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Every month, the Greater Capital Association of Realtors comes out with the latest real estate data for the Capital Region housing market. The data is released at the end of every month and covers the previous month. At the end of September the Greater Capital Association of Realtors released the August real estate data.
The monthly real estate data is broken down into five data points: 1.) pending home sales; 2.) actual home sales; 3.) average home sale price; 4.) median home sale price; and 5.) new home listings. The August data shows an improving Capital Region real estate market. Looking at just two of the counties, both the Saratoga and Albany housing markets exhibited positive growth. All percent changes are measured against August 2011.
In Albany County the number of pending Albany house sales increased 10% as compared to August 2011. The number of actual Albany home sales increased 6% from last year, and the median home sale price rose 5% to $210,000. At the same time the number of new houses for sale in Albany NY increased 13%.
In Saratoga County the number of pending Saratoga house sales increased 14% from August 2011. The number of actual Saratoga home sales increased twice as much as Albany home sales to 12% from last year, and the median home sale price rose 2% to $260,000. All the while, the number of new Saratoga houses for sale increased 10%.
Not surprisingly, as home prices roses and home sales continued to accelerate, more sellers decided to jump into the market leading to an overall increase in both Saratoga and Albany houses for sale. Given the historically high inventory of houses for sale in the Capital Region, new listings frustrate a balanced real estate market. If actual home sales do not outpace new home listings, home buyers will continue to enjoy an advantage in the housing market. But the current home buyer’s advantage should only diminish as we move through 2013 and home sales improve.
