According to data recently provided by the Greater Capital Association of Realtors, homes spent an average of just 46 days on the market; the median sales price dipped slightly to $240,000 from last month’s $240,580 and nearly 1,500 houses went under contract.
Although 736 new listings came on the market, 106 of them new construction, inventory continues to drop. Market-wide, inventory levels dropped by nearly 39% to 3,037 units.
“Low inventory and high demand have driven real estate sales and home values into double-digit gains,” said Jeffrey Decatur of Re/max Capital,
GCAR’S president.
According to the National Association of Realtors, nationwide existinghome sales totaled 5.64 million in 2020, up 5.6% from 2019. Median existing home sales price was $309,800, up 12.9% from one year ago.
“Home sales rose in December, and for 2020 as a whole, we saw sales perform at their highest levels since 2006, despite the pandemic,” said Lawrence Yun, NAR’S chief economist. “What’s even better is that this momentum is likely to carry into the new year, with more buyers expected to enter the market.”
In Albany County, 175 pending sales were recorded; 174 new listings came on the market; 312 sales closed and the median price was $250,250.
Rensselaer County: 81 pending; 74 new listings; 163 closed sales; $236,076 median price.
Saratoga County: 167 pending; 181 new listings; 349 closed sales; $318,000 median price.
Schenectady County:
125 pending; 131 new listings; 244 closed sales; $208,500 median price.