Analysis: Supply not meeting local demand for houses
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A for-sale sign placed outside a Kelshawn Court home on Thursday, Sept. 3, 2020, in Colonie, N.Y. (Will Waldron/Times Union)Will Waldron/Albany Times Union
The number of residential listings was up 9 percent in March over the same month in 2020, which sounds great until you remember the Capital Region was on lockdown much of last March due to the global pandemic.
The real estate market is tight, with no end in sight.
The supply of homes for sale hit a record low of 1.8 months (for reference, an inventory of 6 months is considered low) in March and the median sales prices jumped again, to $239,047. The environment is still great for sellers, who received 97 percent of their original list price, and sold their houses for 56 days or fewer, on average.
In a seller s market, home buyers feeling squeezed timesunion.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from timesunion.com Daily Mail and Mail on Sunday newspapers.
Many fled NYC, some moved to Capital Region, address-change data show | The Daily Gazette
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CAPITAL REGION The anecdotal evidence was there all along: People left COVID hot spots for the relative safety of the Capital Region in 2020.
There were more out-of-state license plates in parking lots; driveways with more cars in them; new faces out for a walk in the neighborhood; downstate residents buying Capital Region houses.
Now, the Capital District Regional Planning Commission has quantified some of the shift. Using U.S. Postal Service data on change-of-address requests, it found a significant number of New York City-area residents moving to the larger Capital Region counties.