Home sales in the tri-county area were mixed in November, with Warren and Washington counties down from 2011 while Saratoga County and New York state continued to make year-over-year gains.
But despite the varied trends locally in November, real estate experts indicate that 2012 was a strong year overall for the housing market recovery, and anticipate 2013 will be even better. In the greater Capital Region, increased contracts of sale and 10 straight months of pending sales increasing over the previous year indicate “the market is steadily healing itself,” said Nina Amadon, of the Greater Capital Region Association of Realtors.
Warren County had a small drop in year-over-year sales in November, decreasing by 3.6 percent, while Washington County saw a larger year-over-year drop in November sales, posting a 38 percent decrease.
The number of closed home sales in Saratoga County grew by nearly 27 percent in November from a year earlier, and closed sales statewide increased by 4 percent.
The median home sale price was also mixed in the area in November, dropping in Warren and Washington counties from 2011 and growing in Saratoga County and statewide.
The number of new listings decreased year-over-year for November statewide and in all three counties.
The U.S. Commerce Department reported Monday that sales of single-family homes in the Northeast were up 12.5 percent in November.
Home sales were booming in October, which marked the eighth-straight month of year-over-year price increases in the national housing market. Home sales in Warren, Washington and Saratoga counties all leapt by more than 20 percent in October, and a survey put together by the Capital Region Multiple Listing Service indicated that sales prices were nearing prerecession levels.
Duncan MacKenzie, CEO of the state Association of Realtors, attributed the statewide growth to continued low mortgage rates and strengthening of the overall economy. Statewide, November was the sixth consecutive month of stable or increasing prices, which according to MacKenzie, could signal the sustainability of the “modest housing recovery in 2012.”