In the Capital Region sales jumped 4 percent to 1,183 houses sold in the region during August 2016, according to the Greater Capital Association of Realtors (GCAR).
According to data released in September, the city of Saratoga Springs had 61 new listings in August, compared to 46 in the same month of 2015, a hike of 32.6 percent. There were 39 closed sales, up 11.5 percent from August of 2015.
The number of closed sales in the city rose from 35 to 39, an 11.5 percent hike for the month, and the median sales price dropped in August from $381,000 to $351,000, a dip of 8.1 percent.
Overall in the region, GCAR said the number of homes for sale was down compared to this time last year. Inventory levels market-wide decreased 24.7 percent to 6,554 units. Months’ supply of inventory was down 34 percent to 6.6 months. Demand is showing no signs of changing as inventory continues to decline.
In the Capital District, new listings dropped 3 percent from August 2015 to 1,652 homes placed on the market last month. Sellers are receiving 95.2 percent of original list price, with homes spending an average of 63 days on market until sale.
Greater Capital Association of Realtors President Marie Bettini of Albany Realty Group said now is the time to sell.
“As inventory continues to drop, the contradictions in this market are evident. Sellers should feel confident enough to list homes at fair prices and receive meaningful offers in a healthy residential real estate and overall positive economic environment,” Bettini said.
From August 2015 to August 2016, the state's private sector job count increased by 120,400. Locally, the unemployment rate dropped from 4.3 percent in August 2015 to 4 percent in August 2016.
Lawrence Yun, NAR chief economist, says recent job growth is not yielding higher home sales. "Healthy labor markets in most of the country should be creating a sustained demand for home purchases," he said. "However, there's no question that after peaking in June, sales in a majority of the country have inched backward because inventory isn't picking up to tame price growth and replace what's being quickly sold."
GCAR CEO Laura Burns is optimistic that the market will remain healthy into the last quarter of 2016. "On a brighter note, building permits are trending upward," she said. "Demand is certainly present and has created competitive situations that have kept prices up."
Saratoga Springs' year-to-date data, from August 2015 to August 2016, showed new listings dropped 0.9 percent, 439 to 435, but closed sales rose from 235 to 246, 4.7 percent. The median sales price went from $381,000 to $344,900, down 9.5 percent
Saratoga County year-to-date data showed new listings dropping from 3,663 to 3,318, down 9.4 percent. Closed sales rose from 1,727 to 1.954, a 13.1 percent jump. The median price dipped slightly from $270,050 to $265,990, 1.5 percent.
GCAR data for Malta showed year-to-date new listings dropping from 197 to 195, 1 percent. Closed sales rose from 94 to 102, up 8.5 percent. The median sales price was up 3.9 percent, from $327,182 to $339,950.
In Halfmoon, year-to-date data showed new listings dropping from 366 to 298, down 18.6 percent. Closed sales was up 34.6 percent, from 153 to 206 and the median sales price rose 5.1 percent, from $313,590 to $329,534.
GCAR combined Wilton and Gansevoort year-to-date data. It showed listings dipping from 283 to 238, but closed sales going up 13.4 percent from 134 to 152. The median sales price rose from $298,500 to $317,500.