Report: Local real estate market stays active

CAPITAL REGION, N.Y. » The regional real estate market remained active this summer, with July stats from the Greater Capital Association of Realtors showing increased pending sales, closings and new listings.

Across the Capital Region pending sales increased 18 percent above July 2017 to 1,247 for the month, according to a recent report from the association.

With a year over year increase of 7.5 and 4 percent respectively, 1,161 closings and 1,728 new listings, buyers and sellers were active and local realtors were busy.

Prices rode the wave increasing by 5 percent compared to this time last year. The region’s median residential sales price landed at $225,500 selling in about 43 days on the market – a decrease of more than 25 percent over last July.

In Saratoga County, the median residential sales price was well above the regional average at $302,717, but up just slightly from the year before.

Rensselaer County’s median residential sales price decreased by five percent to $189,900 when compared to July of 2017, and the area had a large increase in closed sales during the month.

Across the river in Albany County, the median residential sales price was $232,500, increasing 4 percent from July last year.

GCAR President, Susan Sommers of Better Homes and Gardens Tech Valley Real Estate, speculated that the trend will continue into the next quarter. “Sellers obtained 97 percent of list price. Last month’s inventory count was about 800 homes less than last July’s but month to month the number of listings has increased so it’s clear that the market is experiencing a lot of motion across the Capital Region,” she said in a press release.

Lawrence Yun, NAR chief economist, stated that the continuous solid price gains across the country have steadily reduced demand. “Wouldbe buyers are either being priced out, or are deciding to postpone their search until more homes in their price range come onto the market,” he added, noting that an increase in the number of housing units for sale and continued low mortgage rates are two key factors that can contribute to market balance.

“New construction is beginning to impact the market activity in the Capital Region,” Greater Capital Association of Realtors CEO Laura Burns said in the release. “Last month our local market had increases in the number of listings, pending contracts and closed sales in new construction.”

Median price of new construction was reported at $383,000. While Capital Region new construction prices have a wide variance from town to town and county to county depending on the location, size and amenities, local experts say the increased availability is a positive factor on the current market.