This Just in, from the Times Union, Housing markerket on amends in Capital Area : Community Partners Realty
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This Just in, from the Times Union, Housing markerket on amends in Capital Area

by Community Partners Realty on 05/23/12

Capital Region’s house prices reach a post-recession high

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.

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