This week, the U.S. senate agreed to extend the deadline for The Home Buyers Tax Credit until September 30, 2010. This comes as good news to home buyers who entered into a contract by April 30, 2010 but are on the clock and struggling to meet the original June 30, 2010 closing date.
The House of Representatives still needs to approve this law but are expected to do so by the end of June. In the meantime, real estate professionals across the country will continue their lobbying efforts.
Friday, June 18, 2010
Wednesday, January 27, 2010
December Numbers
Greater Capital Association of Realtors released housing statistics for single family homes in the month of December. This includes new construction and resale. Please see below for stats & summary:
Entire Capital Region MLS Compare to Dec., 2008
• Residential Pending Sales (455) +28.5% (354)
• Residential Closed Sales (644) +5.7% (609)
• Median Sales Price $180,000 -2.2% (184,000)
Average Days on Market 92 Days
Albany County
• Residential Closed Sales (142) -15% (167)
• Median Sales Price $193,000 +1.8% $189,500
Rensselaer County
• Residential Closed Sales (100) +23.5% (81)
• Median Sale Price $172,450 +0.8% $171,000
Saratoga County
• Residential Closed Sales (179) +11.9% (160)
• Median Sale Price $231,500 -7.8% $251,000
Schenectady County
• Residential Closed Sales (102) +8.5% (94)
• Median Sale Price $160,999 -3.6% $167,000
Schoharie County
• Residential Closed Sales (15) +25% (12)
• Median Sale Price $124,030 +9.3% $113,500
Montgomery County
• Residential Closed Sales (26) +36.8% (19)
• Median Sale Price $88,000 -24.8% $117,000
New Construction (Entire CRMLS)
• Existing Home Sales (84 ) -2.0% (82)
• Average Price $322,874 -9.0% $357,322
Capital Region: 2008/2009 Comparison
2009 2008
Pending Sales (8,475) +3.0% (8,227)
Closed Sales (7,998) -4.9% (8,406)
Median Sale Price $183,500 -4.7% $192,500
New Construction
Closed Sales (759) -21% (966)
Avg. Sale Price $332,300 -4.3% $347,179
For the month of December the Capital Region showed a 5.7% increase in closed home sales as compared to December, 2008. Rensselaer County had the largest increase of 23.5%. In addition, pending sales increased for the seventh straight month with a 28.5% increase from last December. The median sale price decreased slightly (2.2%) to $180,000 this month but the dip is largely attributed to the $8,000 first-time home buyer’s tax credit which brought out first-time buyer’s who typically purchase below the $250,000 price point.
The Year in Review:
Overall, 2009 got off to a slow start but ended on a much higher note. There was a 3% increase in pending sales for 2009 and although closed sales are down by 4.9% from last year, the last few months of 2009 showed a steady increase with the $8,000 tax credit and low interest rates helping to keep the momentum. The median sales price also dropped from last year by 4.7% to $183,500, but the large number of first-time home buyers can be largely attributed to the drop.
Entire Capital Region MLS Compare to Dec., 2008
• Residential Pending Sales (455) +28.5% (354)
• Residential Closed Sales (644) +5.7% (609)
• Median Sales Price $180,000 -2.2% (184,000)
Average Days on Market 92 Days
Albany County
• Residential Closed Sales (142) -15% (167)
• Median Sales Price $193,000 +1.8% $189,500
Rensselaer County
• Residential Closed Sales (100) +23.5% (81)
• Median Sale Price $172,450 +0.8% $171,000
Saratoga County
• Residential Closed Sales (179) +11.9% (160)
• Median Sale Price $231,500 -7.8% $251,000
Schenectady County
• Residential Closed Sales (102) +8.5% (94)
• Median Sale Price $160,999 -3.6% $167,000
Schoharie County
• Residential Closed Sales (15) +25% (12)
• Median Sale Price $124,030 +9.3% $113,500
Montgomery County
• Residential Closed Sales (26) +36.8% (19)
• Median Sale Price $88,000 -24.8% $117,000
New Construction (Entire CRMLS)
• Existing Home Sales (84 ) -2.0% (82)
• Average Price $322,874 -9.0% $357,322
Capital Region: 2008/2009 Comparison
2009 2008
Pending Sales (8,475) +3.0% (8,227)
Closed Sales (7,998) -4.9% (8,406)
Median Sale Price $183,500 -4.7% $192,500
New Construction
Closed Sales (759) -21% (966)
Avg. Sale Price $332,300 -4.3% $347,179
For the month of December the Capital Region showed a 5.7% increase in closed home sales as compared to December, 2008. Rensselaer County had the largest increase of 23.5%. In addition, pending sales increased for the seventh straight month with a 28.5% increase from last December. The median sale price decreased slightly (2.2%) to $180,000 this month but the dip is largely attributed to the $8,000 first-time home buyer’s tax credit which brought out first-time buyer’s who typically purchase below the $250,000 price point.
