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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.
