Media

Date: 02/27/17

Real Estate Market Update

PRESS RELEASE 

For immediate release 

February 24, 2017 

For additional information contact: 

Laura Burns/Executive Officer

Greater Capital Association of REALTORS®

Ph: (518) 464-0191

The new year got off to a start with buyer demand across the Capital Region continuing to be in an upward trend. Pending Sales rose 7 percent to 816 from 762 in January 2016.

Sales totals experienced a slow start due to ongoing low inventory levels across the region and the typical seasonal effect dropping 8 percent to 650, which is down from 710 in 2016. The number of homes for sale was down compared to this time last year causing inventory levels market-wide to decrease by 21 percent to 5,096 units (5 months). New Listings fell 6 percent to 1,113 from last year.

Greater Capital Association of REALTORS® President, Joel Koval, RealtyUSA, said new construction is part of the solution for a market facing inventory concerns. “A drop in inventory is both typical and expected at this point until either more sellers enter the market or more homes are built for the buyer community,” Koval said. New construction is slower than 2016 with 30 percent less new listings in January, 2017 (126) as compared to January of last year (181). Median sales price of new construction remains within 1% of last year at $385,116. Though that price is 52% higher than the existing home sale median price of $185,000, the days on market for new construction show that pent up buyer demand is sweeping up the new homes within 49 days on market.

Percent of Original List Price Received at Sale rose to 93.8 percent since last year. Homes in the Capital Region are spending an average of 71 Days on Market Until Sale. That number is down 7 percent from 84 days in January 2016.

Lawrence Yun, NAR chief economist, says the housing market will favor sellers heading into the year. “Competition is likely to heat up even more heading into the spring for house hunters looking for homes in the lower- and mid-market price range,” said Yun. Nationwide, First-time buyers were 33 percent of sales in January, which is up from 32 percent both in December and a year ago.

“The good news for the Capital Region’s real estate market and our region in general is that unemployment rates hit a ten-year low of less than 4 percent in December” said Greater Capital Association of REALTORS® CEO, Laura Burns. “If more homes are made available for sale, the market should remain healthy well into 2017,” Burns added.

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. 

Date: 12/27/16

Capital Region Housing Market Continues to Thrive in Final Quarter

The housing market in the Capital Region continues to show steady increases. Housing demand is healthy and that is expected to continue into the final month of 2016. New Listings in the Capital Region increased 9 percent to 1,115. This is welcomed news in a market that has been struggling with inventory. Pending Sales were up 4 percent to 794, from 761 in November 2015.

Prices continued to gain traction. Inventory decreases and ongoing buyer demand continue to push median prices up. The Median Sales Price increased 3 percent to $199,713 from

$194,000 in November 2015. Inventory levels market-wide fell 22.9 percent to 5,808 units. Houses in the Capital Region are spending an average of 71 Days on Market Until Sale. That figure is down 17.6 percent from November 2015.

Greater Capital Association of REALTORS® President, Marie Bettini, Albany Realty Group, said sellers are encouraged as Months Supply of Inventory was down 31.0 percent to 5.8 months. “Homes are selling in fewer days and for higher prices,” said Bettini.

Lawrence Yun, NAR chief economist, says it’s been an outstanding three-month stretch for the housing market, nation-wide, as 2016 nears the finish line. “The healthiest job market since the Great Recession and the anticipation of some buyers to close on a home before mortgage rates accurately rose from their historically low level have combined to drive sales higher in recent months,” he said.

That trend has continued in the Capital Region, where Closed Sales were up 3 percent across the region from 838 to 866. “Buyer demand is holding up, impressively, which may be due to job gains and continued low mortgage rates,” said Greater Capital Association of REALTORS® CEO, Laura Burns. In the Capital Region, the unemployment rate fell to 3.9 percent last month, from 4.1 percent in November 2015. That figure can only help the real estate market continue a healthy pace into 2017.

