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Median house price continues long, slow climb in Capital Region

Median house price continues long, slow climb in Capital Region

Fewer houses sold in first six months of 2019 than first half of 2018

Fewer Capital Region houses were sold in the first half of 2019 compared with 2018 but they commanded a higher price, continuing a multiyear trend. 

The Greater Capital Region Association of Realtors reports the numbers on a monthly and quarterly basis, drawing data from the Global MLS, which records many but not all sales,

For January through June 2019 there were 10,266 new listings, down 4.6% from the same period of 2018, and 5,377 closed sales, down 8.6%.

Average days on market was 67, down 4.8%; median sale price was $211,675, up 4.3%; and portion of original asking price received was 95.1%, down 0.2 percentage points.

Number of houses listed, number sold and days on market likewise also declined in the first half of 2018 and first half of 2017 from the first half of the year before; median sale price and percentage of asking price received were up in both years from the year before.

In both 2017 and 2018, the first-half trends continued through the second half of the year.

It has been, in other words, a long-running sellers' market for single-family dwellings in the Capital Region, with decreasing inventory and increasing price.

GCAR also breaks out statistics for area counties and larger municipalities. The most expensive local housing market is in the town of Halfmoon, where the median single-family price was $341,500 in the first half of 2019.

Here are the number of closed sales and median price in Capital Region counties, towns and cities for the first half of 2019, and the percentage change from the same period of 2018:

  • Albany County 1,255 -9.3% $227,900 +3.6%
  • Clifton Park 337 +13.1% $312,500 +4.2%
  • Fulton County 202 0.0% $108,075 +2.7%
  • Glenville 130 +0.8% $209,175 -0.4%
  • Guilderland 168 -8.7% $260,625 -1.7%
  • Halfmoon 124 -17.9% $341,500 -3.8%
  • Malta 90 +11.1% $328,750 -2.4%
  • Montgomery County 119 +0.8% $103,000 -0.4%
  • Niskayuna 156 -10.3% $251,000 +0.4%
  • Rensselaer County 608 -3.6% $192,300 +5.1%
  • Rotterdam 177 -18.4% $164,600 -0.7%
  • Saratoga County 1,373 -2.3% $299,000 +3.1%
  • Saratoga Springs 228 -11.6% $300,000 -13.4%
  • Schenectady City 192 -21.3% $118,620 +21.0%
  • Schenectady County 747 -14.7% $172,500 +4.2%
  • Schoharie County 115 -16.7% $124,000 +1.7%
  • Wilton & Gansevoort 90 -10.9% $333,545 -4.7%

GCAR is a trade organization representing about 3,000 Capital Region real estate professionals.

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