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According to data from the Global MLS, the marketplace for NY Capital District residential properties, here is how Q4 2022 compared to Q4 2021:
-The Number of SOLD listings decreased by 22% to 1,945 properties with a top sale of $3.2 million at 21 Rose Terrace in Saratoga Springs.
-The Number of PENDING listings decreased by 30% to 1,414 properties going under agreement during the period. This can largely be attributed to the challenging inventory levels in our market.
-The Average Sales Price increased 5%, to $308,363, while the Average Price Per Square Foot increased 5% to $176 per square foot.
-The inventory of properties available for sale remains low, ending at a 1.40 months worth of properties for sale.
-This one has been the massive shift in the market place. The average 30 year fixed mortgage rate more than doubled, increasing from 3.11% to 6.59% according to Bankrate.com. Ouch. Experts are torn with the direction we should expect moving into 2023, but we should not expect to see mortgage rates below 5% anytime soon.
-There are a lot of mortgage options out there that offer lower rates. A client of mine recently closed on a property with a variable rate mortgage under 5%, and the rate is guaranteed to not increase for 10 years (and he can refi later if/when rated go down). So don’t let the average rate increase discourage you… there are options if you are ready to buy now!
-Sellers continued to average over their asking price, but this premium has been decreasing. Last quarter, sellers averaged just .05% over ask, down .46% from Q4 2021.
***As always, consider the above market trends carefully as these statistics can vary widely across our market depending on location.***
If you’re thinking about buying or selling we can provide a custom analysis for your unique situation, so please reach out if you need anything.
