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Housing sales inch up in cost, down in quantity

Housing sales inch up in cost, down in quantity

Realtors Association notes short average time from listing to sale
Housing sales inch up in cost, down in quantity
Photographer: Shutterstock

CAPITAL REGION — Fewer Capital Region houses were sold in October 2018 than a year earlier, but they spent less time on the market before being purchased.

The Greater Capital Association of Realtors reported sales data for the month Wednesday, and as has been the case in many recent months, a limited supply of houses on the market drove prices up, though only slightly this time. Median price paid for all single-family housing was $203,000, up 1 percent from a year earlier. 

Meanwhile, average time on the market fell from 64 days in October 2017 to just 56 days in October 2018, and the percentage of original listing price paid rose from 94.5 percent on average to 95 percent.

GCAR President Susan Sommers said: “Realistically speaking, 56 days is a very short period of time between ‘For Sale’ signs being placed in the yard to handshakes at the closing tables, yet year-over-year prices have remained very affordable throughout our market.”

Newly constructed houses constitute only a small portion of the overall housing market — about 65 of the 1,045 closed sales in October 2018 — and followed a different statistical track from resold existing houses. Number of listings was 11 percent higher than in October 2017 and the $371,000 median sale price was 5 percent lower, according to Laura Burns, CEO of GCAR. Average time on the market for a newly built house was only 48 days.

The GCAR data mainly track sales in Albany, Montgomery, Rensselaer, Saratoga, Schenectady and Schoharie counties, though some sales in nearby parts of other counties also are included.

HOUSING PRICES

Here is a county-by-county breakdown for single-family housing units sold through the Eastern New York Regional Multiple Listing Service, as reported by the Greater Capital Association of Realtors. Shown are the number of closed sales and median price in October 2018, along with the percentage change from October 2017:

  • Albany 240 -4% $227,000 2%
  • Fulton 56 8% $116,550 20%
  • Montgomery 31 0% $107,000 -19%
  • Rensselaer 156 6% $177,700 -4%
  • Saratoga 251 -17% $299,419 4%
  • Schenectady 151 -7% $168,750 15%
  • Schoharie 27 -34% $140,500 8%
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