The Capital Region experienced solid home sales last month, continuing its slow but steady climb out of stagnancy and toward balance.
Closed sales in May were up 10 percent from a year earlier in an 11-county area that includes the Capital Region, according to the latest data from the Greater Capital Association of Realtors. Pending sales rose 12 percent in the same time period.
“Both these figures continue the 2012 trend and lead us to believe that, lacking any significantly bad economic news, the market will continue to improve as we move forward this year,” said GCAR President Nina Amadon in a news release. “Consumer trust, particularly in the Capital Region, is returning to housing.”
Several local counties experienced stronger market activity.
May was a good month for Schenectady County, which saw pending sales rise 25 percent to 128, from 102 last May. Completed sales rose 16 percent during the same time, from 96 to 111. And the median sale price also increased by 9 percent, from $151,000 to $165,000.
Pending sales in Schoharie County, which has a much smaller inventory of houses on the market, rose 58 percent. from 12 in May 2011 to 19 in May 2012. In the same period, closed sales rose 22 percent, from 18 to 22, and the medial sale price rose 51 percent, from $88,300 to $133,500.
Saratoga County’s figures were down from April to May, but still generally strong. Pending sales rose 16 percent year-over-year, from 207 to 241. Closed sales were up 5 percent, from 177 to 185, and median sale price rose 6 percent, from $242,500 to $258,000.
“Because of good local economic reports, strong demand and slightly diminishing supply, the region’s housing market has continued to show improvement over the market we experienced in 2011,” said Amadon.
GCAR CEO James Ader said real estate officials are happy to see a continued increase in average and median sale prices across the region.
“It is clear that while the housing market has been sluggish, the Capital Region has not seen the dramatic loss of value we’ve seen in the most publicized parts of the country.”