Low housing inventory leads to sellers market

CAPITAL REGION, N.Y. >> Low inventory remains a pressure point throughout the Capital Region housing market, according to a recent report from the Greater Capital Association of Realtors.

Throughout the region, the month’s supply of inventory fell 3.3 percent, the report said.

“Low inventory levels make this a sellers market,” said Greater Capital Association of Realtors president Jay Christiana. “Houses are moving off the market quickly and sellers are receiving 95.3 percent of original list price.”

The market in the Capital Region finished out the third quarter of the year on a high, the report said. “The demand for inventory has remained high throughout the first nine months of 2019. The number of new listings increased four percent last month to 1,740 from 1,677 in September 2019. Demand has helped prop up sales and prices, despite heavy reductions in inventory and months supply across the region.”

Compared to September 2018, the median residential sale price rose two percent to $215,000.

In Saratoga County, the median sale price was higher at $298,250.

In Rensselaer County, it was below average at $193,000, and across the river in Albany County it was reported at $237,500.

Pending sales decreased five percent from September 2018 to 962 for the month, and the number of closed sales fell eight percent from September 2018 to 1,052 for the month.

Sales were down this month, as the general lack of listings is beginning to cause some buyer fatigue, the report said.

Houses in the Capital Region are spending an average of 52 days on market until sale. That’s down from 62 days on market until sale in September 2018.

Nationally, buyer and seller activity remained strong, buoyed by low mortgage rates and a strong economy. The market fundamentals suggest no significant changes from recent trends, other than the seasonally tempered pace we see this time of year.

As the final quarter of 2019 begins, buyers will find fewer homes coming on the market, but also less competition for those homes.

FILE PHOTO A real estate sign is seen outside a home.