According to Global MLS, the marketplace for NY Capital District residential properties, here’s what happened in August 2021 versus September 2021:
-The Number of SOLD listings decreased by 6% to 880 properties with a top sale of $1.7 million at 21 Winding Brook Dr in Saratoga County.
-The Average Sales Price increased by 2% to $317,000 moving the Average Price Per Square Foot up to $174 per square foot.
-The inventory of properties available for sale as measured in months supply stayed flat, ending at a 1.5 months worth of properties for sale. 4-6 months supply is considered balanced, so inventory is very challenging in our market.
-The average 30 year fixed mortgage rate increased to 3.01% according to HSH.com. While interest rates of 3% are historically low, it’s worth noting that interest rates have been steadily increasing since August.
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Thanks for tuning in, we’ll see you in the next Young Home Selling Team Market Update.