Year to date figures show 560 sold homes vs. 548 this time last year. The average sale price during this period is up to $223,000 from $214,000 and the median is up to $195,000 from $187,700. Average days on market has improved from 87 to 79 and the sale to list ratio has stayed virtually the same at 96.9%.

With an active for sale inventory of 1317 homes on May 1, and 220 pending contracts written in April, there is a 6 month supply of inventory which indicates a balanced market..

Home mortgage rates continue at historic lows in the 3.75 to 4.0% range for strong credit rated purchasers for 30 year fixed rate mortgages.

Fraida Varah

Year to date 1st quarter compared to same quarter last year shows 387 single family homes sold in Albany County this year compared to 373 last year. The average selling price was $225,000 compared to $214,000 last year and the median sale price was $195,000 this year to date compared to $185,000 last year. The average sale to list price ratio remained about the same at 96.4% and the average days on market improved from 90 last year to 81 so far this year.

30 year fixed mortgage rates remain around 4% for the most credit worthy borrowers.

Fraida Varah

Closed single family home sales in Albany County in January were 113 at an average sale price of $205,000 and a median sale price of $175,000. Sale to list price ratio was 96.4% and the average days on the market were 87.

30 year fixed mortgage rates remain under 4% for the best credit rated purchasers.

Fraida Varah

Mortgage cancelation relief is extended until January 1st, 2014. This is for people doing short sales and not wanting to be taxed on the amount shorted to the bank.

Deductions for mortgage insurance premiums, for filers making under $110,000, is extended through 2013 and is retroactive for 2012.

The energy efficiency tax credit of 10% (up to $500) was extended through 2013 for improvements to EXISTING homes.

Capital gains rate: This stays at 15% for those making under $400k/$450k. After that tax rate is now 20%. The $250k/$500k exclusion for the sale of a single family residence stays in place.

Estate Tax: The first $5m in individual estates and $10m in family estates are now exempt from estate taxes. After that the rate is 40%.

Fraida Varah

The average selling price was $230,000 compared to $227,000 last year and the median selling price was $202,000 compared to $195,000. The average time on the market declined from 81 days in 2011 to 76 days in 2012. The average sale price to list price ratio improved from 96.4% in 2011 to 97.1% in 2012.

Single family inventory in Albany County started the year at 1173 homes. There were 125 homes that went pending in December so the average supply of inventory is 9 months.

Conventional 30 year fixed mortgage rates for the best credit rated customers are in the low to mid 3% range.

Fraida Varah

Year to date closed sales are up about 10% from last years' 1745 to 1907 for the first 11 months of this year. The average sale price this year to date to last is virtually unchanged at $227,000. The median sale price is up about 2%, $195,000 last year to $200,000 this year.  Average sale to list price ratios are slightly better this year, 97.1% from last year, 96.4% and average days on the market is slightly improved from 79 days last year to 75 days this year.

With 1322 active single family homes on the market at December 1, and 133 homes sales in November, the months supply of inventory in Albany County stands at 10.

Home mortgage interest rates remain at historic lows for strong credit ratings. 30 year fixed rates remain in the 3.75% range.

Fraida Varah

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

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

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

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

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.

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

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

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.

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

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

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.

Fraida Varah

In addition to the scenic beauty of the Hudson River and Adirondacks, the excitement of the Saratoga Casino and Raceway and Gore Mountain, the Saratoga and North Creek Railway provides access to many of the region’s farmer’s markets, antique shopping spots, and museums and galleries. Popular spots include the Hudson River Trading Company, Garnet Hill Lodge, North Creek Depot Museum, and The Rustic Homestead and Streamside Fly-Shop. The Hudson River Trading Company’s Lodge & Camp merchandise provides a window into the region’s past; Garnet Hill Lodge offers rafting, fishing, biking and hiking; North Creek Depot Museum offers educational programs and exhibits; and The Rustic Homestead and Streamside Fly-Shop encompasses the rustic charm of the region as a renowned furniture shop, art gallery, fly shop, and fishing outfitter.

