Hi this is Jason, with the Young Home Selling Team, here with your monthly NY Capital District Market Update If you’re thinking about buying or selling residential real estate, it’s important to understand the current market trends.
According to Global MLS, the marketplace for NY Capital District residential properties, here’s what happened in May 2021 versus June 2021:
-The Number of SOLD listings increased by 16% to 797 properties with a top sale of $3.5 million at 125 Sherman Lane in Saratoga County.
-The Average Sales Price increased by 7% to $316,000 moving the Average Price Per Square Foot up to $172 per square foot.
-The inventory of properties available for sale as measured in months supply increased by 36% to 1.8 months worth of properties for sale. Wes till very low inventory in our area.
-The average 30 year fixed mortgage rate increased to 3.02% according to HSH.com. Although inventory has been steadily increasing since the end of May—a trend that has continued into July—we are still WELL below a balanced market, as evidenced by the fact that sellers averaged 2.8% over their asking price.
If you’re thinking about buying or selling residential real estate now or in the near future, it’s important to seek the guidance and advice of a professional real estate agent.