- 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
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.