The Saratoga and North Creek railways include The Hudson Explorer, The New York Express, and The Gore Mountain Snow Train. The Hudson Explorer is the railway’s classic excursion that begins in Saratoga Springs in morning with return trips to North Creek in the late afternoon. The New York Express provides morning service from North Creek to Saratoga Springs, where riders head to the Saratoga racetrack or to NYC. After a half-century hiatus, The Gore Mountain Snow Train once again brings skiers and sightseers to North Creek. Diners can enjoy breakfast, lunch, and beverages in the Golden Sands and Bryce Canyon Vintage Coach Cars as they take in the beauty of the Adirondacks.

The Albany Chef’s Food & Wine Festival will be held January 12^th, 13^th and 14^th (Thursday through Saturday) at the Crowne Plaza – Albany City Center (unless otherwise noted). Participating chefs and restaurants include AJ Jayapal from the Mallozzi Family, Brian Molino from Prime Business Dining, Dale Miller from Sperry’s, Jaime Ortiz from Angelo’s 677 Prime, Jim Rua from Café Capriccio, Jonathan Crean from Kelsey’s Crowne Plaza, Luc Pasquier from Attache Culinaire, Mark D. Graham from Mezza Notte Ristorante, Ric Orlando from New World Bistro Bar, and Yono Purnomo from Yono’s and db, An American Brasserie.

The festival kicks off with a Mayor’s VIP Reception, which will be held at City Hall from 5 pm-7pm on Thursday, January 12^th. The reception is presented by Angelo’s 677 Prime and The Business Review, and wines are courtesy of Korbel & Sonama-Cutrer. Limited tickets are available for $125.

On Friday, January 13^th, 4pm-8pm and Saturday, January 14^th, 12pm-4pm there will be a Grand Tasting at Rising Star Chef Pavilion. There will be more than 250 wines, spirits, and beer and 40 participating chefs and restaurants over two days of tastings. The wines are courtesy of Empire Merchants North, and Beer by DeCresente. Three Rising Star Chefs will be featured in the Grand Pavilion at the ballroom entrance. Tickets are $50.

A Slider Slam will be held 8pm-11pm on Friday, January 13^th, featuring 10 participating chefs and restaurants. Craft Beer pairings are presented by Brewery Ommegang, and Wine & Spirits by Empire Merchants North. There will be live music and dancing, a Judge’s Choice, and a People’s Choice for best and most creative sliders. The Slider Slam is $25.

On Saturday, January 14^th, the Signature Chef Invitational will be held between 1pm-3:30pm, where chefs will compete for a spot on the 2013 Signature Chef Team in a mystery live competition during the Saturday Grand Tasting in the Pearl St. Room. The 2012 competitors are Jason Baker from Wine Bar & Bistro on Lark, Dominique Brialy from The Epicurean, Ryan Huneau from The Mallozzi Group, Rachel Mabb from the Renesselaer at The Hilton Garden Inn, and Giovanni S. Morina from the Gio Culinary Studio. Tickets are included in Saturday’s Grand Tasting.

There will be a Grand Gala Reception and 6-Course Dinner on Saturday, January 14^th. The Reception will begin at 6pm and the dinner at 7pm. The 2012 Signature Chef team will present “Food as Art” at live action stations, inspired by Capital Repertory Theatre’s 31^st Season. Wine is presented by Empire Merchants North, paired by Sommelier Dominick Purnomo. There will be a live and silent auction, and music and dancing. Tickets are $150.

There were 152 homes that closed in December compared to 157 in November. The average price fell from $227,000 to $221,000 and the median price fell from $203,000 to $182,000. Average days on market for those homes that closed in December were 89 and the sale to list price ratio was 96.3%.

Preliminary year end numbers for 2011 show 1892 homes sold and closed compared to 1962 last year. The average price dropped slightly from $228,000 to $227,000 and the median price dropped from $201,000 to $195,000. Average days on market increased from 73 in 2010 to 80 in 2011 and the sale to list ratio remained about the same at 96.5%.

Single family inventory in Albany County stood at 1281 homes on January 3, 2012 and their were 104 homes that went under contract in December indicating a 12 month supply of homes on the market, up slightly from November when there was an 11 month supply.

30 year fixed mortgage interest rates remain at historic lows in the low to mid 4% range.

Fraida Varah