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.”