When analyzing the local real estate market, our focus always begins with the school district at hand. But there are a few instances in the region where location and perceived status can put a geographic location ahead of a top ranked school district.
The Albany City School District is no small market. Selling 629 homes in 2017, from 12 different Albany zip codes, the average sale price for all sales combined came in at an affordable $170,100.
With constant proof of school districts being responsible for demand, or lack thereof, from home buyer behavior, the perceived status of wealth and affluence in a geographic location, can still give a boost to overall sale prices inside school districts that normally couldn’t warrant such prices.
Loudonville, has long been known as an area of our region with a reputation of wealth, and the real estate market in the 12211 zip code certainly backs up that perception with extravagant sale prices on homes sold within this market.
In 2017, 146 homes sold within the 12211 zip code of Loudonville. Average sale price? $369,315.
If it weren’t for two other school districts inside of this zip code that home sellers may be sending their kids to, average sale prices would be, and are, much higher.
The North Colonie School District, ranked in the Top 5 according to our school district rankings based on real estate market performance, and has proven time and time again how much weight a school district pulls in the sale of a home through sale prices and swiftness of sale.
The bulk of the 12211 Loudonville zip code sales pull from this top district every year, accounting for 90 of the 146. Average sale price? $438,061.
The overall average of all sales within Loudonville, needs to be segmented, as usual, in order to get a true picture of their immediate market.
Nevertheless, the Loudonville perception of luxury has still rubbed off on home sellers in this zip code, even if the North Colonie School District isn’t attached to their home sale.
Only 10 home sales in the 12211 zip code pulled from the Albany School district in 2017, a number we can expect, on average, every year for Loudonville sellers.
But despite the Albany School District real estate market having affordable average sale prices of around $170,000, these 10 Loudonville sellers, with Albany Schools, were still able to fetch an average price of $255,440 in the sale of their home. That is an extra $85,000 that home sellers made in 2017, simply due to their affiliation with the Loudonville brand.
South Colonie finished 2nd overall in our rankings of school districts in 2017. Affordability, low taxes, centralized location and high volume, create a perfect storm for home buyers to become owners in a top Capital Region market.
Unlike the Albany School District, South Colonie sellers were rewarded in 2017, with a bit more money in their home sale, finishing with an average sale price of $211,490. While not overly expensive, this average price has been growing in recent years, eclipsing the $200,000 mark for the first time in late 2015 through 2016.
But as you can imagine, 46 of the 146 homes that sold in the 12211 Loudonville zip code in 2017, and pulled in from the South Colonie Schools, were rewarded with an average sale price of $259,569, a ballpark increase of $48,000 more than typical sellers within the South Colonie real estate market can expect.
As they say, “the numbers don’t lie”. The reputation that Loudonville is known for, has segued over to increase the sale prices for home owners, regardless of their affiliated school district, and the ranking it has within the real estate market.
For buyers, a Loudonville mailing address, with either Albany or South Colonie schools, still means they are willing to spend more money for this affiliation, regardless if it makes logical sense.
Bottom line is, home sellers can reap the benefits.
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