Pending sales keep Capital Region Realtors optimistic

PHOTOGRAPHER: Bethany Bump

Realtors remain confident that homebuyers will emerge this spring season, even as closed sales were down in the Capital Region last month.

Sales closed on 630 homes in April, down 6 percent from 670 a year earlier, according to the Greater Capital Association of Realtors. But pending sales, the point at which buyer and seller agree on terms, shot up 26 percent across the region last month, from 865 in April 2014 to 1,089. Median home prices were also up 6 percent over last April to $190,347.

It may seem like a sputtering start, but all signs point to an active home-buying market this year, said GCAR CEO Laura Burns.

“Rising rents in the region should result in an increase in homebuyers, as they determine that building equity in their own home while taking advantage of the mortgage interest deduction may be in their best interest financially,” she said.

Across the region, some counties saw more activity than others.

• Albany County saw closed sales rise 3 percent from 168 to 173. Pending sales rose 13 percent from 248 to 280. Median home sale prices rose 11 percent from $194,500 to $215,000.

• Saratoga County saw closed sales drop 15 percent from 185 to 158. Pending sales rose 22 percent from 243 to 296. Median home sale prices rose 7 percent from $245,000 to $262,000.

• Schenectady County saw closed sales rise 10 percent from 107 to 118. Pending sales rose 41 percent from 126 to 178. Median home sale prices fell 3 percent from $149,000 to $144,650.

• Schoharie County saw closed sales rise 30 percent from 10 to 13. Pending sales rose 92 percent from 13 to 25. Median home sale prices rose 34 percent from $99,231 to $132,500.

• Montgomery County saw closed sales drop 47 percent from 19 to 10. Pending sales rose 94 percent from 16 to 31. Median home sale prices fell 45 percent from $97,500 to $53,500.