Market Update

Single family home closings in Albany County dropped 21% in March '09 from the previous March...117 vs. 149. The median sale price dropped 2.5% to $195,000, the average sale to list price ratio dropped to 95.8% from 97.3% and the average days on market increased from 81 last March to 93 this past month.
Year to date numbers followed suit. Closed single family homes dropped 23% during the first quarter to 289 from 377 last year. Median sale price fell 2.5% to $195,000 and sale to list price ratio fell to 95.4% from 97.2% and average days on market increased to 87 during the first quarter of this year from 77 during the same period last year.
The inventory of single family homes for sale in Albany County as of April 1 was 1165. Pending sales (homes that went under contract) in March were 191 indicating a 6.1 month supply of homes.
With interest rates at almost all time lows and the $8000 federal tax credit for first time home purchasers (folks who have not bought a home in the last three years), the 2nd quarter is shaping up to be a very active period for Albany County home buyers and sellers.