30K showings burns up Capital Region home inventory

ALBANY – Local real estate agents could be humming the limbo song these days as dropping inventory has everyone wondering, “how low can it go?”

Prices continue to rise as expected in a low-inventory situation. The median price in March was $255,000, an increase of $5,000 over February, according to the latest data from the Greater Capital Association of Realtors, and 7% higher than March 2021. 

New listings increased a bit in March, from 866 in February to 1,207 in March — goosed GCAR CEO Laura Burns speculated, by the coming interest rate increases because sellers want to get their homes on the market before it slows. There were nearly 30,000 showings region-wide, but only 904 closings.

Mortgage rates have climbed more than 1.4% since January and now stand at the highest they’ve been in three years.

“The rates of the last two years were an anomaly due to the pandemic,” Burns said in a statement from GCAR. “Buyers and potential buyers should keep in mind that historically, a 5 – 7 percent rate is still low for a 30 year fixed rate mortgage – nowhere near the 16% rate buyers dealt with in the early 1980’s. It’s not the 2 – 3 percent of 2020 and 2021 but that was a forced low rate to keep money moving during the pandemic.” 

Inventory of homes for sale at the end of March totaled 1,547 units, down 44.6% from one year ago. Unsold inventory sits at a 1.3-month supply at the present sales pace, down from 2.2 months in March 2021.

Builders can’t keep up with demand. New construction experienced a nearly 20% increase in median sale price over 2021. It was $470,818 in March in the Capital Region.

Entire Global Multiple Listing Service (Albany, Rensselaer, Saratoga, Schenectady, Fulton, Montgomery, Schoharie counties)

Total pending sales: 1,080

New listings: 1,207

Closed sales: 903

Average sale price: $307,734

Median sale price: $255,000

Numbers by county

Albany: Pending: 242; new listings: 261; closed sales: 192; average sale: $303,987; median sale: $262,700.

 Rensselaer: Pending: 160; new listings: 165; closed: 112; average sale: $268,203; median: $250,000

Saratoga: pending: 238; new listings: 292; closed: 222; average sale: $424,176; median: $365,000

Schenectady: pending: 157; new listings: 162; closed: 149; average sale: $220,930; median: $200,000

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