Date: 08/24/16

Capital Region’s Residential Real Estate Inventory Remains Low As the Summer Winds Down

PRESS RELEASE

For immediate release  

For additional information contact:

Laura Burns/Executive Officer

Greater Capital Association of REALTORS®

Ph: (518) 464-0191 x15

Capital Region’s Residential Real Estate Inventory Remains Low As the Summer Winds Down

There’s good news for sellers in the Capital Region:       Homes are spending just 64 Days on Market Until Sale.   That’s down nearly 12% from 73 days on Market in July 2015. Greater Capital Association of REALTORS® President Marie Bettini of Albany Realty Group said it makes for a competitive buying market. “This creates a situation where buyers need to move quickly in order to secure homes as prices are beginning to creep up as a result.” Ms. Bettini is right – the region’s median sale price increased by 1.5 percent to about $214,000 over July, 2015.    The number of pending sales jumped 5 percent over July 2015 to 1,150.

Year to date new listings across the region dropped by 7 percent. Greater Capital Association of REALTORS® CEO, Laura Burns, weighed in stating that “While increasing prices generally coax more selling activity, there has been some hesitancy among potential sellers who worry that they will not be able to buy a desirable and reasonably priced home once they sell.” Burns said.

The Months Supply of Homes For Sale dropped 32 percent to 6.8 from 10 months in July 2015. Burns noted that low inventory numbers present a challenge to the market. “Year to Date Closed Sales are up by 14 percent which indicates demand.     Without an increase in the supply of inventory, prices will definitely begin to bump up due to multiple offer situations.” Burns remarked.

Low housing supply has already prevented an outright national boon in sales activity, despite a continuation of near record-low mortgage rates and a national unemployment rate under 5.0 percent deep into 2016.    “The issue is not purchasing power.” Bettini said, “Many areas in the country are falling behind last year’s closed sales totals simply because of lack of available inventory.”

As this continues, higher prices may put a deeper squeeze on the current buyer pool as sellers in the region receive 95.4 percent of original list price.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date: 01/22/16

HOME SALES IN THE CAPITAL REGION SOAR IN THE FINAL QUARTER OF 2015

PRESS RELEASE 

For release Friday, January 22, 2016 

For additional information contact: 

Laura Burns/Executive Officer

Greater Capital Association of REALTORS®

Ph: (518) 464-0191 x16

HOME SALES IN THE CAPITAL REGION SOAR IN THE FINAL QUARTER OF 2015 

2015 was a good year in residential real estate. Locally, Pending Sales in the Capital Region increased nearly 16 percent in the final quarter of 2015. In year over year numbers, December 2014 to 2015, Pending Sales increased 12 percent. New Listings were up 8 percent from December 2014. Closed Sales dipped slightly, by 6 percent.

The Median Sale price increased 2 percent to $189,000, while the average sale price remained unchanged from 2014.

Even with cold temperatures moving in, it is still a great time to sell your home. The average days on market fell 4.6 percent to 84 days. Sellers are receiving 92.5 percent of Original List Price at closing. This could be due to the number of homes for sale sliding slightly as compared to this time last year. Inventory levels market-wide fell nearly 13% percent to 5,988 units. Greater Capital Association of REALTORS® President, Marie Bettini, Albany Realty Group, noted, “Fewer homes on the market is not uncommon this time of year. With the economy continuing to show stability and growth, more seller activity is anticipated in 2016.”

In the final quarter of 2015, sales of Single Family homes increased 16 percent from 2014. Greater Capital Association of REALTORS® CEO, Laura Burns, expects this trend to continue. “Time will tell if the recent Federal Reserve rate increase will impact the housing market. Since the increase was widely anticipated in a much improved economy, overly negative reactions are not expected in 2016. Rates are still very attractive.”

Date: 11/24/15

October Sales Keep a Healthy Pace

PRESS RELEASE

For immediate release

For additional information contact:

Laura Burns/Chief Executive Officer

Greater Capital Association of REALTORS® Ph: (518) 464-0191 x16

With mortgage rates remaining below 4 percent for the third straight month, existing-home sales in October were at a healthy pace but failed to keep up with September’s numbers. Transitory periods in the market are common this time of year, and after a persistent period of steady year-over-year climbs in sales, recent low national numbers have not fulfilled what many predicted. As always, every market and situation is unique, and nothing is etched in stone.

