Local report: Not enough houses on the market
Having more listings on the market would be good for everyone, Greater Capital Association of Realtors' president Kendal Baker said in a statement with the February market statistics.
Low inventory is both thwarting buyers and driving up prices. Sellers listed 866 homes in February, but buyers outpaced them by going under contract with 887 listings, creating an all-time inventory low of 1.3 months’ supply.
The median sales price increased 8.7 percent over February 2021 to $250,000, but stayed even with January's figures. The median price for new construction was $461,894.
Sales were down compared to last year, despite increased showings and buyer interest, which may mean that consumers are being more selective amidst rising prices. Pending sales decreased 6.7 percent from a year ago to 887 for the month.
New construction added 115 homes to the market.
Entire Global Multiple Listing Service
(including Albany, Rensselaer, Saratoga, Schenectady, Fulton, Montgomery and Schoharie counties)
Pending sales: 881
New listings: 866 Closed sales: 689 Median price: $250,000
Albany County
Pending sales: 163 New listings: 171 Closed sales: 163 Median price: $260,000
Rensselaer County
Pending sales: 113 New listings: 115 Closed sales: 76 Median price: $213,000
Saratoga County
Pending sales: 212 New listings: 217 Closed sales: 153 Median price: $350,000
Schenectady County
Pending sales: 134 New listings: 139 Closed sales: 102 Median price: $232,000