Preliminary numbers for May indicate that there are currently 1275 active single family homes on the market in Albany County and they have been on the market an average of 126 days. So far there are 200 single family homes that went under contract so far this month and they have been on the market an average of 63 days. Average sale price so far this month has been $250,000.
April sales results for single family homes in Albany County showed that the number of houses sold (closed) in April declined from 184 (April ' 07) to 160. Both the average and median sales prices also declined. The average sales price was $225,000 for this past April compared to $237,000 for April ' 07. The sales price to list price ratio also declined slightly compared to last April from 97.1% to 96.9%. However, the house that sold sold a little faster as the average days on market also decreased from 84 to 66 days.
During the first quarter of 2008, both the average and median single family house sale prices in Albany County held at the same level as the first quarter in 2007. The average selling price during the first quarter of this year was $230,000 in ' 08 compared to $228,000 for the first quarter of ' 07. The sale price to list price ratio dropped slightly during the first quarter of ' 08 from 97.4% to 97% but the average days on market also dropped from 80 to 75. Even though the number of closed sales during the first quarter dropped from 494 in ' 07 to 367 this year, the number of homes on the market this year compared to last has also dropped resulting in stable sales prices. Mortgage rates continued to be in the 6% range for thirty year fixed mortgages.
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