Global Statistics

All countries
136,003,010
Confirmed
Updated on April 10, 2021 10:15 pm
All countries
109,340,632
Recovered
Updated on April 10, 2021 10:15 pm
All countries
2,939,058
Deaths
Updated on April 10, 2021 10:15 pm
Saturday, April 10, 2021

Global Statistics

All countries
136,003,010
Confirmed
Updated on April 10, 2021 10:15 pm
All countries
109,340,632
Recovered
Updated on April 10, 2021 10:15 pm
All countries
2,939,058
Deaths
Updated on April 10, 2021 10:15 pm
Molderizer and Safe Shield

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CAPITAL REGION, N.Y. — As the Capital Region’s vaccination rate increased in February, area home sales followed suit, according to a recent report from the Greater Capital Association of Realtors.

Closed sales increased 24 percent from February 2020 to 867 for the month, with the City of Albany faring particularly well, improving sales by 66 percent over last February.

Sales are a mixed bag across the country, the report said, not because of a lack of demand, which is strong, but because there just aren’t enough homes to go around.

New listings in the Capital Region fell 25 percent to 925 for the month of February.

Throughout the Capital Region, homes continued to sell more quickly than in 2020. With buyer demand remaining strong, the typical home is spending only 50 days on market – a reduction of three weeks compared to last year.

Pending sales decreased 15 percent from February 2020 to 834 for the month.

“The drop can be attributed to the historically low inventory,”GCAR president Jeffrey Decatur of RE/MAX Capital said in a press release, noting that inventory levels market-wide decreased 47 percent to 2,384 units.

“As we approach the busy spring season,” Decatur added, “we may begin to see a much-needed increase in inventory due to new construction.”

With an extreme shortage of inventory nationwide, prices are expected to continue to rise in 2021, the report said. Prices are already more than this time last year, with the region’s median sales price increasing 15 percent to $230,000 for existing single family homes.

In Rensselaer County, the median residential sales price increased 23 percent from $186,250 in February 2020 to $230,000 this February.

Across the river in Albany County, the median residential sales price increased seven percent to $220,000 in that time frame.

In Saratoga County, where the median residential sales price is higher, it increased 14 percent from $284,000 last February to $325,000 this February.

New construction prices in the area increased by seven percent over February 2020 to $402,546. Despite the more than 40 percent price differential over existing homes, 211 new construction homes were listed in February and 122 went under contract.

National Association of Realtors chief economist Lawrence Yun cautioned of a possible slowdown in growth in the coming months as higher prices and rising mortgage rates could cut into home affordability.

Greater Capital Association of Realtors CEO Laura Burns, agreed with Yun. “With existing single family inventory down to two months or so, the return of new construction is most welcome in our region and the sales activity shows it,” she said in the release, sharing that February’s new construction homes spend significantly shorter time periods on the market compared to last February.

More information about the Greater Capital Association of Realtors, including additional market statistics, can be found online at gcar.com.



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