PRESS RELEASE
For immediate release
For additional information contact:
Laura Burns/Executive Officer
Greater Capital Association of REALTORS®
Ph: (518) 464-0191 x16
WARM TEMPS, HOT MARKET
The temperatures and the real estate market are heating up in the Capital Region. It was widely predicted that we would see healthy sales activity during the second quarter of the year after a sluggish first quarter, and the market has not disappointed.
Pending Sales jumped 20 percent from May 2015, from 1,083 to 1,296. The number of Closed Sales were up 4 percent from 2015 to 947.
Percent of Original List Price Received at Sale rose to 94 percent. Homes are spending an average of 81 Days on Market – a decrease of 16 percent from last year.
Sellers were encouraged as Months Supply of Inventory was down 32 percent to 6.5 months. Inventory in the Capital Region is being stretched thin in many areas due to low mortgage rates coupled with higher wages yielding a relatively sturdy housing marketplace and a busy real estate season.
Greater Capital Association of REALTORS® President, Marie Bettini of the Albany Realty Group, hopes new construction will help alleviate the supply pressure for housing in the Capital Region. “There is a great demand for fresh inventory.” Bettini said. “With the current state of new construction, the road ahead could get very challenging if demand remains high.”
Positive growth and increased activity by buyers has brought about a decrease in the number of homes for sale across the Capital Region dropping 20 percent to 6,337 from 7,879 in 2015. As a result, prices continue to gain traction. The Median Sales Price increased to $199,500.
Tech expansion and growth in other industries in the region have contributed to the positive and busy current real estate market. New York State’s unemployment rate fell to 4.7 percent in May 2016. This is the state’s lowest unemployment rate since August 2007. Lawrence Yun, NAR chief economist, says the low unemployment figures will help continue growth in the real estate market. “Barring further deceleration in job growth that could ultimately temper demand from these repeat buyers, sales have the potential to mostly maintain their current pace through the summer.” GCAR CEO, Laura Burns, commented that, “We are always watching the general economy, commercial real estate activity and following forecasts of what the Fed will do with rates. All indications are that there will not be a rate increase in the coming months so the REALTORS® in the Capital Region will most likely remain as busy as they are right now. Those who are thinking of selling, should make their move and list with a REALTOR® while the market is at such an active pace”
The Greater Capital Association of REALTORS® is a professional trade association officially representing the real estate industry since 1920 (formerly the Albany County Association of REALTORS®) and is the local chapter for the New York State and National Associations of REALTORS®. GCAR is composed of a broad base of professionals including licensed real estate brokers and sales agents, multi-dwelling owners, appraisers, mortgage and banking professionals, title and abstract companies and other companies servicing the real estate industry.