Median home price in area again increases
CAPITAL REGION, N.Y. >> The Capital Region’s median home price has increased again, according to the most recent report from the Greater Capital Association of Realtors.
July’s real estate market continued to challenge buyers and motivate sellers in the area, the report said, noting that more than 1770 new listings came on the market and sold within an average of 28 days — obtaining 101.7 percent of the original list price.
Greater Capital Association of Realtors president, Jeffery Decatur of Re/Max Capital, said of the situation, “Buyers looked to new construction for additional inventory but found only 75 new homes at a median sale price of $425,714 added to the mix due to delays in availability of materials and builders backing off-contract commitments as a result of the pandemic’s residual impact.”
The National Association of Realtors reported that inventory of homes for sale nationwide increased slightly in June as more sellers list their homes, hoping to take advantage of recordhigh sales prices across the country, but even with renewed home seller interest, inventory overall remains 18.8% lower than a year ago.
In the Capital Region, as a result of the continued buyer demand, inventory levels remained strained with a market-wide decrease in a year-over-year comparison of 23.5 percent to 2,963 units.
Overall pending sales decreased by 31 percent while closed sales increased by five percent to 1,344 for the month.
Buyers are certainly present in this market, but inventory and affordability are having a challenging impact on sales, causing the median sale price to increase by 13 percent to $260,000 for existing single-family homes, the report said.
Rensselaer County’s median residential sales price was a bit lower at $239,900 in July, compared to $280,000 across the river in Albany County.
In Saratoga County, the median was much higher at $350,000.
Laura Burns, CEO of the Greater Capital Association of Realtors, added, “In July there were more than 16,000 showings in our reporting region keeping local realtors and lenders busy. As the law of supply and demand plays out, buyers may choose to wait it out or more sellers may jump in. We’ll have to see what the Fed and the pandemic offer up in the coming months.”