Media

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.


 

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. 


 

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