Preliminary Albany County single family home sale numbers indicate 164 homes closed in September, down from 208 last month, at an average sale price of $239,000 (down from $253,000 last month) and a median sale price of $194,000 (down from $200,000 last month). The average sale to list price ratio was 95.7% and the average time on the market was 83 days.
Year to date, single family homes closed is 1409, down from 1514 during the first nine months of last year. The average sale price is up from $228,000 to $229,000 and the median sale price is down to $195,000 from $200,000 last year. The average sale to list price is about the same as last year at 96.4% and the time on the market is up from 72 days last year to 79 so far this year.
The market slowed some in September with 123 homes going under contract and with 1653 homes on the market as of October 1, the months supply of inventory is now up to 13.2 months compared to 9.5 months at the end of August.
Home mortgage rates are at historic lows with a 30 year fixed rate FHA loan now available at 3.75%.