As holidays approach, home buying continues
CAPITAL REGION, N.Y. » The local housing market continues its pattern of consistent price growth, fast-moving inventory and a challenging inventory of homes for sale, according to the latest report from the Greater Capital Association of Realtors.
In October, the region’s median sale price increased by nearly eight percent to $256,000 in year-over-year comparisons.
Despite the winter months being seen as a slow time for real estate, prices are expected to continue to climb for the foreseeable future, the report said.
Although closed sales were down compared to last year, the lack of supply is the real culprit rather than a lack of buyer interest, the report explained, noting that a total of 1,315 homes were sold in October — a nearly 15 percent reduction from October 2020 when 1,540 homes were sold.
Saratoga County leads the way with 314 homes sold in October, Albany County follows close behind with 265 homes sold that month.
Strong demand and low supply kept inventory low well into autumn, according to Greater Capital Association of Realtors. Inventory fell by 23 percent from this time last year with October’s active inventory reporting in at 2,725 units.
The typical Capital Region home spent 26 days on the market this October — 23 days less than last year — and sold at 99.2 percent of the original list price.
New construction is aiding, but not enough to lend relief on inventory demand, the report said.
Last month 101 new single-family homes were added to the market with a median sales price of $397,709.
Despite typical seasonal slowing, homes throughout the Capital Region sold more quickly in 2021 than any other October in recent history, the report concluded, adding that with interest rates creeping up, buyers are seeking to lock in home purchases to take advantage of historically low rates.