Preliminary single family home sale numbers in Albany County indicate that there were 133 homes closed in May, up from 111 last month, at an average sale price of $218,000 and a median price of $208,000. Year to date there have been 598 homes sold and closed at an average selling price of $217,000, a median price of $191,500 and a 96.5% sale price to list price ratio and an average of 84 days on the market. Comparable numbers for the first five months of last year were 740 homes closed (aided by the federal tax credit) at an average sale price of $211,000 and a median price of $190,000. Sale to list ratio was 96.4% and the average days on market were 79.
As of June 1 there were 1533 single family homes on the market in Albany County with 194 homes going under contract in May indicating a 7.9 month supply of homes...down slightly from last month's 8.4 month supply. The market still slightly favors buyers at this point.
30 year fixed rate mortgages are still in the 4.5% range.
Fraida Varah Real Estate Group