As COVID-19’s impact spread across the U.S. in March, the stock market declines hit investors hard, recovering only slightly in the final week of the month,a press release from the association reported, noting that massive layoffs also shook the economy with 3.28 million initial jobless claims filed in a single week—the highest in history more than four times over.
Real estate followed suit, hitting the Capital Region’s market hard as real estate professionals chartered a “new normal” to accommodate buyers and sellers through virtual listing, showing and closing processes, according to a report from the Greater Capital Association of Realtors.
During a month that is typically the start of the sales season, pending sales decreased 21 percent and closed sales decreased by 10 percent, compared to March of 2019, GCAR said. New March listings topped out at 1,288 versus 1,601 in 2019 with buyer interest keeping brokerages busy conducting 15,669 showings across the region throughout the month.
In Saratoga Springs, new listings dropped nearly 15 percent compared to March of 2020. Closed sales were down about 42 percent in March compared to the same month last year. Median sale price was up 89 percent—$472,500 compared to $250,000, according to GCAR. Inventory of homes for sales were down 9.1 (209) percent from March of 2019 (230).
For Saratoga County, new listings dropped 23 percent compared to March of 2020. Closed sales were down 41.2 percent in March compared to the same month last year. Median sale price was up 5.5 percent—$306,000 compared to $289,950, according to GCAR. Inventory of homes for sales were down 18.6 (1,103) percent from March of 2019 (1,335).In Clifton Park, new listings dropped 8.7 percent compared to March of 2020. Closed sales were down about 9.3 percent in March compared to the same month last year. Median sale price was up 19 percent—$345,00 compared to $290,000, according to GCAR. Inventory of homes for sales was up 3.9 (185) percent from March of 2019 (178).
In Malta, new listings dropped 63 percent compared to March of 2020. Closed sales were down 21.4 percent in March compared to the same month last year. Median sale price was up 0,9 percent—$324,240 compared to 322,028, according to GCAR. Inventory of homes for sales was down 12.2 (65) percent from March of 2019 (77).
In the towns of Wilton and Gansevoort, new listings did not drop. Closed sales were up 21.1 percent in March compared to the same month last year. Median sale price was down about 16 percent—$415,000 compared to $349,000, according to GCAR. Inventory of homes for sales was down 29.8 (85) percent from March of 2019 (121).
In Halfmoon, new listings dropped 21.75 percent compared to March of 2020. Closed sales were down 5.6 percent in March compared to the same month last year. Median sale price was up 11.3 percent—$371,000 compared to $333,253, according to GCAR. Inventory of homes for sales was down 41.5 (100) percent from March of 2019 (171).
Regionally, new construction, sidelined due to the state mandates, lagged with a 21 percent drop in new listings. However, pending sales for new construction wrapped up the month causing a jump by nearly 20 percent over March 2019.
Median new construction sale prices remained constant at $376,245 throughout the Capital Region, GCAR said.
Existing home prices continuing to creep up as compared to last year at this time. The median sales price increased by 7.6 percent to $215,000.
