April 28, 2012Â
EDITOR'S NOTE: This was originally published on April 28, 2012 on www.MonticelloNYS.com. For other recent posts visit Monticello's Blog.Â
As the weather warms so are the Saratoga and Albany real estate markets. And if you donâ€™t believe weather impacts the markets,Â check out this WSJ article.Â Every month I analyze the latest Capital Region real estate numbers in the context of regional, national, and international market news. Â My emphasis is on Saratoga and Albany Real estate markets, but these numbers apply to the entire Capital Region.
The March capital region numbers for pending sales climbed 22% from March of 2011. Pending sales for Albany real estate jumped 30%, and pending sales for Saratoga real estate grew by 21%. Sales, the number of properties that actually closed, in March did not experience such a boast in part because of theÂ strong numbers from last month. Capital Region wide the number of March sales (closings) increased by 3% from March 2011, Saratoga real estate closings increased by 7% but Albany real estate closing dipped by 7%. Â On balance for the year these numbers are positive. Given the strong February numbers some month to month correction is expected. (Remember February: Albany real estate sales surged 23%, and Saratoga real estate sales were up 16%Â ). The median sale price Capital Region wide was $190,00 for March 2012, up 10% from March 2011 ($173,000).
When you look at the consistently strong increase in pending sales both Capital Region wide and on the micro level, the increased activity continues to point towards an improving market. Pending sales for the entire region leaped 47% in February and 22% in March. In February,Â pending sales for Albany real estate jumped 47% (30% in March), and Saratoga pending sales increased byÂ 45% (21% in March).Â As Iâ€™ve said before, pending sales are a great leading indicator to forecast how the coming months will perform. Both buyers and sellers should expect stronger numbers for April and May. As the market warms and the selling season blooms, buyers may want to reconsider waiting out the market and sellers should feel more confident.
If you have questions about the Saratoga or Albany real estate markets donâ€™t hesitate tocontact me. You can also search forÂ SaratogaÂ andÂ Albany real estateÂ for sale, using our ourÂ customized search engine. OurÂ website pulls directly from the Capital Region Multiple Listing Service, so it will be as current and accurate as the MLS. Unlike other online websites, such as Trulia and Zillow, the information on Monticello will be the most up-to-date.