Locally, Pending Sales increased 7 percent from October 2014 to 953 for the month. Closed Sales decreased 1 percent from October 2014 to 924 for the month. With no sudden jumps in interest rates, it is not surprising that buyers are still leaping at the chance to purchase a home. As a result, average days on market have dropped to 85 on new construction and resale as compared with 89 in 2014.

Inventory slumped a bit as compared to last year’s numbers. Inventory levels market-wide were down 11.5 percent to 7,416 units. Months’ supply of inventory was down over 22 percent to 8.3 months. Percent of list price received at sale ascended, which is good news for sellers. Percent of Original List Price Received at Sale rose to 93 percent since last year.

Lawrence Yun, NAR chief economist, noted that jobless claims have also been at low levels, coming in as the lowest number since 1973. “As long as solid job creation continues, a gradual easing of credit standards, even with moderately higher mortgage rates, should support steady demand and sales continuing to rise above a year ago.” said Yun.

Prices rose compared to last year at this time. The Median Sales Price increased 3 percent to $191,275 for the region. Prices continue to experience year-over-year increases as low inventory pressures prices upward.

Greater Capital Association of REALTORS® President, Cathy Griffin, remains optimistic about the state of the market. “With positive economic news coming from all arenas, there are no imminent factors to prepare for beyond the typical seasonal adjustment.” Griffin said.

The Greater Capital Association of REALTORS® is a professional trade association officially representing more than 2,800 real estate professionals in the Capital Region. GCAR is the “Voice for Real Estate™ in the Capital Region.

 

Corrected Stats Nov 2015

Date: 10/27/15

SUMMER CLOSES OUT WITH INCREASED CLOSINGS!

November 30, 2015
3:00 PM

PRESS RELEASE 

For immediate release 

For additional information contact: 

Laura Burns/Executive Officer

Greater Capital Association of REALTORS®

Ph: (518) 464-0191 x16

SUMMER CLOSES OUT WITH INCREASED CLOSINGS! 

The third quarter of 2015 has come to a close with numbers pointing toward a healthy, reliable market.

Pending Sales increased nearly 10.5 percent from September 2014. Closed Sales increased 5 percent from last year. Greater Capital Association of REALTORS® President, Cathy Griffin, with Keller Williams Capital District, speculated that the continual improvement of the job market has helped increase sales beyond the summer selling season. “Jobless rates are down, real average and weekly earnings have been up and people are clearly still interested in buying homes.” Inventory rates are proving that out – having declined when compared to this time last year, market-wide, inventory levels were down nearly 11 percent to 7,857 units or 8.9 months.

This is a trend seen nationwide, as inventory shortages dropped over 2.5 percent across the United States. Lawrence Yun, NAR chief economist, noted low inventory levels have given sellers some advantages. “Despite persistent inventory shortages, the housing market has made great strides this year, backed by an increasing share of pent–up sellers realizing the increased equity they’ve gained from rising home prices and using it towards trading up or moving into a smaller home,” says Yun.

Prices are up compared to last year at this time. The Median Sales Price increased just over 7 percent to $205,000 with the average increasing over last year by 5 percent to $233,573. 2015 prices have continued to show year-over-year increases through the end of the third quarter. September residential pending sales were up by 12 percent over September 2014 (from 837 to 935). Closed sales were up 6 percent (from 864 to 919).

Sellers are receiving nearly 94 percent of list price at sale. Greater Capital Association of REALTORS® CEO, Laura Burns, expects the market to remain stable in the coming months. “With positive economic news coming from many angles, there are no imminent factors to prepare for beyond the typical seasonal drop-off. The one thing we were anticipating to occur this year, an increase in interest rates, did not happen. That is certain to keep buyers active for quite some time.”

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. 

 

Stats Press Release Oct 2015

Date: 08/6/15

Real Estate Salesperson 75-hour Qualifying Course

September 29, 2015

Greater Capital Association of REALTORS® 

Real Estate Professional Institute

Real Estate Salesperson 

75-hour Qualifying Course

Tuesday, September 29th through 

November 10th, 2015 

Tuesday & Thursdays 6:00pm to 9:30 pm 

& Saturdays 9am– 5pm. 

