With A few weeks left in the 2009 Year, some preliminary results have been formulated about the Latham Real Estate Market. Here inthe Albany Area, our real estate market has stayed consistently above average compared to most parts of the county. The Town of Colonie which hosts many different Hamlets, Villages and other areas has especially maintained the trend of being one of the healthier micro real estate markets in all of Albany, NY and the surrounding Capital Region. The large assistance of commercial tax basis has provided the residents with a lesser tax load, thus making buying a home in the Town of Colonie a favorable and starting place for many home seekers (especially first time buyers in the Albany Real Estate Arena).
As far as the real estate report for 2009, the trends seem to show that some things are slightly down from the previous year. The number of homes SOLD in the Latham Real Estate market is down from 326 to 305. With the decrease in demand for new home sales, this would definitely impact the overall sales data. The average sale price in 2008 was $331,000 while in 2009 it was $286,000. It's important to note that 125 of the 305 homes that have sold in Latham/North Colonie for 2009 were in the $200,000-299,999 price point. This is over 40%! The average sq. footage of homes sold in the Latham Real Estate market has stayed relatively consistent at 1927 down from 2082. In 2009, the average Days on Market has been 71 up from 66 of the previous year. This number is also somewhat altered because I left the homes off the list that were new construction or the ones that were unlisted and sold by active agents (with buyer clients). The reason I did so was because when these properties are entered into the MLS the data shows that the houses were on the market for 0 days. However, new construction deals are made upon the signing of the contract w/ deposit and the others we're never really fully and fairly entered onto the market.
I hope this report is useful in some respect, and even though the numbers seem to be down, I would say the general feeling of the Albany (Capital Region) real estate market has been very healthy with high buyer confidence. Thanks to the law makers and voters who helped passed the tax credits and thanks especially for extending them out to April 2010! Hopefully next years, report is high flying and things increase for the general health of our economy! Best in '10.
Michael J. Field, Assoc. Broker - REALTOR
THE HOME FIELD ADVANTAGE!
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