Market Update

Sold and closed single family homes in Albany County numbered 224 in July '09 vs. 216 in July '08. The median selling price was significantly lower than the previous July, $200,000 vs. $225,000, but year to date the median price is only down 2% from the first 7 months of this year compared to the same period last year. Sale price vs. list price ratio was down from 97.9% in July '08 to 97.2% this past July. Average days on market increased from 59 in July '08 to 68 in July '09.

Year to date comparisons showed a decline in unit count of 1067 for the first 7 months of this year compared to 1174 for the same period last year. Sale to list price ratio declined to 96.6% year to date this year vs. 97.4% last year. Average days on market increased to 77 from 71 last year.

Pending sales of single family homes in Albany County in July were 228, down slightly from 251 in June. With an existing inventory of 1318 homes there is a 5.8 month supply of homes on the market, up from a 5.2 month supply last month. This is still a balanced market. 30 year fixed home mortgage rates remain in the 5.25 to 5.5% range.