What are the market trends suggesting about the trajectory of our local real estate market? With all of the news about a recession, inflation, and increasing interest rates you may be thinking that the market is cooling off… so these number might surprise you!
According to Global MLS, the marketplace for NY Capital District residential properties, here’s how Q2 closed compared to Q1 close:
• The Number of SOLD listings increased by 17% to 1854 properties with a top sale of 2.9 million at 8 Campion Lane in Saratoga Springs
• Average Sales Price increased 15% to $324,000
• Median Sales Price increased 7%, to $285,000
• Average Price Per Square Foot price increased by 9%, to $184 per square foot
• Inventory remained low, with a slight increase to a 1.39 months supply of homes for sale. Inventory levels remain the key driver to prices, with sellers receiving and average of ~4% OVER their asking price
• The average 30 year fixed mortgage rate increased significantly, from 4.53% to 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 will continue to keep you posted as the market changes.