According to data from the Global MLS, the marketplace for NY Capital District residential properties, here are the latest stats (Q1 2023 VS Q1 2022):
-The Number of SOLD listings decreased by 21% to 1,244 properties with a top sale of $2.05 million at 35 Greenfield Ave in Saratoga County.
-The Average Sales Price increased 3%, to $299,225, while the Average Price Per Square Foot stayed relatively flat at $174/sq. ft.
-The inventory of properties available for sale as measured in months supply increased to 1.41 months’ worth of properties for sale.
-The average 30-year fixed mortgage rate increased to 6.57% according to Mortgage News Daily.
–Sellers are no longer averaging over the asking price, with the sale/list price ratio dropping to 99.07%. That being said, a significant percentage of homes in are continuing to sell well above the asking price.
In Summary, our market is showing signs of stabilizing after months of volatility, with interest rates with prices rebounding slightly after a six month skid. And while rates are higher than we like to see, this stability should give buyers and sellers more confidence to make their next move.