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According to Global MLS, the marketplace for NY Capital District residential properties, here’s what happened in October 2021 versus November 2021:
The Number of SOLD listings decreased by 1% to 844 properties with a top sale of $2.1 million at 268 Broadway in Saratoga County.
While Average Sales Price increased by 3% to $304,088, the market is down roughly 4% from the September peak.
Average Price Per Square Foot price dropped by 1%, down to $171 per square foot.
The inventory of properties available for sale as measured in months supply was down 11%, ending at a 1.2 months worth of properties for sale. 4-6 months supply is considered balanced, so remains a HUGE challenge in our market.
The average 30 year fixed mortgage rate decreased slightly to 3.10% according to HSH.com. Interest rates have consistently been hovering over 3%, and industry experts are forecasting that the rates will continue to rise through June of 2022 as a counter measure to inflation. Increased interest rates always results in decreased sales prices so this remains to be a trend worth watching.
