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Key Take-Aways:
- Prices up 8% month over month
- Inventory remains limited, which appears to be the primary driver of increasing prices.
- Inventory remains challenging with just over a 1 months’ supply of homes available for sale
- Inventory levels of a 4 – 6 months’ supply is considered balanced, so there is still a long way to go.
- Sale/List price ratio saw a sizable increase, with sellers averaging 2.66% over their asking price across the 486 closings that we had last month.
- 58% of sales closed above the asking price.
- In conclusion, we are still very much in a seller’s market, and this will not change unless there is a dramatic shift in the landscape.
According to data from the Global MLS, the marketplace for NY Capital District residential properties, here are the latest stats:
-The Number of SOLD listings increased by 6% to 486 properties with a top sale of $1.75 million at 367 Caroline St in Saratoga Springs.
-The Average Sales Price increased 8%, to $335,920.
–Average Price Per Square Foot increased 6% to $190/sq. ft.
-The inventory of properties available for sale as measured in months supply increased to 1.3 months’ worth of properties for sale.
– Mortgage News Daily shows that the average 30-year fixed mortgage rate increased slightly to 6.88%.
–Sellers are receiving higher offers, netting an average of 2.66% over their asking price, an increase of 1.3% over the previous month
In summary, our market is showing the typical signs of a Spring market–more homes are becoming available for sale, and prices are increasing. With the combination of mortgage rates settling, Fed rhetoric cooling on continuing to increase rates, and scant inventory levels our market will continue to be very competitive in the short to medium term.
