See photos and updates from listings directly in your feed
Share your favorite listings with friends and family
Save your search and get new listings directly in your mailbox before everybody else
Key Take-Aways:
- Prices up remained flat month-over-month, ending at an average sales price of $365,197 in July.
- Inventory remains limited but is showing some signs of increasing, with inventory increasing by 11% to 1.32 months of inventory available for sale.
- To put this in context, inventory levels of a 4 – 6 months’ supply is considered balanced so there is still a long way to go.
- Sale/List price ratio held relatively flat, with sellers averaging 4.17% over their asking price.
- FUN FACT: 41% of sales closed 5% or more over their asking price.
According to data from the Global MLS, the marketplace for NY Capital District residential properties, here are the latest stats:
-The Number of SOLD listings decreased by 7% to 596 properties with a top sale of $2.275 million at 176 5th Ave in Saratoga Springs.
-The Average Sales Price remained flat, ending at $365,197.
–Average Price Per Square Foot decreased by 2%, ending at $200/sq. ft.
-The inventory of properties available for sale as measured in months’ supply increased to 1.32 months’ worth of properties for sale.
– Mortgage News Daily shows that the average 30-year fixed mortgage rate increased slightly to 7.1%.
–Sellers are receiving higher offers, netting an average of 4.17% over their asking price, an increase over the 3.99% received the previous month
In conclusion:
We are still very much in a seller’s market. Despite the downward pressure that increased interest rates are having on prices, the low inventory levels continue to buoy prices by overwhelming the drag that 7+% interest rates should be having on price levels.
Would-be sellers are reluctant to trade the 3-4% interest rates, even if they are looking to upgrade or downsize.
Downsizing but having the same (or an even higher) monthly payment is a bitter pill to swallow while upgrading comes with a significant price tag.
