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Here is the full episode of the My First Home show that aired last Saturday on TLC. As you probably heard, TLC came to Albany last August to film the show – featuring both Monticello and our clients. I was merely a supporting role, my clients stole the show.
As you may have heard, due to recently discovered abuses of the NYS STAR Property Tax Rebate program the State is requiring all eligible participants to re-certify. This recertification process has not yet been established, but all current STAR enrollees should receive a notice from the State.
Here is the update from the Great Capital Association of Realtors:
STAR RECERTIFICATION: To ensure that the STAR program is being properly administered, the 2013-14 NYS budget provides that everyone will have to re-certify/reapply to continue receiving the benefit. This recertification must take place by April 1, 2014. The 2013 benefits will not be affected. NYS will be sending everyone currently enrolled complete information on how to proceed. As of now there is no form to use for recertification nor is there a date at which time you may file the recertification. But be aware this will be taking place.
The Capital Region real estate market continued to show resilience in March 2013. Evaluating the latest real estate numbers from the Greater Capital Association of Realtors, prices and pending sales rose while inventory and final sales contracts fell. The median home sales price for March edged up nearly 1.0% to $186,900, as compared to the same month last year. The average home sales price rose 8% to $223,134.
Since January 2012, the Albany year-to-year home sales price has risen for 14 consecutive months. For every month since January 2012, when compared to the same month the year prior, the home sales price rose. While the sales price has risen, 2013 inventory of available homes for sale in the Capital Region has contracted. The rising home prices are as much about the improving regional real estate market, increasing demand, growing buyer confidence bouyed by strong national economic indicators, as well as the shrinking supply.
The housing inventory in March 2013 reached a 9.2 months supply, the lowest inventory of homes for sale since before 2010. The current 9.2 months supply of homes marks nearly a 25% reduction in inventory from March 2012, which had a 12.3 months supply of homes for sale. The months supply of inventory indicates the number of months it would take to exhaust the current supply of homes for sale at the current rate of home sales. Generally economists have viewed a 6.0 months supply of inventory as a balanced market. Months supply of available homes greater than 6.0 months are considered buyers’ markets and less than 6.0 months are considered sellers’ markets. However, the current market and buyer activity for the top tier of homes for sale feels much more like a seller’s market than a buyer’s market. Whether it’s a house priced at $150,000 in the city of Albany or $420,000 in Bethlehem, the houses in mint showing condition with a fair market price are generating an overwhelming amount of attention.
In other data, the total number of purchase contracts rose 5.8% from March 2012 to 825 pending home sales contracts. This was the 16th out of 17 months of pending home sales increases. February of 2013 was the only month that saw a dip in pending home sales since November 2011. On average sellers received 92.7% of their list price in March 2013, up 1.5% from March 2012. This is the highest March sale price to list price ratio since before March 2010.
Below is the full Capital Region Skinny. As always, if you have questions or concerns don’t hesitate to contact us. To search for all that declining inventory of available homes for sale, check out the search pages.
Here it is, our national debut on TLC’s fifth season of My First Home. We’ve only seen the trailer, so there is excitement and anxiety in waiting to see the full episode. It will air Saturday May 4th, between 12-1pm on TLC. A special thanks to my awesome clients, first time homebuyers Jessica and Gavin, who spent days filming. Thanks to all of the gracious property owners for letting us into your homes. A special thanks to the E. Stewart Jones law firm.
Let’s hope this showcases the wonders of Albany’s historic architecture and charming downtown neighborhoods.
