Schenectady County: total sales, 246, down 18 percent; median price, $169,950, up 6 percent; Sales of single-family homes in the Albany, N.Y., region fell 23 percent during the first quarter of the year, but prices continued to rise, according to preliminary data released Tuesday.
A total of 1,531 homes sold through the 11-county Capital Region Multiple Listing Service during the first three months of the year, compared to 1,981 sold in the first quarter of 2007, according to the Greater Capital Association of Realtors.
The median sale price increased 3 percent, to $190,000, and the average price rose 2 percent, to $219,217.
The median is the halfway point between the highest and lowest sale price and is considered a better gauge of the market because the average can fluctuate significantly based on one or two sales.
Of the six counties highlighted in the quarterly report, Schoharie County fared the worst in terms of total sales, as the volume dropped 31 percent, to 37 closed sales.
Total sales fell 28 percent in Albany County and 25 percent in Saratoga County.
Sale prices, meanwhile, rose in five of the six counties during the quarter. The biggest rate of appreciation was in Schenectady County, 6 percent, with the median price for the quarter at $169,950. Schoharie County experienced the only decline in sales price in the quarter, down 12 percent to $115,500.
GCAR officials chose to emphasize the positives in the report by saying now is a good time for buyers because interest rates are affordable.
The average interest rate on a 30-year-fixed mortgage was 5.74 percent as of April 11, according to the Mortgage Bankers Association.
"Even though the market favors buyers we are not seeing home values fall," GCAR President Marie Bettini said. She said sellers are holding firm on prices and ignoring "low-ball" offers except in rare circumstances.
The market has slowed, but it remains busy, said GCAR Chief Executive Officer James Ader. The association expects to see a "noticeable increase" in activity in the late summer or early fall.
The prospects for a turnaround over the next couple months are dim since the number of contracts for sale fell 16 percent in March. It typically takes a month or two for a contract of sale to proceed to a closing, unless the deal falls apart due to financing or other reasons.
Here are the quarterly results for each of the six counties included in the GCAR report:
* Albany County: total sales, 358, down 28 percent; median price, $199,600, up 5 percent;
* Rensselaer County: total sales, 238, down 10 percent; median price, $170,000, up 4 percent;
* Saratoga County: total sales, 400, down 25 percent; median price, $254,300, up 2 percent;
* Schenectady County: total sales, 246, down 18 percent; median price, $169,950, up 6 percent;
* Schoharie County: total sales, 37, down 31 percent; median price, $115,500, down 12 percent;
* Montgomery County: total sales, 44, down 19 percent; median price, $99,600, up 22 percent.
http://www.bizjournals.com/albany/stories/2008/04/21/daily14.html 
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