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Date: 06/22/17

Capital Region Real Estate Market Heats Up Heading Into Summer

PRESS RELEASE 

For immediate release 

For additional information contact: 

Laura Burns/Executive Officer

Greater Capital Association of REALTORS®

Ph: (518) 464-0191

Capital Region Real Estate Market Heats Up Heading Into Summer 

The housing market in the Capital Region rebounded in May after seeing Pending Sales, New Listings and Closed Sales drop in April 2017. Pending Sales jumped 11 percent to 1,384.

Sellers are beginning to take advantage of a hot housing market. New Listings increased 6 percent to 2,138 in the Capital Region, up from 2,017 in May 2016.

Homes in the Capital Region are spending an average of 74 Days on Market Until Sale. That number is down 9 percent from May 2016 when homes had an average of 82 Days on Market Until Sale. In May 2015, homes were spending an average of 97 Days on Market Until Sale.

Greater Capital Association of REALTORS® President, Joel Koval, RealtyUSA, says low inventory levels have caused many buyers to be ready with competitive offers. “We’re seeing more and more multiple offers for homes in desirable neighborhoods. In many neighborhoods in the area, sellers are receiving an average of 95 percent of Original List Price at Sale,” Koval said.

The inventory of homes for sale dropped sharply from 6,825 in May 2016 to 5,399 in May 2017. Inventory shortages are not unique to the Capital District or across the country. Lawrence Yun, NAR chief economist, say the 21 percent decrease in inventory is a challenge facing the housing market across the country. “With new and existing supply failing to catch up with demand, several markets this summer will continue to see homes going under contract at this remarkably fast pace of under a month,” said Yun.

The number of Closed Sales dipped 3 percent to 987 – a lag that will catch up in the coming summer weeks as REALTORS® and lenders bring buyers through the mortgage process. A more stringent loan approval process is now in place to prevent a repeat performance of the Great Recession. Incomes are verified, a reasonable amount of money must be paid toward the home prior to purchase and home inspections must be completed and reconciled prior to the closing date being set. Greater Capital Association of REALTORS® CEO, Laura Burns, noted that, “Closing figures will improve as the summer rolls out. We are approaching the busiest time of year for residential sales and expect that if more Sellers jump into the market, multiple offer situations will be avoided. If not, the September statistics on median sold price should be interesting.”

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: 05/31/17

Seller’s Market Hits the Capital Region

PRESS RELEASE 

For immediate release 

May 30, 2017 

For additional information contact: 

Laura Burns/Executive Officer

Greater Capital Association of REALTORS®

Ph: (518) 464-0191

Seller’s Market Hits the Capital Region

The Capital Region housing market continues to struggle with an imbalance of supply and demand as we enter the spring selling season. For sellers, a small inventory of houses means the ones available, sell fast. For buyers, the inventory shortage means an extremely competitive market where they have no choice but to move quickly with their offer.

Pending Sales dropped 3 percent to 1,187 from April 2016. New Listings dropped 13 percent to 1,639 last month, compared to 1,881 in April 2016. The number of homes for sale fell as compared to this time last year. Inventory levels decreased market-wide by 24 percent to 4,963 units. Months’ supply of inventory dropped 26.5 percent to 5 months. Year-over-year supply continued its downward path as the region’s housing inventory failed to keep up with demand.

“More inventory in all sizes and types would be great, but it’s still not happening.” Greater Capital Association of REALTORS® President, Joel Koval, RealtyUSA remarked. “More inventory helps keep prices from reaching levels that make homeownership or moving difficult to achieve for many potential buyers,” Koval said. New home construction has slowed. That, coupled with an inventory shortage, is preventing many owners who may be ready to move into a larger or more expensive home from doing so.

Closed Sales dropped 12 percent from 890 in April 2016 to 786 in April 2017. “An inventory shortage effects a number of statistics,” Greater Capital Association of REALTORS® CEO, Laura Burns said. “With fewer houses on the market, fewer closings are taking place each month. We’re seeing sellers well positioned in this market with several receiving multiple offers above list price,” Burns continued.

In the Capital Region, sellers are receiving 95 Percent of Original List Price at closing. Homes in the area are spending an average of 78 Days on Market Until Sale. That figure is down 15 percent from 92 Days on Market in April 2016.

