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Capital Region Real Estate Market Continues to Rise

According to the latest real estate data, June was another successful month for the Capital Region real estate market. Since the beginning of 2012, sales and prices have steadily increased and inventory has shrunk, making for a more balanced market.

But before we get into the numbers, let us remind all buyers that Monticello has launched a new incentive for buyers in 2012. We are offering up to $1,000 Cash Back when you purchase your next home with us in 2012.

From a buyer’s perspective, 2013 will likely be a more expensive year than 2012. An improving economy and improving real estate market, naturally lift home prices. If this trend of positive trend of increasing prices and sales continues, you have good reason to consider buying in 2012.

More specifically, June saw a nearly 12% increase in pending home sales, compared to June of 2011. At the same time, inventory was down a notable 11%, as seller’s sat on the sidelines and waited to regain home equity. Currently there is a total of 8,401 active listings in the Capital Region real estate market. The median sales price increased for the last 5 consecutive months. In June, the median sales price for Capital Region real estate market was up 7.7% to $205,000, as compared to June of 2011.

As inventory shrinks, prices rise, and the overall market shifts from a buyer’s market to a more balanced seller’s market. Consequently, sellers are getting on average 93.5% of the list price, up 1.0% from June 2011. This sales price to list price ratio of 93.5% is the highest it has been since June 2010 (just before the expiration of the Obama housing tax credit).

As the Times Union reported, here is the wrap up of the Capital Region real estate market by county.

• Albany County: Closed sales fell 12 percent in June, but the average price rose 8 percent to $245,656 and the median price was up 5 percent to $214,500.

• Rensselaer County: Closed sales fell 2 percent, but the average price climbed 4 percent to $179,837 and the median price was flat at $165,000.

• Saratoga County: Closed sales fell 4 percent, and the average sale was down 5 percent to $281,912. The median price was unchanged at $260,000.

• Schenectady County: Closed sales were up 11 percent, while the average sale price climbed 12 percent to $196,690. The median price also climbed 12 percent to $175,500.

As you continue your search if you have any questions about the Capital Region real estate market, whether it’s in Albany, Saratoga, or parts in between, don’t hesitate to contact us. You can also search for Saratoga and Albany homes for sale, using our our customized search engine. The Monticello search engine links into the Capital Region Multiple Listing Service. Unlike Trulia, Zillow, and other real estate websites, the information on Monticello will always be as current as the Capital Region MLS.