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Housing market balancing out

By Bethany Bump
Wednesday, May 22, 2013

The Capital Region experienced increases in closed and pending home sales in April as the housing market continues to balance out so that neither buyer nor seller has a clear advantage.

Closed sales increased 6 percent last month over the previous year, according to statistics released today by the Greater Capital Association of Realtors. Pending sales, or the point at which buyer and seller agree to the terms of a sale, increased 15 percent over this time period.

GCAR President Miguel Berger said a sure sign of a balanced market is a decreasing inventory of homes for sale and an increase in the number of pending sales. The region is seeing both.

"Clearly buyers are returning to the market," he said in a news release. "And as we see the market start to balance itself, we can also report that housing prices are appreciating at a ‘normal’ rate. All in all the market appears to be healthy and we expect this to be a long term trend.”

The individual counties making up the Capital Region saw varied activity in April.

In Albany County, closed sales fell 11 percent from 175 in April 2012 to 155 in April 2013. Pending sales rose 21 percent over this time period.

In Saratoga County, closed sales rose 24 percent from 169 to 210. Pending sales rose 17 percent from 245 to 286.

In Schenectady County, closed sales rose 24 percent from 86 to 107. Pending sales rose 11 percent from 138 to 153.

In Schoharie County, closed sales fell 11 percent from 18 to 16. Pending sales rose 15 percent from 20 to 23.

In Montgomery County, both closed sales and pending sales dropped off from April 2012 to April 2013. Closed sales fell 13 percent from 15 to 13, and pending sales fell 11 percent from 19 to 17.

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