According to Global MLS, the marketplace for NY Capital District residential properties, here’s what happened in September 2021 versus October 2021:
The Number of SOLD listings decreased by 3% to 852 properties with a top sale of $1.5 million at 6 Stony Brook Dr in Saratoga County.
The Average Sales Price decreased by 7% to $293,915, but due to the mix of properties the Average Price Per Square Foot price stayed flat at $174 per square foot.
The inventory of properties available for sale as measured in months supply was down 6%, ending at a 1.4 months worth of properties for sale. 4-6 months supply is considered balanced, so remains a challenge in our market.
The average 30 year fixed mortgage rate increased to 3.14% according to HSH.com at the end of October. That being said, as of November 10th interest rates did dip back below 3%. Increased interest rates always results in decreased sales prices so this will be a trend worth watching.
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