Many people that I’m speaking with are under the impression that the market is cooling off. With constant news about inflation, interest rates, the stock market, Ukraine, baby formula shortages, an impending recession, etc. it’s easy to think people would be putting their move on hold. However, the data suggests the opposite is true!
According to Global MLS, the marketplace for NY Capital District residential properties, here’s how May closed compared to April close:
• The Number of SOLD listings increased by 10% to 602 properties with a top sale of 2.9 million at 8 Campion Lane in Saratoga Springs.
• Average Sales Price market wide dipped by 5% to $323,000. BUT sellers, on average, received nearly 5% OVER-ASKING price.
• Average Price Per Square Foot price increased by 1%, to $187 per square foot.
• Inventory remains low, with a slight increase to a 1.48 months supply of homes for sale. While this is still low with 4-6 considered balanced, this does represent a 28% increase in inventory which could be a sign that interest rates are cooling the market slightly.
• The average 30 year fixed mortgage rate had been increasing, but did decrease to 5.28% according to Bankrate.com.