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 30% to 429 properties with a top sale of $2.05 million at 35 Greenfield Ave in Saratoga County.
The Average Sales Price dropped 4%, to $296,000 w/ a 5% drop in Average Price Per Square Foot down to $168 per square foot.
The inventory of properties available for sale as measured in months supply increased to 1.57 months worth of properties for sale.
The average 30 year fixed mortgage rate decreased to 6.43% according to Bankrate.com.
Sellers are no longer averaging over asking price, with the sale/list price ratio dropping to 98.87%. That being said, of the 429 sales we had last month more than 50% of those sold ABOVE asking, with nearly 20% of those properties closing 5+% over asking price.
In Summary, even though prices are coming down on average, great homes that are priced well continue to sell to multiple offers which is bidding up prices. This will not change until there is more inventory of homes available to sale. This market continues to be challenging, but we have free step-by-step guides that can help you win. Visit my website at JasonYoungRealEstate.com to learn more.