For immediate release
For additional information contact:
Laura Burns/Executive Officer
Greater Capital Association of REALTORS®
Ph: (518) 464-0191 x15
After a bitterly cold winter kept homebuyers and sellers out of the market, the warmer temperatures have brought forth a healthy and energetic selling season. The number of new listings, nationwide, caused home sales to surge to their highest level in 18 months. Locally, the number of new listings in March topped out at 1538, an increase of 8% over last March.
Even with that surge of new homes hitting the market, the overall number of homes for sale in the Capital Region remains low providing only 7.5 months of inventory. The number of homes for sale market-wide were down 13 percent to 6,093 units. As a result, sellers are receiving healthy offers from buyers who know what they want closing at 93 percent of the original list price. Pending sales increased 15 percent over March, 2014 with the median sales price landing at $182,900 – a 4% decrease over last March. Average days on market were down by 9 percent as compared to March, 2014.
Lawrence Yun, National Association of REALTORS® Chief Economist, reported that nationwide, the housing market appears to be off to an encouraging start this spring. “After a quiet start to the year, sales activity picked up greatly throughout the country in March,” he said. “The combination of low interest rates and the ongoing stability in the job market is improving buyer confidence and finally releasing some of the sizable pent-up demand that accumulated in recent years.”
Cathy Griffin, president of the Greater Capital Association of REALTORS® with Keller Williams Capital District, was of the same opinion when considering the local market remarking that, “Due to the extended cold weather, the selling season is warming up now as opposed to a month or so ago so. As a result, inventory levels are still a bit low, but we expect that to change quickly now that spring has finally arrived .”
The job market, as a whole, looks promising. Greater Capital Association of REALTORS® CEO, Laura Burns, remarked this is welcomed news for the real estate industry. “It is widely expected that mortgage rates will remain where they are through the second quarter of the year, coupled with the positive job market forecasts, it should be a very busy spring for the real estate market.”
The Greater Capital Association of REALTORS® is a professional trade association officially representing the real estate industry since 1920 (formerly the Albany County Association of REALTORS®) and is the local chapter for the New York State and National Associations of REALTORS®. GCAR is composed of a broad base of professionals including licensed real estate brokers and sales agents, multi-dwelling owners, appraisers, mortgage and banking professionals, title and abstract companies and other companies servicing the real estate industry.