Endless Summer???
PRESS RELEASE
For immediate release
For additional information contact:
Laura Burns/Executive Officer
Greater Capital Association of REALTORS®
Ph: (518) 464-0191
Endless Summer???
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 available 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.
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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