The Greater Capital Association of Realtors announced another strong month with the release of its August market report.
At 1,470, pending sales were up 23% in August over the same month in 2019. Closed sales were similar to a year ago at 1,389 compared to 1,408 in August, 2019, but the GCAR statement released last Friday noted “the directional trend is fluid and ticking up as the market looks to achieve a sales balance in the wake of the months of down time earlier this year due to COVID-19.”
The median sale price in July was $231,500; in August it was $238,000. A year ago, the median sale price of a single family home was $214,475.
While real estate agents have an eye to a potential resurgence of COVID-19 and its effect on the financial and housing markets, GCAR expects the demand the Capital Region is experiencing today to create tailwind in the months to come.
It is very much a sellers market. Percentage of list original list price – the amount the buyer actually pays – has increased to 98 percent since last year.
“In terms of total homes for sale, achieving market balance has proven difficult for a few years now. Inventory levels dropped 35% last month, which creates multiple offer situations and has stepped up price points,” said Tom McGroder of Thomas J. Real Estate and president of GCAR.
In Albany County in August, there were 360 pending sales; 385 new listings and the average sale was $292,396.
Rensselaer County: 194 pending sales; 234 new listings; average sale, $244,397.
Saratoga County: 357 pending sales; 519 new listings; average sale, $367,109.
Schenectady County: 222 pending sales; 272 new listings; average sale, $215,447.
“Home sales continue to amaze,” said Lawrence Yun, chief economist for the National Association of Realtors. “And there are plenty of buyers in the pipeline ready to enter the market. Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and continued job recovery.”
