For immediate release
For additional information contact:
Laura Burns/Executive Officer
Greater Capital Association of REALTORS®
Ph: (518) 464-0191
Calm, Cool and Active
Nationally the news in residential real estate in 2017 has continued to provide a relative sense of calm for both buyers and sellers. The national unemployment rate registered in at 4.1 percent for October 2017, which means that joblessness has not been this low in the U.S. since December 2000. According to the Labor Department’s latest numbers, the Capital Region fared well with the addition of more than 2,000 jobs in 2017.
Another positive, mortgage rates have held steady at or near 3.9 percent. Historically, the average rate has hovered around 6.0 percent. These factors help to keep the pool of potential buyers full, even during the so-called off-season of home sales. Greater Capital Association of REALTORS® Joel Koval, of Howard Hanna Real Estate, commented, “We expect the low mortgage rates to remain stable through the coming season. If the weather cooperates, sales could continue the steady pace we’ve seen throughout 2017.”
In the Capital Region Pending Sales increased 20 percent from October 2016 to 1,081 for the month. Closed Sales decreased 3 percent from October 2016 to 1,061 for the month which did not beat last year’s mark. The region’s current market is active but that does not always equate to a year-over-year increase.
Inventory remains low with the number of homes for sale up by only one percent over this time last year. The inventory levels market-wide decreased by 18 percent to 5,398 units putting pressure on prices which increased the Median Sales Price by 6 percent to $203,000 and left the Percent of Original List Price Received at Sale flat at 94.7 percent since last year.
Laura Burns, GCAR CEO, stated that “Affordability could be impacted by the tax changes currently under discussion in the Senate. Depending on what elements are approved in the current tax reform proposal, homeowners in the Capital Region could be affected. Real estate industry activity is a leading economic indicator in this country. The REALTORS® throughout our region and beyond are monitoring the debate in D.C. very closely.”
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