June '08 showed 96 fewer home sales closed than the previous June in Albany County (198 vs. 294) but up from 146 last month. The average sale price fell form $248,000 to $235,000 and average days on the market increased from 62 to 67. The sale to list price ratio declined slightly from 97.8% to 97.5%. The first half numbers show 908 Albany County homes sold and closed this year vs. 1193 during the first half of last year. The average selling price was down slightly during this period from $233,000 last year to $230,000 this year. Average days on market are the same at 72 and the sale to list price ratio is off slightly from 97.7% to 97.2%. Pending Albany County contracts in June '08 (signed purchase contracts) numbered 225 against an inventory of 1338 homes resulting in a 5.9 month supply of homes. This is down slightly from May where we had a 6.4 month supply of homes on the market. Albany County does not have the excessive inventory many other areas of the country have at this time. Thirty year fixed mortgage rates for excellent credit borrowers are currently in the 6.25 to 6.5% range. Jumbo loans run about 1/2% higher.
So far this year, Fraida Varah Real Estate Group seller's are averaging 1% more in selling price and selling their home 1 month sooner than the average Albany County home seller.
Tuesday, June 3, 2008
Monday, June 2, 2008
Market Update
May '08 showed 75 fewer home sales closed than the previous May in Albany County (146 vs. 221). The average price increased from $224,000 to $238,000 but the average days on market increased from 60 to 82. The average sale to list price ratio also declined from 98.4% to 96.8%. June's numbers will likely be better as indicated in the pending contracts number in the previous post below.
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