Market Update

There were 163 single family home sales in Albany County that closed in November which compares to 160 closed the previous November. Average days on market were virtually unchanged, 59 this November compared to 60 last November. Sale to list price ratio and median selling price were also virtually unchanged at 97.2% and $200,000 for both this year and last year during November.

For the 11 months year to date, closed single family home sales in Albany County numbered 1943 this year vs. 1968 last year. Average days on market increased slightly this year from 66 last year to 71 this year. Sale to list price ratio also declined slightly from 97.2% last year to 96.9% this year. The mean selling price also declined slightly from $203,000 last year to $200,000 this year. The average selling price declined from $236,000 last year to $225,000 this year.

November pending single family contracts in Albany County numbered 132 compared to an active single family listing inventory of 1276 homes on December 1. This is a 9.6 month supply of inventory, up from 8.2 in October and 7.1 in September. 30 year fixed home mortgage rates were around 5% during November.