NY Capital District Real Estate Market Update Script
Hi, Jason here with your monthly NY Capital District Market Update.
If you’re thinking about buying or selling residential real estate, it’s important to understand the current market trends so that you can make an informed decision when making your next move.
According to Global MLS, the marketplace for residential properties in our area, here’s what happened in August versus July of 2021:
• The Number of SOLD listings increased by 2% to 937 properties with a top sale of $1.85 million at 40 Fifth Av in Saratoga Springs.
• The Average Sales Price increased by 1% to $303,000 with an Average Price Per Square Foot $166 per square foot.
• The inventory of properties available for sale as measured in months supply increased by 2% to 1.5 months worth of properties for sale. Overall, inventory is down nearly 16% Year Over Year, with 1,374 homes for sale compared to 1,607 homes this time last year.
• The average 30 year fixed mortgage rate increased slightly to 2.87% according to HSH.com. So money is still extremely cheap.
In summary, we are still in a strong sellers market. Inventory levels remain a challenge, which is putting upward pressure on prices. Fortunately, interest rates remain under 3%, which helps with affordability but also increases the level of buyer competition for properties.