For immediate release
For additional information contact:
Laura Burns/Executive Officer
Greater Capital Association of REALTORS®
Ph: (518) 464-0191
Signs of a Sellers’ Market
A busy summer continues in the Capital Region for buyers and sellers in the real estate market. Buyers continue to seek out homes from an inventory that maintained a downward trajectory. Months’ Supply of Inventory dropped by 19 percent to 5.8 months creating numerous multiple-offer situations above list price throughout the Capital Region.
The number of homes for sale was down compared to this time last year. Inventory levels market-wide decreased 18.7 percent to 5,728 units. Area builders have responded. New construction rallied with a 31 percent year over year rise in the number of new listings and a median sales price increase of 6 percent over June, 2016.
The shortage of houses available for sale also places pressure on the time on market. Average Days on Market for new construction and existing homes landed at 53 DOM, a 15 percent year over year reduction. According to the National Association of REALTORS® nationally, fifty-one percent of the homes sold in July were on the market for less than a month.
Lawrence Yun, NAR’s Chief Economist reported “July was the fourth consecutive month that the typical listing went under contract in under one month.” “This speaks to the significant pent-up demand for buying rather than any perceived loss of interest. The frustrating inability for new home construction to pick up means inadequate supply levels will keep markets competitive heading into the fall.”
Capital Region markets are no exception with prices up compared to last year at this time. The Median Sales Price increased 4.5 percent to $219,000. Price increases are projected to continue to move upwards in accordance with Buyers’ demand. National median sales price for existing homes is $258,300. Pending Sales increased by nearly 2 percent from July 2016 to 1,157 for the month. Percent of Original List Price Received at Sale rose to 96.5 percent since last year.
Greater Capital Association of REALTORS® president, Joel Koval, commented that “July buyer activity was energetic and kept REALTORS® busy. Of course, the 3 percent dip in number of new listings over last June makes it more of a challenge to meet the market’s current needs, but existing home prices are still very reasonable in our region.” Laura Burns, GCAR CEO, agreed pointing out that, “The July median price across the Northeast was $290,000 while the Capital Region’s landed at $216,450. A very affordable price to live in such a thriving region of New York State.”
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