Across the Capital Region pending sales increased 18 percent above July 2017 to 1,247 for the month. With a year over year increase of 7.5 and 4 percent respectively, 1,161 closings and 1,728 new listings, buyers and sellers were active and local REALTORS® were busy.
Prices rode the wave increasing by 5 percent compared to last year at this time. The region’s median sales price landed at $225,500 selling in 43 days on market – a decrease of more than 25 percent over last July. GCAR President, Susan Sommers of Better Homes and Gardens Tech Valley Real Estate speculated that the trend will continue into the next quarter, “Seller obtained 97 percent of list price. Last month’s inventory count was about 800 homes less than last July’s but month to month the number of listings has increased so it’s clear that the market is experiencing a lot of motion across the Capital Region”.
Lawrence Yun, NAR chief economist, stated that the continuous solid price gains across the country have steadily reduced demand. “Would-be buyers are either being priced out or are deciding to postpone their search until more homes in their price range come onto the market,” he said. An increase in the number of housing units for sale and continued low mortgage rates are two key factors that can contribute to market balance.
Greater Capital Association of REALTORS® CEO, Laura Burns, noted that “New construction is beginning to impact the market activity in the Capital Region. Last month our local market had increases in the number of Listings, Pending Contracts and Closed Sales in new construction”. Median price of new construction was reported at $383,000. Capital Region new construction prices have a wide variance from town to town and county to county depending on the location, size and amenities – the increased availability is a positive factor on the current market.