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.
