With the arrival of spring, the Greater Capital Association of Realtors said all indications are
that it will bring out the buyers who have not
wanted to tread into the cold to jump into the
As the Capital Region thaws out, inventory is
expected to rise and home sales are projected to
increase, officials said.
The group said in a new release that pending
sales increased 11 percent from 2014 in the
region, though they dipped in Washington and
Warren Counties, though inventory levels remain
low for sellers.
The median price of homes in from early 2014
to early 2015 went from $176,000 to $235,000 in
Warren County–up 33.5 percent– but in Washington
County dipped 0.5 percent, from $127,000
to $126,400, the New York State Association of
Realtors said in March.
State figures also showed homes for sale
dipped during that time period for both Warren
and Washington County. The former saw homes
for sale in Warren County drop from 1,039 to 913,
and in Washington from 626 to 591.
Inventory levels region-wide were down 13
percent to 6,015 units, the GCAR reported. More
options are needed to keep the market clicking,
Although listings were down compared to last
year, an influx of new listings is expected soon
if market forces prevail, said Cathy Griffin of
Keller Williams, Capital District, president of the
“Though interest rates may rise in 2015, they certainly are not
predicted to jump. New York is poised for positive wage growth and
employment will help drive first-time home buyers
into the market as they realize they can own
their own home instead of paying rent for about
the same or less,” she said.
GCAR said prices were down from 2014 with
the median sales price dipping by 9 percent to
$180,000. Prices are expected to creep higher
in year-over-year comparisons through much of
2015 so buyers should take advantage of current
interest rates and current prices and make their
A recent study conducted by the National Association
of Realtors found that the largest group
of recent buyers was the millennial generation,
(those 34 and younger) who composed 32 percent
of all buyers with Generation X (ages 35-49) close
behind at a 27 percent share.
Months supply of inventory was down about 16
percent to 7.5 months, GCAR said.
The group said sellers are receiving and allowing
lower offers to take hold, but there is little
reason to expect that this will continue into the
summer months. Percent of “original list price
received at sale” fell to 92 percent since last year.
For at least the spring months, Federal Reserve
Chairwoman Janet Yellen seems to be willing to
hold rates steady and continue to watch the effect
on the economy causing leading economists
to project a spring of increased inventory, rising
prices and perhaps as much as a 20 percent
increase in homes sales across the country this
year, Griffin said.