Market Update

Albany County single family closed home sales in May were down 28% from May '08 ...129 closed units this month compared to 179 in May '08. Median sale price for May '09 was $210,000, up from $204,500 last May. Sale price to list price ratio remained about the same..96.7% in May, '09 compared to 97.5% in May '08. Average time on the market remained the same... 74 days this May to 75 days last May.

Year to date, closed Albany County single family home sales are still down 18.6% from the same period last year with 590 closed through 5/31/09 vs. 725 during the same period last year. Albany County single family home sale prices are holding (down 1%) during the first five months of this year vs. the first five months of last year with the YTD median selling price this year at $197,700 vs. $199,820 last year. Median sale price in the surrounding counties have declined somewhat more (as much as 10% in Saratoga County).

The velocity of the single family home sale market has increased slightly from last month. As of June 1 there are currently 1289 single family homes on the market and there were 239 pending sales in May leaving us a 5.4 month supply of inventory..down from 6.2 month supply at the beginning of May. 30 year conventional home mortgage rates were between 4.9 and 5.25% during the previous month.