December 27, 2016

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.