PRESS RELEASE
For immediate release
For additional information contact:
Laura Burns/Chief Executive Officer
Greater Capital Association of REALTORS®
Ph: (518) 464-0191 x16
THIRD QUARTER REAL ESTATE SALES ADD TO DECEMBER WARM UP
The 2015 residential real estate market experienced its best year since the recession. Housing demand is healthy and it is expected to continue into the new year. Year-end numbers on home sales are expected to inidicate their best national showing since 2006. More of the same is anticipated in 2016, but inventory and affordability challenges coupled with mortgage rate increases may temper activity keeping growth in check and keep home prices from increasing too rapidly to maintain economic stability.
The Capital Region’s Pending Sales increased 19 percent from November 2014 to 759 for the month. Closed Sales decreased by only 3 percent year to year to 718 for the month. Within the region, sales activity is still moving along at a positive rate, which should contribute to strong year-end local market numbers.
Around the region, the market news is good. Albany County had an 11 percent increase in new listings above last November, a median sales price of $216,240 (up 6 percent) with sellers receiving 95 percent of list price. Schenectady County saw an 8 percent increase in new listings over November of last year with a 29 percent increase in closed sales and dip in days on market to 75 from 87. Rensselaer County’s new listings jumped by 38 percent over November of 2014 with median sales price increase of nearly 16 percent (to $184k). Saratoga County’s days on market dropped by 20 percent (69) with sellers receiving more than 95 percent of original list price and nearly 17 percent more on the median sales price. Montgomery County had a 46 percent increase in closed sales with nearly 60 percent change in median sales price as compared to November of 2014.
Market wide, November inventory levels were down 12 percent as compared to November, 2014 to 6,842 units. Sold prices showed no price increase over November, 2014 – with Median Sales Price remaining at $195,000. Buyers took advantage and the months’ supply of inventory dropped by 24 percent (to 7.6 months) as a result. Percent of list price received at sale was up over last year, landing at nearly 93 Percent of Original List Price Received at Sale.
With positive economic news coming from many areas, there are no imminent problems to prepare for beyond the typical seasonal drop-off. The broad spectrum of economic reports and analysis indicate that we are in the midst of one of the healthiest housing markets in the past 15 years.
The Greater Capital Association of REALTORS® is a professional trade association officially representing more than 2,900 real estate professionals in the Capital Region. GCAR is the “Voice for Real Estate™ in the Capital Region.
