February was a good spring into the heart of the selling season. Nationally, dwindling inventory has been a challenge but locally, the number of new residential listings jumped 18 percent last month from 2015.
Greater Capital Association of REALTORS® President, Marie Bettini of Albany Realty Group, noted that this is great news for buyers who will have more options when searching for a home. “Since the start of 2016, there has been a general need for more inventory. However, despite that need, sales have stayed up. Now that we are seeing an increase in the number of listings, this should propel sales numbers heading into the spring selling season.” Bettini said.
Pending Sales increased 27 percent across the Capital Region from February 2015. Closed Sales slumped slightly by 4 percent with 512 sales in February 2016 versus 532 sales in February 2015.
Mild weather helped the Capital Region buck the nationwide trend of slumping sales. Prices continued to gain traction. The Median Sales price increased 3 percent to $185,947. New construction Average Days on Market fell 40 percent (33 days) as compared to last February. This is very good news for builders and the overall market inventory level which is down to about 6 months.
Greater Capital Association of REALTORS® CEO, Laura Burns, commented that the region is experiencing a sellers’ market that might remain throughout the year. “Multiple offers are becoming common in this market.” Burns said. “When inventory is thin with options, prices usually go up.” Sellers are receiving 92 percent of Original List Price. In February, homes in the Capital Region averaged 83 days on market.
Meanwhile, mortgage rates continue to hover below 4 percent and the national unprecedented 70 consecutive months of private-sector job growth has had a positive impact here in the Greater Capital Region as well. Major regional development projects, firm expansions and commercial activity will continue to affect the region’s real estate market and those who live and work here in a positive way throughout 2016.