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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.
For tips on how to win in this market you can download our free buyer and seller courses at: youngcourses.com
Thanks for tuning in, we’ll see you in the next Young Home Selling Team Market Update.
