Home sales increase in Capital Region
CAPITAL REGION, N.Y. » Deviating from standard trends, local home sales increased as temperatures decreased this October, according to the latest report from the Greater Capital Association of Realtors.
Nationwide, the economy continues to be aided by home sales activity at the highest level since 2006, the report stated, sharing that throughout the Capital Region buyer activity remains stronger than usual for this time of year as well.
Area sales have continued to trend upward, marking six consecutive months of month- overmonth gains, the report continued.
“Cooler weather usually brings a cooling to the market – not in 2020,” the report said, noting that both closed and pending sales increased in October 2020 compared to October 2019.
The median sales price for existing homes in the Capital Region also increased nearly 20 percent over last October to $230,000.
In Rensselaer County the median sales price was also $230,000. Across the river in Albany County the median sales price was $255,000.
Meanwhile in Saratoga County the median sales price was much higher at $340,000.
New construction’s median sales price was approximately $400,000 this October in the Capital Region, a slight increase over last year, with a 66 percent
increase in pending sales.
Though housing supply remained low through October, nearly five percent more homes were added to it in a year over year comparison.
Greater Capital Association of Realtors president Tom McGroder of Thomas J. Real Estate, commented on the market in a press release. “Multiple offers continue to be a challenge throughout our region,” he said. “As it’s been a trend for quite some time now, Realtors are well versed in achieving positive results for their buyers and their sellers.”
The percentage of original list price received at sale rose to 97.3 percent, and properties are selling quickly.
“The Days On Market falling to less than two months, is possibly attributable to Sellers having had months of lock- down time to prepare to list and buyers using that same time to shop lenders and prepare to buy,” added Greater Capital Association of Realtors CEO, Laura Burns,
Additionally, mortgage rates have aided the activity, hitting new record lows again in October, offsetting the price increases caused by the low inventory. According to Freddie Mac, the monthly average on a 30-year fixed rate mortgage in October fell to 2.83 percent.