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Key Take-Aways:
- Prices saw a dip month-over-month, led by a 23% decrease in average sales price across Saratoga county.
- It’s worth noting that there were abnormally large sales in Saratoga county in September, and a large amount of sales well below the median in October which contributed to the large decrease.
- Interest rates have been fairly stable lately, hovering in around 7.5%.
- 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.
- Multiple offers continue to be the norm, with sellers averaging 2.42% over asking price.
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 610 properties with a top sale of $1.65 million at 12 Cherry Tree Rd in Loudonville.
-The Average Sales Price decreased 10%, to $344,151. As noted above, there was a big swing in Saratoga county due to an unusual mix of properties closing in September and October.
–Average Price Per Square Foot decreased 6% to $198/sq. ft.
-The inventory of properties available for sale as measured in months supply decreased to 1.53 months’ worth of properties for sale.
– According to Mortgage News Daily, the average 30-year fixed mortgage rate increased to 7.48%.
–Sellers are continuing to receive offers over asking, netting an average of 2.42% over their asking price.
In summary, it’s still a very competitive market due to the low inventory we are continuing to experience.
