Greater Capital Association of Realtors released housing statistics for single family homes in the month of September. This data includes new construction and resale; in addition, RealtyTrac released its third quarter market report for Capital Region Foreclosures—please see below for stats & summary:
Entire Capital Region MLS Compare to
Sept., 2008
• Residential Sales of Contract +9%
• Residential Closed Sales - 4%
• Median Sales Price $185,000 +0%
• Foreclosed Properties Q3(424) +31% from (322)Q2
Albany County
• Residential Sales of Contract - 11%
• Residential Closed Sales + 6%
• Median Sales Price $188,000 - 6% from $200,000
• Foreclosed Properties Q3(198) +19% from (158)Q2
Rensselaer County
• Residential Sales of Contract +20%
• Residential Closed Sales - 15%
• Median Sale Price $172,000 + 4% from $166,000
• Foreclosed Properties Q3(72) +12.5% from (63)Q2
Saratoga County
• Residential Sales of Contract +14%
• Residential Closed Sales + 4%
• Median Sale Price $242,500 - 2% from $246,300
• Foreclosed Properties Q3(60) +36% from (38)Q2
Schenectady County
• Residential Sales of Contract +22%
• Residential Closed Sales - 17%
• Median Sale Price $155,800 - 8% from $169,000
• Foreclosed Properties Q3(89) +30% from (62)Q2
New Construction
• Existing Home Sales (57 sales) - 19% from (71 sales)
• Median Sale Price $289,900 -10.5% from $324,900
For the fourth month in a row, the Capital Region shows an increase in “pending” sales or sales of contract. The $8,000 tax credit and the NYS MCC, both first-time home buyer incentives, may contribute to the increased activity. But with a 45- to 60- day transaction time, one might think closed sales would begin to increase too. Unfortunately, Albany, Saratoga, and Montgomery counties only show a modest increase in closed sales with Albany and Montgomery county 6% higher than September of last year. Overall, the entire region showed a 4% decrease in closed sales.
This month, the median sales price overall shows no change. However, it did recede slightly in Albany and Saratoga counties with its steepest decline in Schenectady County (8% drop). Montgomery County shows the greatest increase by 38% in median sale price.
An increase in Capital Region foreclosures may contribute to the dip in median sales price. RealtyTrac recently released its third quarter foreclosure report and the Capital Region market shows a 31% increase in foreclosed properties compared to the second quarter. Short sales and foreclosures sell for less money than a traditional home sale, sometimes greater than 25%. According to the report, Saratoga County shows the greatest increase in foreclosed properties compared to last quarter with a 36% increase. New construction sales are also down by 19% from September, 2008. The median sale price for new construction dropped from $324,900 to $289,900.
