November Real Estate Market Report
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The month of November has plenty to offer residents of the Capital District. A change of seasons, plenty of leaves to rake, and who can forget Thanksgiving Day which typically kicks off the holiday season.
Real Estate Market Snapshot for November 2010
Let's take a look at the real estate market for resale single family homes that make up the Capital District.
Main Highlights of Real Estate Market
- Pending real estate homes have dropped 1.3% from October.
- The medium real estate home price increased over the same time last year.
- Year to date real estate market appreciation rose a full percentage point to 2.6 %
With the pending real estate homes dropping it appears buyers were waiting for election day to cast their vote on to buy a home. However nearly 400 people in October over took advantage of the opportunity, significantly benefiting from the historically low mortgage rates.
Buyers continued to pay sellers 96% of their asking price. This benefits both buyers and sellers. This figure represents it is a good time to sell a home, while buyers continue to demonstrate their faith in the Capital District Real Estate market place.
The average days a home remains on the market has dropped to 92 days. The Capital District real estate prices has stabilized in now that mortgage interest rates have fallen to 50 year lows. At some point prices for both real estate and mortgage rates will increase. Which means if circumstances are right for you it is a great time to consider upgrading from your present home or buying your first one.
Thanksgiving Day will be celebrated on Thursday November 25, which official opens the door to the holiday season. This typically is a time to pause and give thanks for material items and friends and loved ones in our lives. The holiday season offers unique opportunities to give to those that are less fortunate. The United States Marine Corp. has officially began its annual Toys for Tots campaign for the 2010 holiday season. This campaign has reached out and assisted needy and deserving children all around the Capital District for over 43 years. Coldwell Banker Prime Properties proudly sponsors Toys for Tots. Please visit any of our branch offices through out the Capital Region to drop off a toy.