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Albany New York Real Estate Blog

Fraida Varah

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Albany NY Real Estate Market Update: November, 2012

by Fraida Varah

Preliminary single family home sale numbers in Albany County show 166 closed homes in October compared to 189 in September. The average sale price was up slightly from $220,000 to $222,000 and the median for the month was up from $199,000 in September to $205,000. The average sale to list price ratio remained unchanged at 97% and the days on market increased from 68 to 84.

Year to date, 1735 single family homes have sold and closed in Albany County compared to 1587 for the same period last year. The average sale price is unchanged at $227,000 and the median sale price is up from $195,000 to $200,000. The average sale to list price ratio is up from 96.5% to 97.1% and the days on the market are less, from 79 last year to 75 this year.

As of November 1, there are 1420 single family homes on the market with 163 going under contract in October...leaving a 8.7 month supply of homes currently.

30 year fixed rate mortgages for the most credit worthy borrowers are in the 3.75% range.

Fraida Varah

Albany NY Real Estate Market Update: September 2012

by Fraida Varah

Preliminary single family home sale numbers in Albany County for August show 210 home sales closed at an average price of $242,000 and a median price of $214,000 after an average of 59 days on the market. July's numbers were 210 closed sales at an average sale price of $248,397 and a median sale price of $219,000 after an average of 66 days on the market.

Year to date single family home sales in Albany County are running about 7% ahead of last year at this time with 1344 closed home sales compared to 1257 last year. The average selling price is up slightly to $230,000 from $229,000 and the median is up to $200,000 from $195,000. The average sale to list ratio is basically unchanged at 96.8% and the average days on the market are down slightly from 78 last year to 75 this year.

As of September 1, there was a 7 month supply of inventory, unchanged from July, with 1471 active listings and 204 pending sales in August.

Home mortgage rates continue to be at historic lows in the 3.75% range for the most credit worthy borrowers for a 30 year fixed rate mortgage.

Fraida Varah

Albany NY Real Estate Market Update: August 2012

by Fraida Varah

Preliminary single family home sale numbers in Albany County for July show 179 homes sold and closed (195 in June) at an average sale price of $249,000 ($245,000 in June) and a median price of $220,000 ($215,000 in June). Sale to list price ratio unchanged at 97.3% and average days on market are 69 (66 in June).

Year to date closed single family sales are 1092 through July 31 compared to 1042 for the same period last year. The average sale price year to date is $227,000 compared to $224,000 last year and the median this year is $200,000 compared to $195,000 last year. Average days on market are unchanged at 79 and the sale to list ratio is up slightly from 96.7% last year to 97% this year.

On August 1 there were 1447 single family homes on the market in Albany County and July saw 204 homes go under contract indicating a 7 month supply of homes about the same as last month.

30 year fixed home mortgage rates remain in the 3.8% range for the most credit worthy customers

Fraida Varah

Albany NY Real Estate Market Update: July, 2012

by Fraida Varah

Preliminary Albany County single family home sale numbers for July 1 indicate there were 171 home sales that closed in June (168 in May) at an average sale price of $244,000 ($224,000 in May), and a median sale price of $215,000 ($200,000 in May). Most of these home sale went pending in April and May. The average days on market was 57 compared to 75 last month and the sale to list price ratio was steady at 97%.

Six month year to date comparisons are as follows:  885 sold homes this year compared to 852 last year. The average selling price this year of $222,000 compared to $219,000 last year and the median selling price of $195,000 this year compared to $192,000 last year. Average days on market is down slightly from 82 last year to 79 this year and sale to list price ratio is up slightly from 96.5% last year to 97% this year.

With 1413 single family homes actively for sale in Albany County on July 1 and 212 pending sales contracts in June there is a 6.6 month supply of inventory currently suggesting a balanced market.

Home mortgage rates for 30 year fixed rate mortgages remain in the 3.75% to 4.0% range.

Albany Area Schools Report

by Fraida Varah

This Captial District Business Review has published its annual schools report.  You can find it here:

http://www.bizjournals.com/albany/feature/schools-2012

 

Albany NY Real Estate Market Statistics: June, 2012

by Fraida Varah

Preliminary Albany County single family home sale numbers show 160 closed sales in May, down from 170 in April, at an average sale price of $225,857 compared to $217,741 in April. The median sale price was $200,000 in May compared to $192,000 in April and average days on the market fell from 82 in April to 75 in May.

Year to date there have been 701 closed single family home sales in Albany County compared to 633 for the same period last year, up 10%. The average selling price is $217,000 compared to $215,000 last year and the median is $190,500 compared to $190,000 last year. Average days on the market are the same at 84 and average sale to list price ratio is also the same at 96%.

The months supply of inventory dropped from 7 April to  to 6.6 in May with 1363 active listings on June 1 and 205 pending contracts written in May.

30 year conventional fixed rate mortgages fell to their lowest level ever in May, with some as low as 3.5% for a week or so in May. Rates remain at historic lows for purchasers with excellent credit scores.

