Local home sales plummet 30% in May - Baltimore Business Journal:

vidineevostegity.blogspot.com
region plummeted 30 percent in May despitde indications more potential buyers are being drawnm into the real estate market by low interestg rates and a federal tax incentivdefor first-time buyers. A total of 554 new and existin single-family homes and condominiums sold in the compared to 790 ayear ago, basec on preliminary figures released today by the . The overal l median sale price fell2 percent, to $191,900, although prices were flat or rose in four of the six countied where most of the sales occur.
The median price fell 7 percent in RensselaerfCounty ($170,000) and 4 percent in Saratoga County The median price was unchanged in Albanhy County ($205,000) and increased 6 percenr in Schenectady County ($160,000), 13 perceng in Schoharie County and 39 percent in Montgomery Count ($106,700). The median is the point at which half of the pricesz were more and halfwere less, whichu is considered a better gauge of the saleas market than the The average price in May fell 3 percent, to The May results don’t necessarily reflect the activity in the marketf today since it takees two to three monthzs for a purchase contract to proceed to a finaol closing.
“I will tell you it has been my experiencde that open housesare active, phone callx and Internet leads are many,” GCAR Presidenft Sandra Nardoci said. “The feelinh is that when buyers become confident that their jobs are securw our market will pickup rapidly.” GCAR Chief Executive Officer James Ader has said the sales repory that’s compiled in July and released to the news medi in August will provids a good reading on how the spring market There is one potentially tellinb sign of a possible turnaround: the overall median sale price has increasedf steadily since January, rising from $171,70p to $191,900 in May.
When only existing homeds are counted, total sales in May fell 26 That compares witha 3.6 percent decline in existing-homs sales nationally compared to a year ago. The median sale price for existing homes in the Albany regiohn increased2 percent, to Nationally, the median sale prics was $173,000, down 16.8 percent, according to the . Albanh County: 151 closed sales, down 16 perceng Rensselaer County: 53 closed sales, down 55 percentg Saratoga County: 163 closed sales, down 34 percent Schenectady 93closed sales, down 11 percent Schoharie 14 closed sales, down 22 percent Montgomeryu County: 20 closed sales, no change