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.”