Not being able to leave home has slowed the sale of homes.
The Greater Capital Association of Realtors released market numbers over the weekend, showing pending sales in March were down 21% from March of last year, and closed sales dropped by 10% compared to March 2019 as the impact of COVID-19 spreads through the local real estate market during what is usually a robust time of year for transactions.
There is still buying and selling going on, however. In March, 747 single-family homes were listed on the Global Multiple Listing Service, which includes houses for sale in Albany, Rensselaer, Saratoga, Schenectady, Warren and Washington counties. As of April 27, there are 533 active single-family home listings in the system.
Total new listings (which includes condos, townhouses, land and multifamily) were at 1,288 in March, compared to 1,601 in 2019. GCAR reports 15,669 showings across the region, which includes both in-person appointments, which ended March 22 with the state order for real estate agents to stop conducting business in person, and virtual showings.
Tom McGroder, president of Thomas J. Real Estate and GCAR, said there is still demand among buyers. Existing home prices has continued to climb — 7.6% over this time last year. The median sales price was $215,000 in March.
"As long as demand is high and inventory is low, 2020 should continue to see year-over-year increases. Buyers still want to buy and sellers still want to sell," McGroder said.
Inventory levels, which have been dropping quarter after quarter, decreased 15.6% to 4,328 homes available for sale; and sellers are getting 94.9% of their asking price. Data shows it takes just over two months to sell a house in the Capital Region. New construction listings dropped sharply — 21% because of the quarantine. The median price for new construction is flat at $376,245.
