Local Home Sales Steaming Past 2011's pace

In a recently published acticle by Eric Anderson in The Times Union.... "For April and for year, numbers higher; prices also see slight increase.

Albany - The local housing market strenghthened in April, with sales in an 11-county area including the Capital Region climbing 24% from year-earlier levels. Sales also are running 17% ahead of 2011's rate so far this year, the Greater Capital Association of Realtors reported Tuesday morning.

The average sale price was up 2% to $209,207, while the median price, the point at which half the houses sell for more and half for less, was up 4% to $187,500. For the first four months, sales prices averaged $207,319, up 1% from last year, and the median price has risen to $184,000, up 4%. Both prices are at their highest levels since 2008, before the recession.

The number of homes sold surged in early 2010 as first-time buyers took advantage of a federal tax credit. "The tax credit ended in April 2010," said James Ader, the association's CEO. "That did create a number of sales...that year."

Contracts of sale were up 16% in April, while the number of new listings on the market was up just 3%. With fewer new listings, "inventory is coming down a bit," Ader said. "It's still a buyer's market. But it's less of a buyer's market than it was four or five months ago."

Sales were up 31% in Albany County and 43% in Rensselaer County."

Jeanne Fitzgerald

Jeanne Fitzgerald

Licensed Real Estate Salesperson
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