Pending Home Sales Hit 3-year High
June 25, 2013 | Edit
May was another big month in the Albany housing market. Pending sales were up 19.2% in May as compared to the same month last year for a total of 981 new sales contracts. This is the highest monthly pending sales figure since April 2010, when the government was still handing out generous homebuyer tax credits. Excluding April 2010, we would have to go back to May 2007 to see a month this good for pending home sales in the Albany housing market.
As the housing supply continues to shrink, home prices continue to rise. The May median sales price rose 4.1% from May 2012 to a median sales price of $195,000. This marks the 15th month of year-over-year price gains in the last 16 months. As weâ€™ve discussed for several months, the Albany housing market is steadily improving. For buyers, itâ€™s very possible that what you see today will cost more tomorrow. For reasonable sellers asking a reasonable price, time is on your side.
But if want an answer; look around.
Is the unemployment going up or down?
the new jobs, are they minimum wage jobs?
are companies moving IN or OUT of the area?
do you see a lot of new construction?
are outsiders investing in Albany?
are there new housing developments?
what would attract new residents?
is there a major university?
is there a government facility; like an airfield or training base?
is the local government well run?
You don't need some ecconomist answering these and other questions for you.