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Albany New York Real Estate Blog

Fraida Varah

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Albany NY Real Estate Market Update: December 2013

by Fraida Varah

Preliminary year end single family home sale numbers indicate that the number of homes sold and closed in Albany County in 2013 was up about 10% over 2012...2400 closed home sales in 2013 compared to 2149 in 2012.  The average selling price in 2013 was up to $236,600 from $231,000 in 2012 and the median sale price increased to $205,000 from $202,500. The average days on market in 2013 improved to 67 from 76 the previous year. The sale to list price ratio also improved to 97.7% from 97.1% the previous year.

30 year conventional fixed mortgage interest rates remain in the 4 to 4.5% range.

Fraida Varah

Albany County Real Estate Market Update: October, 2013

by Fraida Varah

Preliminary single family home sale numbers for September indicate 175 homes sold and closed at an average selling price of $259,000 and a median price of $223,000 after an average of 59 days on the market. Year to date, for the first three quarters of the year, there have been 1758 single family homes sold and closed in Albany County compared to 1587 for the same period last year. The average selling price this year is $240,700 compared to $229,200 last year. The median selling price is $208,000 this year compared to $200,000 last year. Average days on market fell to 66 compared to 74 last year and average percentage of asking price realized increased to 97.5% from 97.1% last year.

Active single family inventory on October 1 stood at 1369 homes. With 182 home going under contract in September, that indicates 7.5 month supply of inventory county wide.

30 year fixed rate mortgages remain under 4.5% for the most credit worthy borrowers.

Fraida Varah

Albany County Real Estate Market Update: September, 2013

by Fraida Varah

Preliminary home sale numbers for single family homes in Albany County for August show 251 units sold and closed compared to 267 last month. The average sale price was up to $254,000 from $246,000 last month and the median was up to $217,000 from $213,000 last month.

Year to date numbers show 1533 single family homes sold and closed compared to 1392 this time last year. The average sales price was $239,000 this year to date compared to $230,000 last year to date. The median sales price was $205,000 so far this year compared to $200,000 last year. Average days on market fell to 66 this year compared to 75 last year and the average sale to list price ration was 97.8% this year compared to 97% last year.

30 year fixed mortgage rates for the best credit worth customers are presently in the 4.5% range.

Albany County Real Estate Market Update: July 1, 2013

by Fraida Varah

Preliminary Albany County single family home sale numbers for June show 194 closed units with an average sale price of $247,000, a median sale price of $219,000, an average of 70 days on market and a sale to list price ratio of 97.8%.  This compares to 158 closed units in May at an average sale price of $238,000 and a median sale price of $209,000.

For the six months year to date through June 30, there have been 964 sold and closed units compared to 930 last year at this time. The average selling price of $232,000 and median selling price of $202,000 compare to an average selling price of $223,000 and a median price of $195,000 last year. Days on market have improved from 80 to 70 and sale to list price ratio improved from 97% to 97.5%.

At July 1, the single family inventory in Albany County stood at 1460 homes and there were 231 homes that went under contract in June leaving a 6 month supply of homes on the market which is a balanced market (not a sellers or buyers market).

30 year fixed home mortgage rates have ticked up to approximately 4.25 %.

Albany County Real Estate Market Update: April, 2013

by Fraida Varah

Preliminary single family home sale numbers in Albany County indicate 145 homes sold and closed in April compared to 153 in March, at an average sale price of $225,800 and a median price of $195,700. Average days on market were 73 and average sale to list price ratio was 97.3%.

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

 

Albany NY Real Estate Market Update: March 2013

by Fraida Varah

Preliminary March numbers for single family homes sold in Albany County show 131 closed sales in March compared to 100 last month. The average price is $234,000 and the median price is $195,000. Average days on the market was 71 compared to 84 last month and the average sale to list price was 96.4% in March and 95.9% in February.

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

Albany NY Real Estate Market Update: January 2013

by Fraida Varah

The new year is off to a relatively fast start with 172 pending contracts of sale against a listing inventory of 1078 single family homes in Albany County.  Southern Saratoga County in the Clifton Park market was also off to fast start with 61 pending contracts and a listing inventory of 366.  In both Albany County and southern Saratoga County there is a 6 month supply of single family inventory which indicates a balanced market (neither a sellers or buyers market).

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

"Fiscal Cliff" Provisions that Affect Real Estate

by Fraida Varah

Here is a short summary of changes in the law recently enacted that affect real estate as compiled by the National Association of Realtors:

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

Albany NY Real Estate Market Update: December 2012

by Fraida Varah

Preliminary single family home sale numbers in Albany County for the 12 month period ended December 31, 2012 indicate there were 2123 homes sold (and closed) compared to 1918 last year.

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

Albany NY Real Estate Market Update: December, 2012

by Fraida Varah

Preliminary single family home sale numbers for Albany County show 149 homes sold and closed in November compared to 186 last month. The average and median sale prices we up for the month about 6% and 9% respectively and the average days on market was down from 82 last month to 65 this month.

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

 

Displaying blog entries 1-10 of 43