Market Update

Sold and closed single family homes in Albany County for October '08 numbered 170 which was up from 158 last month but down from 230 during October '07. Average days on market edged up to 62 from 60 last month and 59 last October with sellers realizing the same on average from last month at 96.9% of their asking price. The average selling price dropped slightly to $232,460 in October '08 from $234,795 last month. 10 month year to date figures show declines in closed home sales from 2141 last year to 1757 through October 31 of this year. Average days on market, average selling price and average sale price to list price ratio are all off slightly from the same period last year...this years numbers are 67 (vs. 66) days on market, $234,795 (vs. $236,550) average sale price, and 97.2% (vs. 97.5%) sale to list price ratio.

The current inventory of single family homes for sale as of November 3 was 1377, a slight decline from last month. However with 150 pending contracts written in October, the single family inventory of homes for sale is now at a 9 month supply. Home mortgage rates are in the mid 6% range for 30 year fixed mortgages.