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Capital Region's housing sales rebound in June after COVID-related slump

Capital Region's housing sales rebound in June after COVID-related slump

More houses listed, more sold, higher price paid, Realtors group reports
Capital Region's housing sales rebound in June after COVID-related slump
Photographer: Shutterstock

ALBANY — The residential real estate market in the Capital Region showed signs of life in June after COVID-related malaise in the previous three months.

Number of pending sales, median price paid and number of new listings all were higher than in June 2019.

The Greater Capital Association of Realtors reported the data Friday. The trade association said its members were very busy for the month because of pent-up buyer demand as the economy reopened and because of low interest rates on mortgage.

Member Realtors showed houses nearly 25,000 times in June, a 20 percent increase from June 2019, GCAR said.

Across the greater Capital Region in June, 2,064 houses were placed on the market for the first time, 1,549 pending sales were reported, and 1,136 sales were closed.

Median sale price was $225,000, average time on the market was 68 days, and sellers received 95.6 percent of their original asking price, on average.

The one noticeably lagging indicator was closed sales — there were 30 percent fewer than in June 2019. “With the average days on market currently at 68, and the increase in pending sales, we expect to see sold figures catching up in the coming months,” GCAR President Tom McGroder said in a news release.

He said there hadn’t been a better selling opportunity since 2008.

Here are the number of pending sales of single-family houses and median price in June 2020 for Capital Region counties, plus the percentage change from June 2019:

  • Albany 364 16% $230,000 0%
  • Fulton 64 12% $114,740 -10%
  • Montgomery 33 65% $150,000 42%
  • Rensselaer 195 13% $199,500 -2%
  • Saratoga 369 20% $322,250 4%
  • Schenectady 236 12% $185,000 0%
  • Schoharie 39 0% $162,978 19%
  • Regionwide 1,549 17% $225,000 2%

GCAR’s roughly 3,000 members handle many but not all of the residential real estate transactions in the greater Capital Region and southern Adirondacks. Its Global Multiple Listing Service provides a statistical database on these transactions, and is the source for the data cited in this story.

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