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CAPITAL REGION, N.Y. — Strong buyer demand continues among the Capital Region real estate market, according to the latest report from the Greater Capital Association of Realtors.
Residential real estate market shows no signs of slowing
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Laura Burns, CEO, Greater Capital Association of Realtors (Provided)
Housing inventory in the region is at a record low at 2.2 months, but there was still a 9% increase in closed sales in January compared to the same month in 2020.
“As long as interest rates continue to remain low and inventory scarce, there will most likely be multiple buyers for appropriately priced homes. Realtors will to continue navigate sellers through multiple offers with, ultimately, one contract being made while disappointing several others,” said Jeffrey Decatur of Re/Max Capital and the 2021 president of the Greater Capital Association of Realtors (GCAR).
New York State Team
To see the effect of the coronavirus pandemic unfold on New Yorkers in real time, look no further than the Empire State s housing trends.
On one hand, a push for increased social distancing and record-low mortgage rates moved affluent people in New York City and throughout the Northeast to shop for first and second homes in less dense, more remote areas of New York.
But as buyers flooded the market, state-mandated restrictions that began in March weakened New York’s economy, particularly its service industries, resulting in mass layoffs as the COVID-19 pandemic raged on. And those service-industry workers, who are largely renters, were left to languish out of work and without the means to relocate.
Capital Region housing sales, prices jump 7% in 2020 despite COVID | The Daily Gazette
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CAPITAL REGION Home sales in the Capital Region ended the year of COVID with a boom, the local trade group for Realtors reported.
Across the region, 7% more single-family housing units were sold in 2020 than in 2019, despite the limitations on transactions created by pandemic restrictions last spring. And the median price paid was 7% higher in 2020 than in 2019, despite the economic shutdown that suspended or ended so many New Yorkers’ jobs.
Single-month statistics which can be distorted by one-time events showed an even greater jump year over year. In December 2020, there were 36% more closed sales than in December 2019, and the median price was 10% higher.