Media

Date: 11/28/17

Calm, Cool and Active


PRESS RELEASE
For immediate release

For additional information contact:
Laura Burns/Executive Officer
Greater Capital Association of REALTORS®
Ph: (518) 464-0191

Nationally the news in residential real estate in 2017 has continued to provide a relative sense of calm for both buyers and sellers. The national unemployment rate registered in at 4.1 percent for October 2017, which means that joblessness has not been this low in the U.S. since December 2000. According to the Labor Department’s latest numbers, the Capital Region fared well with the addition of more than 2,000 jobs in 2017.

Another positive, mortgage rates have held steady at or near 3.9 percent. Historically, the average rate has hovered around 6.0 percent. These factors help to keep the pool of potential buyers full, even during the so-called off-season of home sales. Greater Capital Association of REALTORS® Joel Koval, of Howard Hanna Real Estate, commented, “We expect the low mortgage rates to remain stable through the coming season. If the weather cooperates, sales could continue the steady pace we’ve seen throughout 2017.”

In the Capital Region Pending Sales increased 20 percent from October 2016 to 1,081 for the month. Closed Sales decreased 3 percent from October 2016 to 1,061 for the month which did not beat last year’s mark. The region’s current market is active but that does not always equate to a year-over-year increase.

Inventory remains low with the number of homes for sale up by only one percent over this time last year. The inventory levels market-wide decreased by 18 percent to 5,398 units putting pressure on prices which increased the Median Sales Price by 6 percent to $203,000 and left the Percent of Original List Price Received at Sale flat at 94.7 percent since last year.

Laura Burns, GCAR CEO, stated that “Affordability could be impacted by the tax changes currently under discussion in the Senate. Depending on what elements are approved in the current tax reform proposal, homeowners in the Capital Region could be affected. Real estate industry activity is a leading economic indicator in this country. The REALTORS® throughout our region and beyond are monitoring the debate in D.C. very closely.”

The Greater Capital Association of REALTORS® is a professional trade association officially representing more than 3,300 REALTORS®. It 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, appraisers and other companies servicing the real estate industry.


 

Date: 10/20/17

Capital Region Remains an Affordable Place to Live


PRESS RELEASE
For immediate release

For additional information contact:
Laura Burns/Executive Officer
Greater Capital Association of REALTORS®
Ph: (518) 464-0191

The National Association of REALTORS® RECENTLY reported that although mortgage rates have remained historically low, nationally home prices have reached unaffordable levels for some entrants into the housing pool. Not so in the Capital Region markets -with a Housing Affordability Index of 192, most Buyers’ hitting the median income rate are in a great position to purchase a home in the Capital Region.

According to a recent American Community Survey, in 2016 Capital Region residents’ median income surpassed the state’s median income ($63,000) at $66,000. The national median income was approximately $59,000.

Inventory levels market-wide decreased by nearly 17 percent to 5,714 units. Months’ supply of inventory was down 17 percent to 5.7 months. Relief on Supply of Homes for Sale, still lower than last year at this time, does not look emminent. Greater Capital Association of REALTORS® president, Joel Koval, of Howard Hanna Real Estate Services, commented that, “Following a busy sales summer, buyers may continue to find themselves in multiple offer situations as inventory in the Capital Region remains low. The reduced number of homes for sale compared to this time last year definitely impacted the Sellers’ market.”

Summer buying activity put pressure on prices causing the Median Sales Prices to increase by 6 percent as compared to last year at this time. Landing at $206,500 for September, higher year-over-year prices are estimated to continue through the end of the year. Pending Sales increased 10 percent from September 2016 to 1022 for the month. Percent of Original List Price Received at Sale was 95 percent. New construction lags in keeping up. Year-to-date average days on market reported in at 55 DOM, a 17 percent drop over last September’s YTD number.

Due to Hurricanes Harvey and Irma, the California wildfires, disrupted employment, and concentrated new construction requirements, regional differences will become much more prevalent and pronounced in the coming months. Highlighting the fact that, particularly in the United States, all real estate is, indeed, local. Now more than ever.

The Greater Capital Association of REALTORS® is a professional trade association officially representing more than 3,300 REALTORS®. It 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, appraisers and other companies servicing the real estate industry.


 

Date: 09/22/17

Endless Summer???


