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.