According to Global MLS, the marketplace for NY Capital District residential properties, here’s what happened in November 2021 versus December 2021:
The Number of SOLD listings decreased by 5% to 806 properties with a top sale of $1.4 million at 27 Saddle Creek Circle in Saratoga County.
Average Sales Price decreased by 3% to $304,088. Overall, the market is down roughly 4% from the September peak.
Average Price Per Square Foot price dropped by 2%, down to $168 per square foot.
The inventory of properties available for sale as measured in months supply was down 21%, ending at just under 1 months supply. We saw a significant amount of sellers take their homes off the market, so this will be a trend we continue to monitor in hopes of moving towards a more balanced market.
The average 30 year fixed mortgage rate increased slightly to 3.22% according to HSH.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.