If you’re a recent homebuyer, feel good knowing 2013 was the best year of home sales in the Albany-Saratoga real estate market since the great recession. In 2013, buyers purchased 9,221 homes in the Capital Region, the highest number of recorded sales since 2007. Moreover, home prices hit an all time high – the median sales price reached $195,814 in 2013. Despite the 1% annual rise in home prices, we still saw historically low costs to home buying in 2013 thanks to the very low interest rates.
If you’re looking to buy in 2014, feel good knowing interest rates are still at historic lows, home prices are improving, and our overall local and global economies continue to progress. No need to regret 2013. This year still offers many opportunities, especially if you plan on living in your home for a few years.
And finally, if you’re a seller, feel good knowing our 2014 real estate market is likely going to be even stronger. The improving market should continue to lift home prices and balance out the real estate market – tipping the market back towards an even bargaining table between buyers and sellers.
We’ve launched a new website – www.FineAlbanyHomes.com – to improve your home buying and researching experience. You can monitor the latest homes for sale, price reductions, new listings, and get the most up-to-date real estate information as it happens in our Albany-Saratoga region. The website links directly to the MLS database and is updated daily, so it’s as current and accurate as the MLS database.
Below is the latest GCAR market analysis and an excerpt from today’s Business Review article.
The residential real estate market in the Albany, NY region had its best performance in 2013 in six years as low interest rates, an improving job market and other factors spurred demand for new and existing homes.
Albany County had the highest increase in average price, rising 3 percent, to $236,768. The average price increased 2 percent in Saratoga County ($286,681). In Rensselaer County the average price was unchanged ($185,011), and the average fell 1 percent in Schenectady County ($179,504).
