Single family home sales in Albany County in October numbered 179 compared to 202 in October '08. Comparing this past October to last October, the average sale to list price ratio declined from 97.3% to 96.4% and the average days on the market remained the same at 61.
Year to date single family home sales in Albany County through October 31 were 1747 compared to 1808 during the same period last year. The median sales price fell 2% from $204,000 to $200,000. The average sales price fell 3.5% from $234,900 to $226,800. The sale to list price ratio declined from 97.4% in '08 to 96.8% this year to date. The average days on market has increased from 67 in '08 to 72 this year.
Pending Albany County single family home sales numbered 163 in October against an inventory of homes for sale of 1334. This results in an 8.2 month supply of inventory compared to a 7.1 month supply in September. Interest rates remain in the 5.25 - 5.5% range for good credit rated buyers of 30 year fixed mortgages. It appears that the home purchase tax credit will be extended though the April of next year. These conditions make it a good market for buyers.
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