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According to Global MLS, the marketplace for NY Capital District residential properties, here’s what happened in July 2021 versus June 2021:
The Number of SOLD listings increased by 15% to 918 properties with a top sale of $2.5 million at 27 Jumel in Saratoga Springs.
The Average Sales Price decreased by 6% to $297,000 moving the Average Price Per Square Foot down to $167 per square foot.
The inventory of properties available for sale as measured in months supply increased by 9% to 1.4 months worth of properties for sale. So inventory remains a challenge in our area.
The average 30 year fixed mortgage rate decreased to 2.80% according to HSH.com, making it an opportune time to finance a purchase or refinance an existing loan.
In Summary, although inventory has been steadily increasing since it’s lowest point in March, where it dipped down to 780 units—we are still WELL below a balanced market, as evidenced by the fact that sellers averaged 3.6% over their asking price.
