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 September 2021 versus October 2021:
–The Number of SOLD listings decreased by 3% to 852 properties with a top sale of $1.5 million at 6 Stony Brook Dr in Saratoga County.
–The Average Sales Price decreased by 7% to $293,915, but due to the mix of properties the Average Price Per Square Foot price remained flat at $174 per square foot.
–The inventory of properties available for sale as measured in months supply was down 6%, ending at a 1.4 months worth of properties for sale. 4-6 months supply is considered balanced, so remains a challenge in our market.
–The average 30 year fixed mortgage rate increased to 3.14% according to HSH.com at the end of October. That being said, as of November 10th interest rates did dip back below 3%. Increased interest rates always results in decreased sales prices so this will be a trend worth watching.
For tips on how to win in this market you can download our free buyer and seller courses at: youngcourses.com Thanks for tuning in, we’ll see you in the next Young Home Selling Team Market Update.