As Holidays Approach, Home Buying Continues

 The housing market is continuing its pattern of consistent price growth, fast-moving inventory, and a challenging inventory of homes for sale. 

In October the median sale price increased by nearly 8 percent to $256,000 in year-over-year comparisons. Despite the winter months being seen as a slow time for real estate, prices are expected to continue to climb for the foreseeable future. 

Although closed sales were down compared to last year, the lack of supply is the real culprit rather than a lack of buyer interest. A total of 1,315 homes were sold in October – a nearly 15 percent reduction from October 2020 which had 1,540 homes sold. Saratoga County leads the way with 314 homes sold, Albany County follows close behind with 265 homes sold. 

Strong demand and low supply kept inventory low well into autumn. Inventory fell by 23 percent from this time last year with October’s active inventory reporting in at 2,725 units. The typical home spent 26 days on the market last month – 23 days less than last year and sold at 99.2 percent of the original List Price. 

New construction is aiding but not enough to lend relief on inventory demand. Last month 101 new single-family homes were added to the market with a median sales price of $397,709. 

Despite typical seasonal slowing, homes throughout the Capital Region sold more quickly in 2021 than any other October in recent history. With interest rates creeping up buyers are seeking to lock in home purchases to take advantage of historically low rates.