EDITOR'S NOTE: This was originally published on www.MonticelloNYS.com. For other recent posts visit Monticello's Blog.
As I do every month, I have taken the time to offer my analysis of the latest Capital Region Real Estate numbers. Although unemployment remains high at 8.3% and many are still struggling in the current economy, some leading economic indicators point to progress. My focus is on Saratoga and Albany Real Estate, but these numbers apply to the entire Capital Region.
The January numbers for pending sales climbed 21% from January of 2011. Many agree the warmer weather contributed to the increase, but so did the historically low prices and interest rates along with growing buyer confidence. Because of the increase in sales, the inventory of homes for sale is down 9.0% from January of last year - the lowest January number in 3 years. As inventory declines the strong buyers' market becomes more balanced. The balanced market leads to stable homes prices. The median sale price was $174,900 for January 2012 as compared to $175,000 for January 2009 - and relatively constant for the last 3 years.