The selling season is in FULL SWING! According to Global MLS, the marketplace for NY Capital District residential properties, here’s how June closed compared to May close:
• The Number of SOLD listings increased by 17% to 704 properties with a top sale of 1.525 million at 367 Vly Rd in Niskayuna.
• Average Sales Price market wide increased 7% to $347,000.
• Median Sales Price increased by 4%, to $294,000
• Average Price Per Square Foot price increased by 3%, to $194 per square foot.
• Inventory remains low, with a slight increase to a 1.5 months supply of homes for sale. Inventory levels remain the key driver to prices, with sellers receiving and average of ~5% OVER their asking price.
• The average 30 year fixed mortgage rate had been increasing, reaching a new peak of 5.89% according to Bankrate.com. Rates have dipped slightly since then, so this is something we will continue to monitor.
Thanks for tuning in, and we’ll see you in the next Young Home Selling Team Market Update.