Though during the first quarter of the year housing supply continued to struggle to replenish itself in most markets across the US, new listings in the Capital Region increased by 20 percent with 1,630 listings bringing the region’s inventory to 4,782, a nearly 8 percent increase in homes available for sale over last year at this time. March’s pending sales increased by 5 percent to 1,125 listings scheduled to close in the coming weeks. The median sale price bumped up just slightly by 2 percent over last March’s reporting to $204,900.
New construction listings were also up 20 percent over March 2018 with a total of 232 homes added to the inventory and a median sale price increase of 4 percent ($370,960). This should help jump-start the busy summer selling season for buyers seeking homeownership.
According to Freddie Mac, mortgage rates are expected to remain low, in line with the low 10-year treasury yields, boosting homebuyer demand in the next few months. Commenting on the pending sales increase, Greater Capital Association of REALTORS® President, Jay Christiana, of Berkshire Hathaway Home Services, Blake REALTORS®, stated, “I believe the market in our region will remain healthy. These numbers should only improve as we enter the busiest months of the real estate sales cycle.” Greater Capital Association of REALTORS® CEO, Laura Burns, agreed with Christiana stating that “With housing affordability, percent of the original price received, and days on market holding steady, indications are that the coming months will be busy for buyers, sellers and real estate professionals throughout the Capital Region.
Click here to view the complete stats for March 2019.