Market Update

Closed single family home sales in Albany County numbered 222 for the month of August '09 compared to 251 for the previous August. The median sales price was $212,500 compared to $202,500 the previous August and the sale to list price ratio (percentage of asking price received) was 97.9% in August '09 vs. 96.9% in August '08. Generally this reflects the spike in pending sales activity that occured in June and July of this year. The average days on market for the month was 63 compared to 58 the previous August.

Not withstanding the activity during June and July, year to date numbers are running slightly behind the same period in '08. Closed single family units were 1329 this August year to date compared to 1425 in '08. The median sales price slipped from $205,000 in '08 to $200,000 so far this year. The sale to list price ratio also fell from 97.3% in '08 to 96.8% this year to date. The average days on market has increased this year to date to 74 from 68 during the same period last year.

As of September 1, the inventory of single family homes for sale in Albany County stood at 1328
and pending sales in August numbered 171 indicating a 7.8 month supply of inventory on the market. This indicates a market that now slightly favors buyers compared to the balanced market in June and July. Mortgage rates are still in the 5.5% range for a 30 year fixed rate mortgage. First time homebuyers still have a few more months to purchase their home and receive an $8000 federal tax credit on their tax return next spring.