Capital Region

Capital Region housing market running strong at midpoint of 2021

A house in Amsterdam has found a buyer in this April 2021 image.
PHOTOGRAPHER:

A house in Amsterdam has found a buyer in this April 2021 image.

ALBANY — High sales volume, short supply, and rising prices continue to define the Capital Region housing market at the halfway point in 2021.

The Greater Capital Association of Realtors said this week that its members are seeing properties remain on the market for much less time than in previous years.

Absent a mortgage rate hike, the intensity could be sustained through the autumn, GCAR CEO Laura Burns said.

The flip side is that many would-be first-time homebuyers are being outbid on properties, GCAR President Jeffrey Decatur said.

Comparisons of the first halves of 2021 and 2020 are meaningless because the economy was partially shut down in 2020.

But comparing the first six months of 2021 with the same period of 2019, closed sales increased 15.4%, median price increased 16.6% and number of new listings declined 16.9%. 

Properties spent an average of 46 days on the market and commanded 98.5% of their original asking price in the first half of 2021, compared with 67 days and 95.1% in 2019.

June was the best month so far of 2021 by a significant margin, with houses selling in an average 35 days for an average 101.7% of original asking price and a median sale price of $265,000.

Here are the number of closed sales of new and existing single-family homes and their median sale price in the first six months of 2021 in the counties GCAR covers:

  • Albany 1,362 $252,000
  • Fulton 266 $140,750
  • Montgomery 196 $149,100
  • Rensselaer 693 $228,900
  • Saratoga 1,473 $340,000
  • Schenectady 1,003 $203,000
  • Schoharie 147 $170,000

The numbers are drawn from GCAR’s Global Multiple Listing Service, which handles many but not all sales in those counties and nearby areas of surrounding counties.

Categories: Business, News

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