Fraida Varah

Albany NY Real Estate Market Update: May 2012

by Fraida Varah

Preliminary single family home sale numbers for Albany County indicate there were 154 home sales that closed in April, up from 129 in March. The average selling price was $217,000 (up from $209,000 in March) and the median sale price was $191,000 (down from $192,000 in March). The sale to list price ratio was 94.9% on average (March was 96.3%) and the average days on market declined from 92 in March to 81 in April.

Year to date, we are running a little ahead in closed transactions with 519 so far this year compared to 472 during the first four months of last year. Both the average sale price this year ($215,000) and the median sale price this year ($186,000) are down slightly from last year ($216,000 and $190,000 respectively). Both the average sale to list ratio, 96.3%, and the average days on market, 87, are unchanged from last year.

With 1309 active Albany County single famil listings as of May 1 and 185 pending contracts written in April, the months supply of inventory stands at 7 months. This compares to a 6 month supply of inventory on April 1.

Current 30 year fixed mortgage interest rates continue to be in the 4% range with some rates slightly below 4%.

Fraida Varah

Albany NY Real Estate Market Update: April, 2012

by Fraida Varah

Preliminary single family home sale numbers for March, 2012 show 112 home sales closed at an average sale price of $212,449 (down from $218,024 in February), a median sale price of $199,000 (up from $188,000 in February) with an average sale to list price ratio of 96.2% (compared to 98% last month) and an average of 91 days on the market (down from 93 in February).

For the first quarter of 2012, there were 347 closed home sales compared to 345 during the first quarter of 2011. The average selling price was $214,900 compared to $216,700 last year and the median selling price was $185,000 this year compared to $190,000 last year. Average days on the market are the same at 88 and the average sale to list ratio this year is 96.9% compared to 96.2% last year.

The Albany County single family home market picked up in March with 195 pending sales compared to 155 pending sales in February. With 1229 homes on the market on April 1, there is a 6 month supply of homes compared to an 8 month supply of homes on March 1.

30 year fixed mortgage rates are now in the 4-4.5% range and have moved up slightly over the past few months.

Albany NY Real Estate Market Update - March, 2012

by Fraida Varah

Preliminary Albany County single family home sale numbers for February indicate 102 closed transactions, down from 119 in January, at an average selling price of $212,862 which is up slightly from $211,619 in January.  The median price was up to $186,500 from $177,500 last month. Average days on market were up to 87 from 81 in January and the sale to list price ratio was also up from 96.7% in January to 98% in February.

Year to date the news is mixed with 221 closed units through February 29, 2012 compared to 207 during the same period last year. Both the average and median selling prices were down, though, $212,000 and $180,000 for the first two months of this year compared to $219,000 and $190,000 last year. Sale to list ratio is up slightly from 96.9% to 97.3% and the average days on the market dropped from 87 last year to 84 during the first two months of this year.

February purchase contracts numbered 155 compared to 135 in January. With an inventory of 1184 single family homes in Albany County as of March 1, there is a 7.6 month supply of homes currently on the market, a market that slightly favors buyers.

30 year fixed home mortgage rates remain in the 4% range.

Fraida Varah

How About Some Honesty in Talking About the Housing Bubble

by Fraida Varah

Recently the media have made a big deal about the five largest U.S. housing lenders reaching a $26 million deal with the U.S. Justice Department which is supposed to provide some relieve to some struggling homeowners. On January 26, the Albany Time Union published an editorial whereby they claim that the "banks brought down the housing market." A little honesty here would be important for people trying to understand what happened. I start with this simple observation...if there had not been so many sub-prime mortgage loans made, there would not have been a housing bubble or the housing market decline that followed.

This problem started with the passage of the Community Reinvestment Act in the late 1990’s which mandated banks make mortgage loans to unqualified borrows in order to increase home ownership.  For the next ten years, Fannie Mae and Freddie Mac, directed by H.U.D. and  encouraged by a complicit United States Congress, continued to lower the mortgage underwriting standards and increase the percentage of sub-prime loans that Fannie and Freddie insured to the point where there was no hope of these government sponsored entities being able to make good on their insurance guarantees without a massive infusion of borrowed money which the taxpayer is on the hook for.  When we finally ran out of both qualified and unqualified homebuyers, the sudden decrease in demand led to the fall in housing prices which in turn led to large losses for those banks holding subprime mortgages and mortgage securities when the value of the homes fell and those borrowers could not pay.  When these banks were in danger of failing, two Presidents and the Congress bailed them out with borrowed money, again with the taxpayer footing the bill.

Many large banks were certainly aggressive in taking advantage of the situation that our federal government’s market intervention created. The repeal of portions of the Glass-Steagall Act in 1999, which effectively removed the separation between investment banks and commercial banks, permitted a level of risky bank behavior that ultimately resulted in a massive tax-payer funded bail out. Without the politician’s interference in the mortgage market, however, the housing bubble would not have occurred as the market would have slowed down gradually once all the qualified buyers had purchased homes. In short, the banks would not have had the opportunity to make sub-prime loans and then seek to mitigate the risk associated with them by creating and selling ridiculous investment products secured by bad loans.

Without an acknowledgement of the causes of the sub-prime mortgage crisis and resultant housing bubble, we cannot hope to deal intelligently with the problems created as a result.

Tony Garufi and Fraida Varah

 

Displaying blog entries 11-20 of 43