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According to Global MLS, the marketplace for NY Capital District residential properties, here’s what happened in February 2022 versus January 2022:
The Number of SOLD listings decreased by 25% to 426 properties with a top sale of $1.1 million at 46 Union Ave in Saratoga County.
Average Sales Price decreased by 7% to $272,836. Market-wide, average Sales Price is down ~7% from the peak we experienced in September of ’21.
Average Price Per Square Foot price dropped by 5%, down to $166 per square foot.
The inventory of properties available for sale as measured in months remained low, ending at just 1.32 months supply of homes for sale.
The average 30 year fixed mortgage rate has been increasing, reaching 4.25% according to Bankrate.com.
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.
