Community Partners Realty
While the number of completed sales of new and existing single-family houses edged lower in September, pending sales and both average and median prices were up, the Greater Capital Association of Realtors reported Friday. The number of new listings on the market also dropped, suggesting the inventory of houses for sale continues to tighten.
Ten fewer houses –670 compared to 680 a year ago, a 1 percent decrease — were sold during the month in the 11-county area that includes the Capital Region, the association reported. But contracts of sale were up 24 percent, the average sale price climbed 5 percent to $228,311, and the median price at which half the houses sold for more and half for less rose 7 percent to $201,000.
The contracts of sale figure “shows that buyers are returning to the market and that it is becoming less and less a market where sellers have the upper hand in the purchase process,” said Nina Amadon, the association president.
“The other indicator that a balance is returning is the median sales price of a home,” said James Ader, the association’s CEO. “While still down slightly from the high water mark set in 2007, the median price has started to appreciate.”
In the five-county metropolitan area, median sale prices ranged from $268,800 in Saratoga County to $117,300 in Schoharie County. Saratoga County’s price was up 8 percent, while Schoharie County saw an 11 percent decline from September 2011.
Here’s the county-by-county breakdown:
- Albany County: Sales fell 1 percent, pending sales rose 35 percent, the average price fell 6 percent to $221,223, and the median price was up 2 percent to $197,300.
- Rensselaer County: Sales were up 8 percent, pending sales rose 5 percent, average price rose 6 percent to $200,844, and the median price was up 5 percent to $180,200.
- Saratoga County: Sales were up 2 percent, pending sales climbed 26 percent, the average price rose 15 percent to $305,893, and the median price rose 8 percent to $268,800.
- Schenectady County: Sales fell 20 percent, pending sales rose 21 percent, the average sale price was nearly flat at $188,904, and the median price rose 10 percent to $180,000.
- Schoharie County: Sales fell 5 percent, pending sales were unchanged, average price fell 16 percent to $115,694, and the median price fell 11 percent to $117,300.
Buyers have seen some of the lowest mortgage rates on record. The rate on a 30-year fixed mortgage stood at 3.37 percent this week, down from 3.39 percent last week, according to Freddie Mac. That’s just slightly above the 3.36 percent record low rate reached two weeks ago.
Shorter-term mortgages were even less expensive. The rate on a 15-year mortgage fell to a record low of 2.66 percent, down from 2.7 percent last week.
“(I)f you are waiting for interest rates to drop lower you may well miss the wonderful opportunity which exists today,” said Amadon. “Prices are appreciating and interest rates just cannot get any lower.”
Capital Region housing market making a comeback
ALBANY -- Anthony Gucciardo and his team of realtors have already sold 90 homes this year.
With 72 active listings in the Capital Region right now, he says he's seen a 20
percent increase in business over last year.
"Right now I have 32
pending transactions set to close by October first," said Gucciardo.
According to the Greater Capital Association of Realtors a
total of 716 homes sold during the month of July. Pending sales increased by 13
percent and the median sales price increased 4 percent to
"Last year things were sitting on the market a few months,
but Latham, Colonie the general Capital Region, if you price properties right
they'll generally sell within two weeks or two months."
rates are what helped Eric Mackey purchase his new 2,500 square
foot house in Clifton Park.
"I picked up the house at a really great
time and its a golden opportunity; 3 percent is what we got it at for 15 years,
so couldn't ask for a better time to buy," said Mackey.
The house was
foreclosed on earlier this year, opening the door for Mackey and others like him
to take a risk. Gucciardo says others can too, as long as the price is right--
for the buyer and the seller.
"A good buyers market makes a good
sellers market because there's buyers out there. You need to be concerned when
nobody's looking," explained Gucciardo.
The number of houses sold in an 11-county area including the Capital Region climbed 24 percent in April from year-earlier levels and is running 17 percent ahead of 2011?s rate so far this year, the Greater Capital Association of Realtors reported Tuesday morning.
The average sale price was up 2 percent to $209, 207, while the median price, the point at which half the houses sell for more and half for less, was up 4 percent to $187,500. For the first four months, sales prices averaged $207,319, up 1 percent from last year, and the median price has risen to $184,000, up 4 percent. Both prices are at their highest levels since 2008, before the economic collapse.
“As the market moves towards a position where neither buyer nor seller has an overwhelming advantage, we will see a market that is poised to become active and exciting,” said James Ader, the association’s chief executive officer. “This will certainly be a welcome event after so many years of a sluggish market in the Capital Region and across the nation.”
Contracts of sale were up 16 percent in April, while the number of new listings on the market was up just 3 percent.
Within the five-county metropolitan area, sales were up 31 percent in Albany County while the median sale price climbed 3 percent to $195,000; sales jumped 43 percent in Rensselaer County while the median sale price climbed 8 percent to $186,300; sales were up 31 percent in Saratoga County while the median sale price was flat at $240,000; sales edged up 4 percent in Schenectady County while the median price rose 9 percent to $159,000; and the 18 sales in Schoharie County represented an 80 percent jump over the 10 sales last April, while the median price rose 4 percent to $83,000.
MediaBased on statistics released today by the Greater Capital Association of REALTORS® (GCAR) the residential real estate market in New York’s Capital Region remains for the most part a buyers’ market but, as the market shows signs of improvement, it appears to be regaining balance. The report is based upon data collected by the Capital Region Multiple Listing Service, Inc. a regional service owned by GCAR and the Saratoga Schenectady Schoharie Association of REALTORS®, Inc.
Nina Amadon (489-1000), 2012 GCAR president says, “The number from our February reports which jumps out at us is the number of contracts of sale compared to that same piece of data from last February. There is a 47% increase in those sales contracts this February over last February. And this follows a strong January so that year-to-date sales have increased by 37% over 2011.” Ms. Amadon adds, “Our inventory has also decreased a bit from last year so we are seeing a move away from a market which was heavily weighted in favor of buyers to a more balanced, and ultimately better, market. When balance returns we will again see an active market which is so important to our Capital Region’s economy.”
James Ader (464-0191 Ext. 16), GCAR’s chief executive officer says, “We would also point out that the median sales price in February is 5% higher than February 2011. If that becomes a trend we will add one more indicator that the market has begun to return to where it was in 2005 – 2007. ” He adds; “It is still too early to declare an end to the challenges in the housing market but it would appear we are headed in that direction.
“We remind everyone who is interested in buying or selling a home to talk with a professional. The housing purchase is too large to tackle without a complete understanding of the Capital Region’s market and of the entire real estate transaction”, says Ms. Amadon. “And we caution buyers that waiting for the market to bottom out, and for interest rates to drop lower, may well cause you to miss the wonderful opportunity which exists today. Prices will probably not decline anymore and interest rates just cannot get any lower.”
GCAR is a professional trade association representing 2,600 real estate professionals in the Capital Region. GCAR is the “Voice for Real Estate ™ in the Capital Region.”
As of last week,
1,097 people were employed by GlobalFoundries at the Luther Forest Technology
Campus. The company is aiming for a peak workforce in Malta of about 1,400 a
year from now.
Approximately 65 percent of those jobs do not require a bachelor's degree, said Pedro Gonzalez, Fab 8's staffing manager.
This will hopefully bring a much needed boost to the job market for the capital region area.