Market Update

Sold and closed single family homes in Albany County for November '08 numbered 132 which was down from last month's total of 170 and down from November '07 which was 186. Average days on market for sold homes was 59 days down slightly from last month's 62 days. The average selling price was up to $262,793 but there was a large sale of $1.7 million that affected that average. The sale to list price ratio was up slightly to 97.3%. November year to date closed sales were 1916 vs 2329 last year, down 18%. Year to date average selling price is unchanged from last year at $236,000. And days on market and sale to list price ratio are also unchanged at 66 days and 97% respectively.

The current inventory of single family homes in Albany County stood at 1331 at the beginning of December and November pending single family sales were 113, down from 150 last month. There is currently an 11.8 month supply of homes on the market in Albany County...definitely a buyer's market. Home mortgage rates are now in the 5.5% - 6% range for 30 year fixed rate mortgages. For those looking for a buying opportunity, these next six to twelve months appear to be it.