ALBANY, NY – Pending sales for existing single-family residences in the Capital Region increased by 3.3 percent in May compared to April. There were 806 pending sales in May – a benchmark used to determine current market activity.
Mark Phoenix, Chief Operating Officer of Coldwell Banker Prime Properties, said that while the number of homes for sale increased by 14 percent in the same period, “supply in many markets remains tight, which is leading to bidding wars, faster price growth, and properties selling at a quicker pace.” In fact, of the 806 properties that went under contract in May 2015, they did so in 53 days, on average.
Buyers shopping habits appear to have transformed recently. An indicating factor is visits to www.ColdwellBankerPrime.com from mobile devices, which have increased over 16 percent during the last year. “Buyers are assured to have the timely information at their fingertips together with a mobile-friendly website which helps them become aware of new listings as they enter the market in this competitive environment,” Phoenix said.
Overall, the year-to-date market appreciation is 1.6 percent which points to a stable real estate marketplace. Closed sales have increased year to date by 3.1 percent compared with the same period in 2014.