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(Prices and inventory current as of Nov 30, 1999)

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Direct Access To All Multiple
Listings Like Realtors®

(Prices and inventory current as of Nov 30, 1999)

See Pictures and updates (icon)See photos and updates from listings directly in your feed

Share with you friends (icon)Share your favorite listings with friends and family

Save your search (icon)Save your search and get new listings directly in your mailbox before everybody else

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NY CAPITAL DISTRICT DECEMBER ’23 MARKET UPDATE | WILL INTEREST RATES DROP BELOW 7%?

NY CAPITAL DISTRICT DECEMBER ’23 MARKET UPDATE | WILL INTEREST RATES DROP BELOW 7%?

Key Take-Aways:

  • Prices appreciation rebounded, with a 5% increase in average sales price last month.
  • Interest rates have steadily decreased, currently sitting at ~7.0%.
  • Inventory remains challenging, sitting at a ~1.5 months supply of homes for sale.
    • Inventory levels of a 4 – 6 months’ supply is considered balanced, so there is still a long way to go.

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 decreased by 4% to 585 properties with a top sale of $2.5 million at 75 Arrowhead Rd in Saratoga Springs.

-The Average Sales Price increased 5%, to $362,125.

Average Price Per Square Foot decreased 2% to $202/sq. ft.

-The inventory of properties available for sale as measured in months supply decreased to 1.48 months’ worth of properties for sale.

– According to Mortgage News Daily, the average 30-year fixed mortgage rate decreased to 7.07%.

Sellers are continuing to receive offers over asking, netting an average of 1.22% over their asking price.

In summary, even with the market demand cooling for the holidays it’s still a very competitive market due to the low inventory we are continuing to experience.