ALBANY, N.Y. (NEWS10) — Home prices in the Capital Region real estate market have hit a new high, while the time on the market has hit a new low. According to the Greater Capital Association of Realtors, the median sales price reached $279,000 and homes spent about 30 days on the market in May.
Compared to May 2021, the median sales price is up 11%, and compared to May 2020, it’s up 19%. On average, the time for homes on the market was down by 11 days from May 2021 and down 34 days from May 2020.
The Greater Capital Association of Realtors said the original list price received at sale rose to 102.4%, indicating that buyers are paying these high prices for homes. In May, there was a 1.5-month supply of homes for sale, which was a 32% decrease from May 2021.
New listings decreased 8.2% from May 2021 to 1,641 for the month. However, more new listings entered the market in May than any other month since August 2021. The total number of homes for sale was down 42.5% to 1,655 homes from May 2021, but this has improved from May’s 51.5% decline.
“Any increase in inventory is positive news, especially during the summer months. For a variety of reasons, new construction is still lagging behind on the current demand for homes,” said Greater Capital Association of President, Kendal Baker, Broker-Owner of Markers Octagon Realty.
Pending sales went down 13% from May 2021 to 1,299 for the month. Closed sales were down by 15% from May 2021 to 902 for the month. Newly constructed homes’ median sale price rose by 37% in May to $502,806.
“The reduction in some of last month’s numbers is the result more of the continued lack of inventory rather than the increase in the historically low interest rates. While the Fed’s recent rate increases may edge out some potential first-time home buyers and others on a tight budget, at this time, lack of inventory is still pushing sale prices to exceed list prices.”
