Local real estate market sees weak July

July home sales in the Glens Falls region dipped from last year’s levels, while monthly sales increased in the greater Capital Region and statewide.

Despite the declining monthly numbers in Warren, Washington and Saratoga counties, industry experts are confident the long-term trend is toward a robust housing market.

“Perhaps more important than the July numbers is the fact that 2012, after seven months, shows positive growth in the real estate market,” said James Ader, CEO of the Greater Capital Association of Realtors.

The largest year-to-year decrease for July was in Warren County, where the number of home sales fell 19 percent. July home sales were down 12.5 percent in Washington County.

Saratoga County saw a 1.6 percent decline in July sales.

Local Realtors have said their offices are busy during summer months because people are looking at homes. However, they said month-to-month fluctuations can be caused by delays in sale closings, so a clearer picture of the local market likely won’t emerge until the end of the year.

In Warren County, for example, year-to-year sales for May were up 36 percent, while sales increased nearly 8 percent in June from last year, and the July numbers were down from 2011.

Statewide, July home sales increased 4.7 percent.

In addition to the volume of sales, regional and state Realtor associations track median sales prices, which varied among Warren, Washington and Saratoga counties.

The statewide median sale price for July was $233,000, up from $220,000 in July 2011, which reflects a market that’s more balanced between buyers and sellers, according to Duncan MacKenzie, CEO of the New York State Association of Realtors.

The median home sale price for July increased 6 percent to $190,000 in Warren County and decreased by nearly 15 percent, to $123,500, in Washington County.

The median price increased 4.5 percent, to $265,000, in Saratoga County.

Source: http://poststar.com/news/local/local-real-estate-market-sees-weak-july/article_99eafa56-f079-11e1-bf62-001a4bcf887a.html