Albany NY Real Estate Market Update: January 2012
Preliminary Albany County single family home sale numbers for January, 2012 indicate 115 homes closed, less than the 167 closed in December. The average selling price was $213,000 and the median was $177,500..both down from the December average of $223,000 and median of $184,000. Average days on market stood at 80.
Compared to January 2011, there were virtually the same number of closings but the average selling price was down from $229,000 in 2011 to $212,000 this January. The median price was also lower falling from $203,500 to $177,500. These numbers probably reflect two things. The affordable home buyers program in the City of Albany which probably accounted for 30 or so transactions in October at selling prices under $200,000 and significantly less activity in the middle and upper price ranges during the last quarter of 2011.
As of February 1, there are 1238 active single family homes on the market in Albany County. There were 135 homes that went under contract in January so the month supply of inventory in Albany County stands at 9, still a buyers market.
30 year fixed rate mortgages are still hovering at historic lows in the 4% and sub 4% range.