The inventory shortage is causing price hikes across the market. The Median Sale Price rose 6 percent to $195,000 from $183,950 in April 2016. The spring market cycle has seen a fair amount of buyer competition along with an increased demand for inventory. Although strong demand can create an affordability issue for some buyers, prices are expected to continue to rise.

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: 04/23/17

If you list it, they will come

PRESS RELEASE
For immediate release
April 14, 2017
For additional information contact:
Laura Burns/Executive Officer
Greater Capital Association of REALTORS®
Ph: (518) 464-0191

If you list it, they will come

Despite positive first quarter 2017 sales rising nearly 5 percent over the same period in 2016, low inventory levels continue to plague the Capital Region. New Listings fell by18 percent to 1,450 from 1,778 in March 2016 causing the first quarter of 2017 inventory to fall by close to 24 percent as compared to 2016 numbers. And it’s not just our region – nationwide, the low housing supply has been a challenge for homebuyers and for real estate professionals for at least the past 12 months.
Closed Sales increased by 2 percent to 784 in March 2017, with homes in the Capital Region spending an average of only 76 Days on Market Until Sale. That number is down nearly 15 percent from March 2016.
Greater Capital Association of REALTORS® President, Joel Koval, RealtyUSA, feels the market will continue to improve. “Sales have held their own in year-over-year comparisons,” Koval said. “Those numbers should improve as we enter the busiest months of the real estate sales cycle.”
Laura Burns, GCAR CEO, is also positive as the market heads into the spring selling season. “The unemployment rate has been exceptionally low or dropping across the country. As the economy improves, home sales usually increase – if the inventory is there, prices in the Capital Region should remain stable.”
“Sellers are currently receiving nearly 95 Percent of Original List Price at sale in about two and a half months on market” Koval noted, “Without additional inventory pressure will be placed on a rising sale price.” The current Median Sale Price of homes in the Capital Region is still very affordable at $184,800.
New construction Days on Market are averaging 67 days with 164 new listings hitting the market last month – a reduction of 22 percent over last March. Median sales price of new construction homes is hovering at nearly $385,000; a 2 percent increase over March, 2016. Burns said, “Sellers on the fence about listing their home should take advantage of the season, the large number of buyers seeking to make a purchase and the lag in the availability of new construction listings.”

Date: 03/27/17

How Low Can Inventory Go?

PRESS RELEASE

For immediate release March 24, 2017

For additional information contact:

Laura Burns/Executive Officer

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

HOW LOW CAN INVENTORY GO?

The limited inventory of homes for sale continues to be a challenge for the housing market in the Capital Region.

Although New Listings increased by 8 percent to 1,241, up from 1,145 in February 2016, the number of Homes for Sale in the Capital Region dropped 19 percent to 5,061 in February 2017. That number is down from 6,274 in February 2016. The Months Supply of Inventory also decreased dramatically, by 25 percent, to 5.1 months in February 2017 from 6.8 months in February 2016.

NAR chief economist, Lawrence Yun, says too few properties for sale and weakening affordability conditions stifled buyers in most of the country. “REALTORS® are reporting stronger foot traffic from a year ago, but low supply in the affordable price range continues to be the pest that’s pushing up price growth and pressuring the budgets of prospective buyers,” he said. “Newly listed properties are being snatched up quickly so far this year and leaving behind minimal choices for buyers trying to reach the market.”

Homes in the Capital Region are spending an average of 78 Days on Market which is down nearly from 84 Days on Market in February 2016 and 100 Days on Market in February 2015.

Sellers are receiving 93.9 percent of their Original List Price last month – an increase over February, 2016 from 92.1 percent.

Greater Capital Association of REALTORS® President, Joel Koval, RealtyUSA says it is a challenging market on both sides of the table. “Sellers are getting a generous number of offers in this market,” Koval remarked. “The worry for sellers then becomes that there will not be a generous number of homes to choose from when they become buyers.”

Closed Sales were up 6 percent from February 2016 to 541 for the month. The Median Sale Price for a single-family home in the Capital Region rose 4 percent to $189,740.

Pending Sales across the Capital Region increased 8 percent to 860, signaling the continuation of a healthy market in the first quarter of 2017.

Greater Capital Association of REALTORS® CEO, Laura Burns, is encouraged by recent jobs numbers. “Unemployment has reached pre-recession levels,” Burns said. “This matters because job growth and higher paychecks fuel home purchases which has a positive economic impact across many industries and retail establishments in our region.”

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: 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

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