According to Global MLS, the marketplace for NY Capital District residential properties, here’s the comparison of Q4 2021 Close Vs. Q1 2022 Close:
- The Number of SOLD listings decreased by 30% to 1803 properties with a top sale of 3.6 million at 83 Brown Rd in Saratoga County.
- Average Sales Price decreased by 4% to $281,688.
- While the average sales price decreased Quarter over Quarter, sales prices are starting to trend upward with Month over Month prices increasing 11% to $302,874. This increase is a positive sign that today’s buyers are resilient to the increase to interest rates
- Average Price Per Square Foot price dropped by 1%, down to $167 per square foot.
- The already low supply of inventory of properties available for sale as measured in months dropped 22%, ending at just 1.07 months supply of homes for sale.
- The average 30 year fixed mortgage rate has been increasing, reaching 4.53% according to Bankrate.com.
Our hope as we enter the spring market is that more homes become available for buyers. Over the past week we had a surplus of over 200 units come on the market, so hopefully a trend that continues.