Albany area home sales down as inventory remains tight

Sales of new and existing single-family homes in June fell 14% from a year earlier, the Greater Capital Association of Realtors reported. The average sale price, meanwhile, climbed 7% to $254,455.

The data cover an 11-county area that includes the Capital Region.

Inventory fell 16% to just five months of supply, the association reported.

Pending sales did show an increase, up 5%, while new listings showed a 2% gain.

Albany, N.Y.

For the first half of the year, sales are down 3%, pending sales are down 2% and new listings are down 1%. But the average price was up 5% to $235,899, and the median price, where half the homes sold for more and half for less, was up 8% to $208,660.

"Buyers need to be aware of how quickly the inventory is moving right now and so should be prepared to make serious offers if they find a property that will work for them," said Susan Sommers, president of the association. "Sellers need to be aware that with average days on market at only 53, they need to get busy and clean out those basements, attics and garages fast."

On average, sellers were receiving 96% of the original listing price. But in Malta, Halfmoon and Wilton, they received 100% or more, according to the association's data. And in Bethlehem, Clifton Park and Rotterdam the figures was 99%.

Tribune Content Agency
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