Market Update

Preliminary numbers for Albany County Single Family homes sales are in. Closed units were 138 in March compared to 145 last March. Year to date, closed sales are 341, up from last March year to date's number of 323. Both the average and median selling prices for the first quarter of 2010 are down. The median of $187,000 this year vs. $196,500 last year and the average of $216,000 this year vs. $222,000 last year. For the first quarter of this year, sellers are averaging 96.7% of their asking price compared to 95.3% for the first quarter of last year. Days on Market have also improved from 87 in the first quarter of 2009 to 81 in the first quarter of this year.
With 1319 active single family listings in Albany County as of April 1 and 214 pending sales in March, the inventory has tighted up to a 6.1 month supply compared to the 9 month supply in January and February. If this continues we will see prices begin to level out as we reach a balanced market for the first time in six months.
Mortgage rates are still in the low 5% range for 30 year fixed rate mortgages.

Market Update

Closed single family home sales in Albany County numbered 90 For February with the two month year to date number at 189 compared to 178 for the same two month period last year.Year to date, the median sale price is $183,000 vs. $190,000 last year but the average sale price for this year vs. last year is unchanged at $213,000. Sale to list price ratio is up a point this year to date at 96.2% vs 95.2% last year. Average days on market are up so far this year at 86 days vs. 81 days for the same two month period last year.

Single family listings in Albany County totaled 1288 as of March 1 and pending contracts numbered 144 in February. This gives us an 8.9 month supply of inventory.

30 year fixed home mortgage rates are still in the 5% range and we have two more months (up to April 30) for the first time homebuyer tax credit and the homeseller tax credit.

Market Update

Single family closed home sales in Albany County numbered 83 for the month of January compared to 97 in January '09. The average selling price (including seller concessions) was $219,000 vs. $230,000 the previous January and the medina selling price was $188,000 vs. $200,000. Average days on the market were 76 this January compared to 81 last January and the average % of asking price received (including seller concesssions) was 96.6% this past January compared to 95% in January '09.

Active single family listings as of February 1 in Albany County totaled 1229. Pending sales (homes going under contract) in January were 126 giving us a 9.7 month supply of inventory.

30 year fixed mortgage rates are still in the low 5% range.

The above home sale numbers reflect the fact that most of the current market activity is predominantly in the $175,000 to $250,000 price range.

Market Update

Final Albany County December and 2009 year end numbers are in and show the following. December '09 looks like it was somewhat slower than December '08 with 142 single family homes closed compared to 167 in December '08. For the year ended December 31, 2009, the number of single family home sales that closed in Albany County was 2134 compared to 2135 the previous year. The average selling price fell from $235,000 to $224,000 and the median price fell from $202,000 to $200,000. Albany County home sellers averaged 96.9% of their asking price in 2009 compared to 97.2% in 2008. Average days on market increased in 2009 to 71 from 66 in 2008.

As of year end their is an 11 month supply of homes in Albany County on the market with 1174 active listings against 104 pending contacts of sale in December. Mortgage interest rates are still in the low 5% range for 30 year fixed mortgages. We expect these rates to start rising in 2010.