Thursday 20 December 2012

Albany real estate market continues upswing

The recovery in the real estate market continued in November in the Albany, New York, region, with closed sales increasing 15 percent, pending sales up 11 percent, and the median price rising 5 percent compared to a year ago.

There were closings on 697 home purchases in the month, compared to 604 in November 2011, based on preliminary figures released today by the Greater Capital Association of Realtors.

Year-to-date sales total 7,523 new and existing homes, a 15 percent increase over the first 11 months of last year.

More homes sold through the Capital Region Multiple Listing Service from January to November than in any year since 2008, according to GCAR.

The median sale price in the month was $196,000; the average was $227,559. Both were up 5 percent over November 2011.

Officials expect the strong pace of sales to continue in 2013 in part because of historically low interest rates.

“We caution buyers, if you were waiting for the market to bottom out that time has passed,” GCAR President Nina Amadon said. “And, if you are waiting for interest rates to drop lower you may well miss the wonderful opportunity which exists today.”

Here are November’s results for the four largest counties in the area:

Albany: pending sales up 6 percent; closed sales up 17 percent; median price, $210,500, up 3 percent; average price, $239,033, up 5 percent

Rensselaer: pending sales up 13 percent; closed sales up 15 percent; median price, $157,900, up 1 percent; average price, $165,530, unchanged

Saratoga: pending sales up 33 percent; closed sale up 33 percent; median price, $265,800, up 1 percent; average price, $299,999, up 9 percent

Schenectady: pending sales down 10 percent; closed sales up 17 percent; median price, $170,000, up 9 percent; average price, $179,652, up 4 percent

For the original post visit: http://www.bizjournals.com/albany/news/2012/12/20/albany-real-estate-market-continues.html

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