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Tuesday, March 21, 2023

Median Capital Region home sale price up 12% so far in 2021 compared to year ago – Daily Gazette

ALBANY – The capital region real estate market in October saw higher average selling prices and fewer new listings than in September 2021 or October 2020, continuing the long-running trend.

High prices and low inventories are putting the homeownership dream out of reach for first-time home buyers, as properties take an average of less time to market and command a higher percentage of their original asking price.

Figures are sourced from the Greater Capital Association of Realtors’ Global Multiple Listing Service, which handles many but not all sales in adjacent parts of the Capital Region and surrounding counties.

Sales data from any individual month or county may be affected by limiting factors. Year-over-year and year-over-year data are better at showing trends.

GCAR figures show that for the first 10 months of 2021, 2020 and 2019:

  • 15,045 homes have been listed for sale in 2021, down from 15,660 in 2020 and 17,553 in 2019.
  • In 2021, 11,931 sales closed above 10,725 and 10,577.
  • The average selling price was $227,000 and increased from $212,000 to $254,000.

Earlier data shows that for the first nine months of 2021, sellers got 99.5% of their original asking price, up from 96.1% and 95.3% in 2020 and 2019.

Homes sat on the market for an average of 38 days before sale in those nine months, down from 63 days and 61 days in the previous two years.

GCAR CEO Laura Burns said in a news release Wednesday that the average time to sale last month was just 26 days, faster than in any recent October, as buyers sought to close their mortgages. Because interest rates started to rise.

Here are GCAR’s county-level statistics on the number of closing sales and average prices for the first 10 months of 2021, and the percentage change from 2020:

  • Albany: 2,605, 8% – $265,000, 11%
  • Fulton: 529, 10% – $155,040, 17%
  • Montgomery: 338, 28% – $160,000, 20%
  • Rensselaer: 1,345, 5% – $235,000, 10%
  • Saratoga: 2,832, 11% – $345,000, 11%
  • Schenectady: 1,895, 30% — $210,000, 14%
  • Shohri: 281, 12% – $180,000, 20%

More from The Daily Gazette:

Categories: Business, News

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