Sold and closed homes in Albany County for September '08 numbered 158 which was down from 202 in September '07. Average days on market remained the same at 60 and sellers were realizing on average the same in September '08 as in September '07...96.4%. The average sale price was significantly higher at $256,000 vs. $219,000. It appears more higher priced homes sold last month. The 3rd quarter year to date numbers show an 18% decline in the number of homes sold and closed from 1910 through September 30, '07 to 1561 for the same period this year. Days on market (68) and the percentage of asking price sellers were realizing (97.2%) stayed the same from 3rd quarter '07 to 3rd quarter '08. Average sale price slipped 1% from $238,833 in "07 to $235,483 this year.
The current inventory level in Albany County dropped slightly from a 7.3 month supply of homes on the market last month to a 6.7 month supply this month. There are currently 1393 homes on the market vs. 209 that went pending in September '08. Home mortgage rates continue to hold in the low 6% range and underwriting criteria remain strict.
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