The Year in Review:
Overall, 2009 got off to a slow start but ended on a much higher note. There was a 3% increase in pending sales for 2009 and although closed sales are down by 4.9% from last year, the last few months of 2009 showed a steady increase with the $8,000 tax credit and low interest rates helping to keep the momentum. The median sales price also dropped from last year by 4.7% to $183,500, but the large number of first-time home buyers can be largely attributed to the drop.
Monday, January 4, 2010
November Numbers
Greater Capital Association of Realtors released housing statistics for single family homes in the month of November. This includes new construction and resale. Please see below for stats & summary:
Entire Capital Region MLS Compare to Nov., 2008
• Residential Sales of Contract (544) +10.6% (492)
• Residential Closed Sales (804) +36.3% (590)
• Median Sales Price $178,000 -6.3% (190,000)
Average Days on Market 85 Days
Albany County
• Residential Closed Sales (195) +21.9% (160)
• Median Sales Price $195,000 -2.3% $199,500
Rensselaer County
• Residential Closed Sales (124) +74.6% (71)
• Median Sale Price $164,950 -10.8% $185,000
Saratoga County
• Residential Closed Sales (195) +26.6% (154)
• Median Sale Price $237,400 -4.5% $248,500
Schenectady County
• Residential Closed Sales (149) +28.4% (116)
• Median Sale Price $159,000 +4.3% $152,500
Schoharie County
• Residential Closed Sales (17) +6.3% (16)
• Median Sale Price $135,000 -11.1% $151,900
Montgomery County
• Residential Closed Sales (39) +56% (25)
• Median Sale Price $109,250 +60.7% $68,000
New Construction (Entire CRMLS)
• Existing Home Sales (73 ) +.013% from (72)
• Average List Price Sold $306,412 -14% $356,067
Overall the Capital Region experienced a 36.3% increase in closed sales for the month of November in comparison to the same time last year. Rensselaer County faired extremely well with a 74.6% increase with none of the six counties listed dropping this month. While the increase in closed sales is positive, the contracts of sales increased in the month of November for the sixth month in a row. There were 544 signed purchase agreements in the month of November, up 10.6% from a year ago.
The median sale price for most counties has dropped across the board but the overall softening can be attributed to the first-time home buyers tax credit and the large number of first-time home buyers.
Entire Capital Region MLS Compare to Nov., 2008
• Residential Sales of Contract (544) +10.6% (492)
• Residential Closed Sales (804) +36.3% (590)
• Median Sales Price $178,000 -6.3% (190,000)
Average Days on Market 85 Days
Albany County
• Residential Closed Sales (195) +21.9% (160)
• Median Sales Price $195,000 -2.3% $199,500
Rensselaer County
• Residential Closed Sales (124) +74.6% (71)
• Median Sale Price $164,950 -10.8% $185,000
Saratoga County
• Residential Closed Sales (195) +26.6% (154)
• Median Sale Price $237,400 -4.5% $248,500
Schenectady County
• Residential Closed Sales (149) +28.4% (116)
• Median Sale Price $159,000 +4.3% $152,500
Schoharie County
• Residential Closed Sales (17) +6.3% (16)
• Median Sale Price $135,000 -11.1% $151,900
Montgomery County
• Residential Closed Sales (39) +56% (25)
• Median Sale Price $109,250 +60.7% $68,000
New Construction (Entire CRMLS)
• Existing Home Sales (73 ) +.013% from (72)
• Average List Price Sold $306,412 -14% $356,067
Overall the Capital Region experienced a 36.3% increase in closed sales for the month of November in comparison to the same time last year. Rensselaer County faired extremely well with a 74.6% increase with none of the six counties listed dropping this month. While the increase in closed sales is positive, the contracts of sales increased in the month of November for the sixth month in a row. There were 544 signed purchase agreements in the month of November, up 10.6% from a year ago.
The median sale price for most counties has dropped across the board but the overall softening can be attributed to the first-time home buyers tax credit and the large number of first-time home buyers.
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