Final Exam on Tuesday, November 10, 2015 @ 6pm

Cost: 

$400.00 includes course & text book

$428.00 includes course, text book & optional

study guide

Location: 

Greater Capital Association of REALTORS®

451 New Karner Rd., Albany, NY 12205

Contact 

Call Debbie at: 464-0191 x15 or send an email: disom@gcar.com

 

Flier Sept Salesperson class

Date: 07/9/15

May 2015 Statistics

PRESS RELEASE

For release Tuesday, June 23, 2015

 

For additional information contact:

Laura Burns/Executive Officer

Greater Capital Association of REALTORS®

Ph: (518) 464-0191 x16

 

 

Fueled partly by an increase in sales to first-time buyers, existing-home sales increased in May to their highest pace in nearly six years. “The return of first-time buyers in May is an encouraging sign and is the result of multiple factors, including strong job gains among young adults, less expensive mortgage insurance and lenders offering low down payment programs,” said National Association of REALTORS® Chief Economist, Lawrence Yun. “More first-time buyers are expected to enter the market in coming months, but the overall share climbing higher will depend on how fast rates and prices rise.”

 

The Capital Region housing market momentum continued in May as the spring home-buying season marked higher year-over-year pending and closed sales. Both Pending Sales and Closed Sales increased over 5% from May 2014.

 

Inventory levels market-wide were down almost 12%, but there is still plenty of time left in the selling season. The Median Sales Price increased more than 8% to $200,000. Greater Capital Association of REALTORS® President, Cathy Griffin, said that’s to be expected, “Price increases have been expected for some time, as inventory has been low and demand has been high.” said Griffin.

 

A weaker-than-expected U.S. economy has resulted in the Federal Reserve to continue low short-term interest rates during the summer. New projections indicate that rates will remain the same until September at the earliest. This is a positive movement in getting more homebuyers interested in the market. Sellers are receiving nearly 94% of Original List Price. GCAR CEO, Laura Burns noted, “The fact that mortgage rates are projected to remain at historical lows is a great motivator for both buyers and sellers. Buyers can take advantage of these great rates, while sellers can enjoy receiving good offers worth meaningful consideration.”

 

 

 

 

 

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.

Date: 05/19/15

April 2015 Sales Statistics

The second quarter of the 2015 housing market is already off to a promising start.

Locally, Pending Sales increased more than 25 percent from April 2014. Lawrence Yun, Chief Economist of the National Association of Realtors, noted this is a nationwide trend. Nationally, existing-home sales are measurably higher than a year ago, and strengthened in March as more buyers entered the market as the spring buying season got underway.

“Sustained job growth and interest rates below 4 percent have been the catalyst behind the improvement in sales,” said Yun.

Locally, inventory levels market-wide were down just over 11 percent, but this is still not quite cause for alarm, as the selling season is just underway in most neighborhoods – delayed due to the extended winter season. Greater Capital Association of REALTORS® President, Cathy Griffin, Keller Williams Capital District, shared her perspective, “Homes are moving quickly, especially if they’re priced right. This is encouraging news for sellers who may be considering listing their property. If history is any indication, the choices buyers have will increase quite a bit over the next few weeks.”

Prices are up over last year. The Median Sales Price increased 6 percent to $190,347 signaling a healthy, growing market. Sellers are receiving 93 percent of Original List Price.

The national homeownership percentage is the lowest since 1993. Rental prices continue to astonish with accelerated price growth, which may cause some to think twice before locking in a 12-month lease. Lending practices and mortgage rates will also have a decided effect on the number of buyers who will become homeowners this year. Laura Burns, CEO of the Greater Capital Association of REALTORS® noted, “Rising rents in the region should result in an increase in homebuyers as they determine that building equity in their own home while taking advantage of the mortgage interest deduction may be in their best interest financially”.

 

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. 

Date: 04/28/15

March 2015 Housing Sales Statistics

PRESS RELEASE 

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. 

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