Home sales in the region fell 1 percent last month compared to one year earlier, with pending sales down 6 percent over the same time period, according to the latest report from the Greater Capital Association of Realtors.
February statistics for an 11-county region that includes the Capital Region show the median sale price of homes is up 3 percent — from $188,500 to $195,000 — over a one-year period. However, median sales prices fell in several local counties.
Housing experts say the area’s shrinking inventory is an indicator that the market is reaching a balance.
“The biggest concern we hear in this area is a lack of inventory,” said GCAR President Miguel Berger. “After our 15th straight month of year-over-year decline in inventory, it comes as no surprise that buyers aren’t as able to play one seller against another when negotiating price.”
As usual, the Capital Region’s diverse counties experienced diverse market activity for the month of February.
In Albany and Schoharie counties, for example, closed sales increased from February 2012 to February 2013, while Saratoga and Schenectady counties experienced decreases. Meanwhile, pending sales — which indicate closings to come in later months — rose only in Saratoga County. Median sale prices rose or fell based on county, as well.
County-by-county data for the month of February is as follows:
• Albany County: Closed sales rose 3 percent, from 118 in February 2012 to 121 in February 2013. Pending sales remained static at 169. Median sale price rose 14 percent, from $188,500 to $215,500 over the one-year period.
• Saratoga County: Closed sales fell 4 percent, from 140 to 134. Pending sales rose 3 percent, from 183 to 188. Median sale price fell 1 percent, from $248,700 to $245,000.
• Schenectady County: Closed sales fell 12 percent, from 66 to 58. Pending sales fell 12 percent, as well, from 121 to 106. Median sale price fell 5 percent, from $152,000 to $143,800.
• Schoharie County: Closed sales rose from nine to 11. Pending sales fell from 20 to 16. Median sale price fell 41 percent, from $134,000 to $79,500.
• Montgomery County: Closed sales remained static at seven. Pending sales fell from 13 to 11. Median sale price rose 30 percent from $65,000 to $84,400.