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Direct Access To All Multiple
Listings Like Realtors®

(Prices and inventory current as of Nov 30, 1999)

See Pictures and updates (icon)See photos and updates from listings directly in your feed

Share with you friends (icon)Share your favorite listings with friends and family

Save your search (icon)Save your search and get new listings directly in your mailbox before everybody else

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NY CAPITAL DISTRICT REAL ESTATE MARKET UPDATE | ARE PRICES FINALLY LEVELING OUT?

NY CAPITAL DISTRICT REAL ESTATE MARKET UPDATE | ARE PRICES FINALLY LEVELING OUT?

Key Take-Aways:

  • Average sales price has appeared to level out, hovering around $365,000 over the last 3 months
  • Inventory levels are still low and bidding wars continue to challenge buyers
  • Sale/List price ratio held relatively flat, with sellers averaging 3.48% over their 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 increased by 28% to 765 closed properties with a top sale of $1.9 million at 36 Hyde St in Saratoga Springs.

-The Average Sales Price remained flat, ending at $365,625.

Average Price Per Square Foot increased by 1%, ending at $201/sq. ft.

-The inventory of properties available for sale as measured in months’ supply decreased to 1.08 months’ worth of properties for sale.

– Mortgage News Daily shows that the average 30-year fixed mortgage rate decreased slightly to 7.07%.

Sellers are receiving higher offers, netting an average of 3.48% over their asking price, a decrease from the 4.17% premium received the previous month

In conclusion:

We are still very much in a seller’s market.  Despite the downward pressure that increased interest rates are having on prices, the low inventory levels continue to buoy prices by overwhelming the drag that  7+% interest rates should be having on price levels.

Would-be sellers are reluctant to trade the 3-4% interest rates they are currently enjoying, even if they are looking to upgrade or downsize. 

Downsizing but having the same (or an even higher) monthly payment is a bitter pill to swallow while upgrading comes with a significant price tag.