With the arrival of spring, the Greater Capital Association of Realtors said all indications are
\nthat it will bring out the buyers who have not
\nwanted to tread into the cold to jump into the
\nmarket.<\/p>\n
As the Capital Region thaws out, inventory is
\nexpected to rise and home sales are projected to
\nincrease, officials said.
\nThe group said in a new release that pending
\nsales increased 11 percent from 2014 in the
\nregion, though they dipped in Washington and
\nWarren Counties, though inventory levels remain
\nlow for sellers.<\/p>\n
The median price of homes in from early 2014
\nto early 2015 went from $176,000 to $235,000 in
\nWarren County–up 33.5 percent– but in Washington
\nCounty dipped 0.5 percent, from $127,000
\nto $126,400, the New York State Association of
\nRealtors said in March.
\nState figures also showed homes for sale
\ndipped during that time period for both Warren
\nand Washington County. The former saw homes
\nfor sale in Warren County drop from 1,039 to 913,
\nand in Washington from 626 to 591.<\/p>\n
Inventory levels region-wide were down 13
\npercent to 6,015 units, the GCAR reported. More
\noptions are needed to keep the market clicking,
\nofficials said.<\/p>\n
Although listings were down compared to last
\nyear, an influx of new listings is expected soon
\nif market forces prevail, said Cathy Griffin of
\nKeller Williams, Capital District, president of the
\nRealtors group.<\/p>\n
“Though interest rates may rise in 2015, they certainly are not
\npredicted to jump. New York is poised for positive wage growth and
\nexpanded
\nemployment will help drive first-time home buyers
\ninto the market as they realize they can own
\ntheir own home instead of paying rent for about
\nthe same or less,” she said.<\/p>\n
GCAR said prices were down from 2014 with
\nthe median sales price dipping by 9 percent to
\n$180,000. Prices are expected to creep higher
\nin year-over-year comparisons through much of
\n2015 so buyers should take advantage of current
\ninterest rates and current prices and make their
\nmove now.<\/p>\n
A recent study conducted by the National Association
\nof Realtors found that the largest group
\nof recent buyers was the millennial generation,
\n(those 34 and younger) who composed 32 percent
\nof all buyers with Generation X (ages 35-49) close
\nbehind at a 27 percent share.<\/p>\n
Months supply of inventory was down about 16
\npercent to 7.5 months, GCAR said.<\/p>\n
The group said sellers are receiving and allowing
\nlower offers to take hold, but there is little
\nreason to expect that this will continue into the
\nsummer months. Percent of “original list price
\nreceived at sale” fell to 92 percent since last year.<\/p>\n
For at least the spring months, Federal Reserve
\nChairwoman Janet Yellen seems to be willing to
\nhold rates steady and continue to watch the effect
\non the economy causing leading economists
\nto project a spring of increased inventory, rising
\nprices and perhaps as much as a 20 percent
\nincrease in homes sales across the country this
\nyear, Griffin said.<\/p>\n","protected":false},"excerpt":{"rendered":"
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