The Daily Gazette - Schenectady, NY
Daily Gazette

Saratoga County housing prices plummet
Friday, May 23, 2008

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Saratoga County’s housing market got walloped in April by a 15 percent pricing correction, according to statistics released today by the Greater Capital Association of Realtors.

By the numbers

A look at closed single-family home sales and median sale prices for the first four months of 2008 and 2007:

Regionwide: 2,190/2,698/-19%, $189,000/$185,600/2%

Albany County: 526/678/-22%, $199,600/$195,000/2%

Montgomery County: 57/72/-21%, $98,500/%86,300/14%

Rensselaer County: 330/356/-7%, $171,000/$167,250/2%

Saratoga County: 593/719/-18%, $247,500/$255,000/-3%

Schenectady County: 334/426/-22%, $164,600/$152,750/8%

Schoharie County: 51/74/-31%, $122,800/$127,500/-4%

With homebuyers wielding new clout amid the relentless housing slump, they last month drove the median sale price throughout the greater Capital Region down 2 percent to $186,000, compared to a year earlier. But in Saratoga County, where prices rose rapidly during the housing boom, a more severe correction sent the median sale price down $9,250 to $231,000, GCAR reported.

In Saratoga County, the pricing correction greased single-family home sales, which rose 2 percent to 186. The county had experienced corrections in January and February, but they were smaller at 5 percent and 2 percent, respectively.

Regionwide, and especially in Albany County, the pricing corrections were less effective at boosting sales. Sales fell 13 percent regionally and 14 percent in Albany County, which experienced a 6 percent decline in home values.

“Statistics seem to support what many agents are telling us: The market for higher-priced homes is difficult, while the market for moderately priced homes in strong,” said GCAR Chief Executive Officer James Ader.

Sales in Schoharie County slumped 30 percent to 14, but that was an improvement from the six homes sold there in March. Sales in Schenectady County tumbled by a third to 85, but its median sale price rose 4 percent to $145,000.

Nationwide, single family home sales last month declined 16 percent to 4.34 million, compared to a year earlier. The median sale price over the year fell 8.5 percent to $200,700, the National Association of Realtors also announced today.

While GCAR officials attributed April’s housing trends around Albany to a stronger buyers’ market, NAR officials blamed the month’s sluggishness on restrictive lending practices hampering buyers.



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