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Sales of Pre Repo Properties and Other Homes Decline, but Prices Are Up

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By : John Cutts    99 or more times read
Sales of residential real estate, including pre repo properties, went down last month in some areas of New York. However, most local markets recorded a rise in both average and median selling prices when compared with year-ago levels. According to housing market analysts, despite having relatively stronger markets, the state is still recovering from the foreclosure crisis.

Buffalo repo homes and other distressed residential properties from majority of local areas in New York maintain low numbers compared with most U.S. states. However, the region has not been spared from the foreclosure crisis and most are still reeling from the impact of the nationwide housing industry downturn. In the Capital Region, sales went down last month compared with year-ago levels.

Residential property sales and also New York repo homes posted a decline in the Capital Region in January 2011. According to the Greater Capital Association of Realtors, sales were down by around 10% year-over-year. Prices of homes, on the other hand, recorded an increase for both median and average rates over the same period.

The average price of residences that were sold last month as well as pre repo properties was $173,200, while the median selling price was $204,697. Both figures were up by 1% compared with January 2010. Most local markets enjoyed an uptick in selling prices, but majority posted sales declines during the month, except for Montgomery and Albany counties.

Housing unit sales, including repo homes in Saratoga County, declined by 28% in January compared with one year ago, with pending sales also recording a decline. Pending transactions for residential properties went down by 12% last month in Saratoga, along with the median price, which posted a 10% drop to end at $226,500. In Rensselaer County, housing units sold declined by 22%, while pending sales dropped by 31%. Prices in Rensselaer also fell, with the median selling rate recording a 6% drop from January 2010 to end at $150,000.

For Schenectady County, sales decreased by 11%, including figures for pre repo properties. Median rate, on the other hand, dropped to $140,000, representing a 12% difference from year-ago figures. The average price, however, climbed to $176,016 last month, representing a 3% jump from one year ago.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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