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.
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