2018 was a VERY interesting year for real estate in New York State's Capital Region. Low inventory, motivated buyers & low interest rates drove market activity for the first 2 quarters were multiple offers were the norm and sale prices that were higher than asking price were commonplace too.
With a slight uptick in interest rates, ongoing low inventory & worn-out buyers, conditions seemed to cool off a bit in the last half of the year. This cool off however, was really a return to typical market conditions.
SO.... how did the year look by the numbers?* Here you go:
* 11,792 single family homes were sold in 2018
* Average sale price was $238,497 which was 98.65% of asking price.
* Average days on market were 59
* Saratoga County had the largest volume of sold properties and the highest average sale price ($298,000)
* Rensselaer County had the lowest volume of sales.
* Schenectady County had the lowest average sale price at $181,766.
* Albany County had the lowest days on market at 42.
What does this all mean for 2019? Inventory continues to favor sellers a bit.
Properly preparing, pricing & promoting any property remains pivotal in ANY MARKET to connect with the right buyer.
So what about the listings you've seen promoted from my desk here? Heres's an update:
24 North St, Colonie... UNDER CONTRACT!
747 Plank Rd, Clifton Park... RENTED
66 James St, Schenectady... UNDER CONTRACT!
46 Eileen St, Albany... OPEN HOUSE Jan 13th, 1 - 3 pm
23 Bruce St, Scotia... SOLD!!
13 Turnberry Lane, Clifton Park... UNDER CONTRACT!
1223 Vinewood St, Rotterdam... SOLD!!
*Per ENYR MLS single family data; not reflective of any personnel opinion or guarantees for future market performance.