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USA Real Estate Blog

Capital Region home sales fell again in September

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Realtors in the Albany, N.Y., region are hoping that the tight supply of homes for sale will push prices up enough to encourage more listings.

And it may be working.

The number of new listings of homes for sale rose 4% in September from a year earlier, and the median sale price rose 2% to $215,000.

Nevertheless, pending sales fell 5% and closed, or completed, sales were down 8%. For the first nine months, pending sales are down 4%, closed sales are down 7%, and new listings are down 2%.

“Low inventory levels make this a sellers’ market,” said Jay Christiana, president of the Greater Capital Association of Realtors. “Houses are moving off the market quickly and sellers are receiving 95.3% of original list price.”

The figures cover a nine-county area that includes the five counties of the metropolitan area, Albany, Rensselaer, Saratoga, Schenectady and Schoharie.

In Albany County, sales were up 5% while pending sales jumped 28%. The median sale price climbed 5% to $237,500.

Rensselaer County’s closed sales fell 14% but pending sales edged up 1%. The median sale price fell 1% to $193,000.

Saratoga County sales fell 7% while pendings were up 2% and the median sale rose 1% to $298,250.

Schenectady County sales tumbled 22% while pending sales were up 3%. The median price fell 7% to $167,500.

Tribune Content Agency

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