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Fewer houses sold for higher sums in November in Capital Region

Fewer houses sold for higher sums in November in Capital Region

Low unemployment rate expected to keep market steady
Fewer houses sold for higher sums in November in Capital Region
Photographer: Shutterstock

ALBANY — Capital Region housing sales continued to stagnate in November as the price paid continued to increase.

There were 963 closed sales of single-family houses or housing units in November 2018, 7 percent fewer than a year earlier, and the median price was $217,000, 10 percent more than a year earlier, according to the Greater Capital Association of Realtors.

Many recent monthly statistical snapshots issued by GCAR have shown this pattern, though the spike isn’t as pronounced in multi-month compilations: For the first 11 months of 2018, for example, closed sales were only 1 percent lower than the same period of 2017, which was itself 1 percent higher than in the same period of 2016. 

However, in the first 11 months of 2018, the median sale price was 6 percent higher than the same period of 2017, which was itself 3 percent higher than the same period of 2016.

There were 1,034 new listings in November 2018, 4 percent fewer than November 2017.

In a news release accompanying the statistics, GCAR said it expected low unemployment and still-low interest rates to boost sales in early 2019.

GCAR also noted that listings of newly constructed housing were down 11 percent from November 2017, suggesting that builders are being cautious due to concerns about rising mortgage rates — this in addition to the normal winter slowdown.

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. The numbers reflect houses sold though GCAR’s Eastern New York Regional Multiple Listing Service.

Here are November 2018 sales statistics for single-family housing units in Capital Region counties, with number of sales and median price paid as well as percentage change in both stats from November 2017:

  • Albany 243 -8% $218,500 2%
  • Fulton 37 -21% $128,000 42%
  • Montgomery 22 -27% $122,725 0% 
  • Rensselaer 135 5% $185,000 6%
  • Saratoga 254 -1%  $306,300 8%
  • Schenectady 149 0% $160,000 0%
  • Schoharie 20 -43% $136,752 6%
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