In Saratoga County, closed sales were up 4 percent and pending sales were up 12 percent, while the average price rose 3 percent to $281,489, while the median price was flat at $250,000.
New listings were down in all four counties from the year-earlier period.
"The fact that the inventory of homes for sale has decreased by 15.4 percent from last year at this time; and that contracts of sale for March rose when compared to March 2012 shows us that what was once a very strong market for buyers has reached a much-needed balance where sellers are not at a negotiating disadvantage," said Miguel Berger, the association's president. "The March year-to-year increase in contracts of sale, the point where buyer and seller reach agreement on the terms of a sale, marks the 16th month out of the last 17 where this was the fact."
Rates on 30-year fixed-rate mortgages were at 3.51 percent, down from 3.54 percent last week, according to Bankrate.com. Fifteen-year fixed-rate mortgages fell to 2.74 percent from 2.78 percent last week.
"Another very positive sign for the real estate market is that there do not seem to be any indications that interest rates will be rising in the near future," said James Ader, the association's CEO. He predicted "an exciting spring and summer" for the local real estate market.