ALBANY, N.Y. (NEWS10) — Home prices in the Capital Region real estate market have hit a new high, while the time on the market has hit a new low. According to the Greater Capital Association of Realtors, the median sales price reached $279,000 and homes spent about 30 days on the market in May.

Compared to May 2021, the median sales price is up 11%, and compared to May 2020, it’s up 19%. On average, the time for homes on the market was down by 11 days from May 2021 and down 34 days from May 2020.

The Greater Capital Association of Realtors said the original list price received at sale rose to 102.4%, indicating that buyers are paying these high prices for homes. In May, there was a 1.5-month supply of homes for sale, which was a 32% decrease from May 2021.

New listings decreased 8.2% from May 2021 to 1,641 for the month. However, more new listings entered the market in May than any other month since August 2021. The total number of homes for sale was down 42.5% to 1,655 homes from May 2021, but this has improved from May’s 51.5% decline.

“Any increase in inventory is positive news, especially during the summer months. For a variety of reasons, new construction is still lagging behind on the current demand for homes,” said Greater Capital Association of President, Kendal Baker, Broker-Owner of Markers Octagon Realty.

Pending sales went down 13% from May 2021 to 1,299 for the month. Closed sales were down by 15% from May 2021 to 902 for the month. Newly constructed homes’ median sale price rose by 37% in May to $502,806.

“The reduction in some of last month’s numbers is the result more of the continued lack of inventory rather than the increase in the historically low interest rates. While the Fed’s recent rate increases may edge out some potential first-time home buyers and others on a tight budget, at this time, lack of inventory is still pushing sale prices to exceed list prices.”

Real estate breakdown by county

Albany County

New construction

May 2022May 2021% change2022 to date20212020
Total sales (pendings) 3323320%1,1621,2871,044
Listings3653611%1,2891,4291,327
Closed sales179205-13%9701,089935
Average sale$319,400$294,4118%$308,626$276,254$249,520
Median sale$285,000$275,0004%$265,000$245,000$228,000

Resale

May 2022May 2021% change2022 to date20212020
Closed sales 166189-12%889984857
Average sale$306,250$286,0407%$292,652$260,423$235,649
Median sale$275,000$266,0003%$256,000$235,000$220,000

Rensselaer County

New construction

May 2022May 2021% change2022 to date20212020
Total sales (pendings) 17816210%671690556
Listings21118415%745786678
Closed sales1231175%552564509
Average sale$274,540$235,51717%$264,372$240,767$217,531
Median sale$246,000$224,0004%$240,000$224,800$200,000

Resale

May 2022May 2021% change2022 to date20212020
Closed sales 120111-8%524530473
Average sale$266,145$231,21215%$254,817$234,035$207,459
Median sale$242,500$215,00013%$235,000$217,500$194,700

Saratoga County

New construction

May 2022May 2021% change2022 to date20212020
Total sales (pendings) 322372-13%1,2381,4711,134
Listings424461-8%1,4871,8011,725
Closed sales219285-23%1,0461,224946
Average sale$453,729$379,60820%$433,913$375,867$312,603
Median sale$404,821$325,00025%$374,007$335,000$294,250

Resale

May 2022May 2021% change2022 to date20212020
Closed sales 188243-23%8741,023808
Average sale$430,977$370,28016%$406,214$363,414$297,001
Median sale$374,000$306,50022%$346,750$315,000$274,950

Schenectady County

New Construction

May 2022May 2021% change2022 to date20212020
Total sales (pendings) 163220-26%718922661
Listings169270-37%7541,005795
Closed sales133160-17%654814579
Average sale$243,564$235,4393%$231,649$222,198$194,440
Median sale$237,500$215,50010%$211,500$199,925$175,000

Resale

May 2022May 2021% change2022 to date20212020
Closed sales 131 154-15%641791551
Average sale$238,796$229,4764%$228,191$216,182$183,422
Median sale$135,400$210,500-36%$210,000$196,000$172,950

Schoharie County

New construction

May 2022May 2021% change2022 to date20212020
Total sales (pendings) 3543-19%127148112
Listings514319%163152119
Closed sales27270%104112114
Average sale$283,544$222,96127%$224,407$191,560$139,212
Median sale$205,000$167,00023%$185,000$165,000$139,950

Resale

May 2022May 2021% change2022 to date20212020
Closed sales 2627-4%102112109
Average sale$286,761$222,96129%$225,328$191,560$133,710
Median sale$205,000$167,00023%$185,000$165,000$132,500

Montgomery County

New construction

May 2022May 2021% change2022 to date20212020
Total sales (pendings) 2739-31%136158109
Listings43422%159146148
Closed sales2629-10%12215881
Average sale$172,116$182,654-6%$175,889$154,123$129,040
Median sale$154,200$150,0003%$155,035$148,400$124,400

Resale

May 2022May 2021% change2022 to date20212020
Closed sales 2629-10%12115881
Average sale$172,116$182,654-6%$175,421$154,123$129,040
Median sale$154,200$150,0003%$153,170$148,400$124,400

Fulton County

New construction

May 2022May 2021% change2022 to date20212020
Total sales (pendings) 5471-24%219250221
Listings66103-36%233279224
Closed sales3146-33%203211169
Average sale$197,474$173,71614%$200,807$178,834$136,670
Median sale$160,000$165,000-3%$160,819$140,000$120,000

Resale

May 2022May 2021% change2022 to date20212020
Closed sales 3146-33%202210166
Average sale$197,474$173,71614%$199,387$176,472$135,104
Median sale$160,000$165,000-3%$160,409$139,950$118,350