Home sales slump not likely to last

PHOTOGRAPHER: Bethany Bump

Home sales fell in the Capital Region last month but more buyers and sellers entered into contracts of sale, an indicator of future closings.

While home sales fell 1 percent in September compared with last year, pending sales increased 24 percent in the region, according to statistics released Friday by the Greater Capital Association of Realtors, which covers 11 counties that include the Capital Region.

“By itself, this one figure shows that buyers are returning to the market and that it is becoming less and less a market where sellers have the upper hand in the purchase process,” GCAR President Nina Amadon said in a news release. “If this trend continues as it has for all of 2012 we will soon see a balanced market, which is best for the purchase and sales process in general.”

Saratoga County was the only local county to experience a rise in home sales last month. Closed sales increased from 185 in September 2011 to 188 in September 2012. Pending sales rose 26 percent over the same period.

In Schenectady County, home sales dropped 20 percent from 106 in September 2011 to 85 in September 2012. Pending sales, on the other hand, showed a 21 percent increase between the two periods.

Closed sales in Montgomery County dropped 19 percent, from 16 last year to 13. Pending sales remained flat during this time.

Closed sales dropped 5 percent in Schoharie County from a year ago: 19 to 18. Pending sales remained flat during this time.

In Albany County, closed sales fell 1 percent from 185 in September 2011 to 184 last month. Pending sales rose by 35 percent, with 185 buyers entering into contracts of sale last month compared with 137 at the same time last year.

“The other indicator that a balance is returning is the median sales price of a home,” said GCAR CEO James Ader in the release. “While still down slightly from the high water mark set in 2007, the median price has started to appreciate. Through the end of September, two-thirds of the way through 2012, the median sales price is up 3 percent from 2011.”

The median price was $185,500 in the first nine months of 2011 and $191,000 in the first nine months of 2012.