Is the market cooling? How are interest rates impacting the market, and what about the Fed actions to combat inflation?
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 11% to 778 properties with a top sale of $1.7 million at 41 Stony Point Rd in Saratoga County.
- The Average Sales Price stayed relatively flat, at $344,000 moving the Average Price Per Square Foot to $192 per square foot.
- The inventory of properties available for sale as measured in months supply continues to hover around 1.5 months worth of properties for sale. So still very low inventory in our area… with 4-6 months supply representing a balanced market.
- The average 30 year fixed mortgage rate decreased to 5.57% according to Bankrate.com. Primarily due to low inventory, sellers continue to average well above their asking price.
- Last month, sellers averaged 4.16% OVER ask.
Thanks for tuning in, we’ll see you in the next Young Home Selling Team Market Update.