According to Global MLS, the marketplace for NY Capital District residential properties, here’s what happened in January 2022 versus December 2021:
The Number of SOLD listings decreased by 29% to 571 properties with a top sale of $2.75 million at 420 N Greenbush Rd in Rensselaer County.
Average Sales Price decreased by 3% to $280,288. Overall, the market is down roughly 6% from the September peak.
Average Price Per Square Foot price increased by 2%, up to $170 per square foot.
When factoring in seasonal demand inventory of properties available for sale as measured in months supply is up slightly, but overall units for sale is down significantly with a decrease of 25%.
The average 30 year fixed mortgage rate increased significantly to 3.73% according to bankrate.com. Interest rates have been on an upward trend, 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.
Bottom line, we NEED more houses to come on the market! Please reach out if you, or anyone you know, is thinking about selling so we can send a copy of our 7 Step Seller Plan.