In the Capital Region sales jumped 4 percent to 1,183 houses sold in the region during August 2016, according to the Greater Capital Association of Realtors (GCAR).
According to GCAR data released in September, Washington County had 487 new listings year-to-date, from August 2015 to August 2016, compared to 507 for the prior year, a drop of 3.9 percent. There were 235 closed sales during that period, up 11.4 percent from 2015.
The median price, year-to-date, from August 2015 to August 2016, was $139,250, down 0.5 percent from $140,000 the year before. The number of days on the market, year-to-date, from August 2015 to August 2016, was 132, slightly less than the year before’s mark of 137.
Data provided by the New York State Association of Realtors showed that Warren County had 152 listings ear-to-date, from August 2015 to August 2016, compared to 192 the year before, down 20.8 percent. Closed sales for that period totaled 120, up 7 percent from the year before.
The median price, year-to-date, from August 2015 to August 2016, was $193,900, down 9.8 percent from the previous year’s figure of $215,000.
Overall in the Capital Region, GCAR said the number of homes for sale was down compared to this time last year. Inventory levels market-wide decreased 24.7 percent to 6,554 units. Months’ supply of inventory was down 34 percent to 6.6 months. Demand is showing no signs of changing as inventory continues to decline.
In the Capital District, new listings dropped 3 percent from August 2015 to 1,652 homes placed on the market last month. Sellers are receiving 95.2 percent of original list price, with homes spending an average of 63 days on market until sale.
Greater Capital Association of Realtors President Marie Bettini of Albany Realty Group said now is the time to sell.
“As inventory continues to drop, the contradictions in this market are evident. Sellers should feel confident enough to list homes at fair prices and receive meaningful offers in a healthy residential real estate and overall positive economic environment,” Bettini said.
From August 2015 to August 2016, the state’s private sector job count increased by 120,400. Locally, the unemployment rate dropped from 4.3 percent in August 2015 to 4 percent in August 2016.
Lawrence Yun, NAR chief economist, says recent job growth is not yielding higher home sales. “Healthy labor markets in most of the country should be creating a sustained demand for home purchases,” he said. “However, there’s no question that after peaking in June, sales in a majority of the country have inched backward because inventory isn’t picking up to tame price growth and replace what’s being quickly sold.”
GCAR CEO Laura Burns is optimistic that the market will remain healthy into the last quarter of 2016. “On a brighter note, building permits are trending upward,” she said. “Demand is certainly present and has created competitive situations that have kept prices up.”