During 2016, the single family home sale market in the four county area (Albany, Schenectady, Rensselaer, Saratoga) showed 9500 closed home sales against a total listing inventory of 14,200 with an average days on market of 68 and a 22% expiration rate.

In Albany County there were 3000 home sales closed against a listing inventor of 4300 units and a 20% expiration rate. On average seller's realized 98.6% of their asking price in an average of 60 days on market.  Average selling price was $239,800 compared to $239,600 in 2015.

In Rensselaer County there were 1500 home sales closed against a listing inventory of 2300 and a 25% expiration rate. Seller's realized on average 97.6% of their offering price in an average of 81 days on the market. The average selling price was $181,000 compared to $182,500 in 2015.

In Schenectady County there were 1850 closed home sales against a listing inventory of 2800 homes and a 23% expiration rate. Seller's realized on average 97.6% of their offering price in an average of 78 days on the market. The average selling price was $176,000 compared to $170,000 in 2015.

In Saratoga County there were 3100 home sales closed against an inventory of 4800 units and a 20% expiration rate. Seller's realized on average 98.2% of their offering price in an average of 63 days on the market. The average selling price was $298,000 compared to $300,000 in 2015.

30 year fixed conventional mortgage rates were in the 3.5% to 4.0% most of the year but began to move up in the last quarter to over 4%.

Fraida Varah