PRESS RELEASE
For immediate release

For additional information contact:
Laura Burns/Executive Officer
Greater Capital Association of REALTORS®
Ph: (518) 464-0191

Though the summer marks the end of school breaks, there may be no break in the busy real estate market in the Capital Region. Pending Sales increased 4 percent from August 2016 to 1208 for the month. Prices were up compared to last year at this time. The Median Sales Price increased 8 percent to $215,143. Prices increased in year-over-year comparisons and will likely remain the case for the rest of the year.

Multiple offer situations continue to occur throughout the Capital Region. Percent of Original List Price Received at Sale rose to 96 percent since last year. Since there have not been any major changes in the local economy that would affect housing, pricing continues to face off with supply and demand. Overall Months’ Supply of Inventory was down nearly 16 percent to 5.9 months.

Although competition is strong, sales were lower in August mainly due to the lingering lack of inventory. Closed Sales decreased 5 percent from August 2016 to 1221 for the month. The number of homes availalble for sale was down compared to this time last year with inventory levels market-wide decreased to 5,841 units as compared to 6,969 in August, 2016.

Greater Capital Association of REALTORS® president, Joel Koval of RealtyUSA.com, noted, “The Capital Region’s housing market is busy. While there was an 8 percent rise in sales prices over August of 2016, it’s also notable that our region’s wages and other factors that impact home buying ability have remained stable.” Housing Affordability Index in the Capital Region market is currently at 186 points. An index above 100 signifies that family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment and a qualifying ratio of 25 percent.

GCAR CEO, Laura Burns commented, “The Capital Region encompasses a few very different sub-markets – every locality has its unique challenges. GCAR REALTORS® work with sellers and buyers to meet the needs of both in each market segment. As a result, our residential real estate market is in good shape.”

Recent manufacturing data is showing an increased demand for housing construction materials and supplies, which should have a positive impact on the low inventory situation next year.

The Greater Capital Association of REALTORS® is a professional trade association officially representing more than 3,300 REALTORS®. It 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, appraisers and other companies servicing the real estate industry.


 

Date: 09/7/17

Signs of a Sellers’ Market

Press Release
For immediate release

For additional information contact:
Laura Burns/Executive Officer
Greater Capital Association of REALTORS®
Ph: (518) 464-0191

A busy summer continues in the Capital Region for buyers and sellers in the real estate market. Buyers continue to seek out homes from an inventory that maintained a downward trajectory. Months’ Supply of Inventory dropped by 19 percent to 5.8 months creating numerous multiple-offer situations above list price throughout the Capital Region.

The number of homes for sale was down compared to this time last year. Inventory levels market-wide decreased 18.7 percent to 5,728 units.  Area builders have responded. New contruction rallied with a 31 percent year over year rise in the number of new listings and a median sales price increase of 6 percent over June, 2016.
The shortage of houses available for sale also places pressure on the time on market. Average Days on Market for new construction and existing homes landed at 53 DOM, a 15 percent year over year reduction. According to the National Association of REALTORS® nationally, fifty-one percent of the homes sold in July were on the market for less than a month.

Lawrence Yun, NAR’s Chief Economist reported that “July was the fourth consecutive month that the typical listing went under contract in under one month.” “This speaks to the significant pent-up demand for buying rather than any perceived loss of interest. The frustrating inability for new home construction to pick up means inadequate supply levels will keep markets competitive heading into the fall.”

Capital Region markets are no exception with prices up compared to last year at this time. The Median Sales Price increased 4.5 percent to $219,000. Price increases are projected to continue to move upwards in accordance with Buyers’ demand. National median sales price for existing homes is $258,300. Pending Sales increased by nearly 2 percent from July 2016 to 1,157 for the month. Percent of Original List Price Received at Sale rose to 96.5 percent since last year.

Greater Capital Association of REALTORS® president, Joel Koval, commented that “July buyer activity was energetic and kept REALTORS® busy. Of course, the 3 percent dip in number of new listings over last June makes it more of a challenge to meet the market’s current needs, but existing home prices are still very reasonable in our region.” Laura Burns, GCAR CEO, agreed pointing out that, “The July median price across the Northeast was $290,000 while the Capital Region’s landed at $216,450. A very affordable price to live in such a thriving region of New York State.”

 

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.


 

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