Real Estate Information

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

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

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

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

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

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

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

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

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

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.