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March Stats

Capital Region Housing Starts Get Started!

Posted by GCAR on April 23, 2018
Press Releases
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PRESS RELEASE
For immediate release

For additional information contact:
Laura Burns/Executive Officer
Greater Capital Association of REALTORS®
Ph: (518) 464-0191

Residential real estate activity has been relatively slow in the first quarter of 2018, yet housing is proving its resiliency in a consistently improving economy.

While a majority of the country continues to experience reductions in closed sales and inventory compared to last year at this time, the Capital Region fared better, but only slightly. Pending and closed sales struggled to stay steady reporting in at 1,094 pending sales in March 2018 against 1,092 last year and 870 closed sales against 856 in 2017. The number of new listings was down by 11 percent to 1,310 as compared to 1,473 in March 2017.

Buyer demand has remained strong enough to keep prices on the rise, which is expected to continue throughout 2018. The result is a median sale price increase of 14 percent to $205,000 with sellers receiving 94.4 percent of the original list price. Time spent on the market continues to hover at 2.5 months.

Higher-end homes (400k+) reported the strongest price range sales numbers in the first quarter of 2018 with townhomes experiencing a 17 percent increase over last year.

Construction starts increased by 8 percent – a positive impact in the area especially if it keeps rising in the coming months’ building season. Rising wages and a low regional unemployment rate are expected to continue to challenge the market inventory. Though rising, mortgage rates remain very low for those seeking to buy a home, which may impact sales prices throughout the remainder of the 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 of 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.

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