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Home sellers getting nearly 100 percent of asking price

Home sellers getting nearly 100 percent of asking price

Supply of houses for sale remains tight, pushing prices up
Home sellers getting nearly 100 percent of asking price
A sign advertises a house for sale in Saratoga Springs in 2017.
Photographer: Erica Miller

ALBANY — The Capital Region housing market maintained a now-familiar pattern in June: Fewer houses were sold, but at a higher price and in a shorter time than a year earlier.

The Greater Capital Association of Realtors released its June and second-quarter 2018 sales statistics Tuesday, and said the trend toward fewer closed sales is mainly due to limited supply offered by sellers. Interest on the part of prospective buyers remains steady, and is nudging prices up. 

GCAR reported the following Capital Region statistics for June 2018, and the percentage change from June 2017:

  • New listings 1,966 + 2.4%
  • Closed sales 1,145 -13.1%
  • Days on market until sale 53 -14%
  • Median sale price $222,000 +5.7%
  • Percent of original price received 96.9% +0.9%
  • Number of homes for sale 5,194 -14.0%

The numbers are averages for the entire region. Within the region, the market is particularly strong in some neighborhoods, GCAR said. 

In Malta, Halfmoon and Wilton, for example, sellers on average got more than 100 percent of their original asking price. In Bethlehem, Clifton Park and Rotterdam, sellers averaged just shy of 100 percent. This generally indicates a speedy sale and/or multiple offers, GCAR said.

GCAR President Susan Sommers said in a news release: “Buyers need to be aware of how quickly the inventory is moving right now and so should be prepared to make serious offers if they find a property that will work for them. Sellers need to be aware that with average days on market at only 53, they need to get busy and clean out those basements, attics and garages fast!”

Some other GCAR statistics for the second quarter of 2018:

  • Price range with strongest sales growth: $175,001 to $225,000
  • Property type with strongest sales growth: Townhomes
  • Median sale price, newly constructed single-family house: $405,230
  • Average percentage of list price received, new construction: 105.5%
  • Price range with shortest time on market: $175,001 to $225,000
  • Price range with longest time on market: $1 to $125,000

GCAR’s statistics are based on sales made through the Eastern New York Regional Multiple Listing Service. The MLS shows the bulk of single-family housing sales in Albany, Montgomery, Rensselaer, Saratoga, Schenectady and Schoharie counties. It is not a complete picture: Some sales in those counties are made without use of the MLS, and some houses for sale in neighboring counties make their way onto the MLS.

GCAR reported the following tally of closed sales and median sale prices for single houses in Capital Region counties in June 2018, and indicated the percentage change from June 2017:

  • Albany 315 -4% $240,000 7%
  • Montgomery 33 38% $138,425 26%
  • Rensselaer 132 -26% $204,000 12%
  • Saratoga 299 -12% $319,575 4%
  • Schenectady 186 -11% $173,375 10%
  • Schoharie 29 -26% $122,000 -5%
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