Albany County home inventory is set to fall short of January 2017 numbers. Only 196 homes have been listed thus far, and with only a couple days left in the year, it’s likely the county will fall short of the 246 homes listed in January 2017.
The 133 home sales so far may also come up short of the 168 closings in January of last year. Although there are 368 Albany County homes set to hit a closing table currently, but they would need to see over 30 closings happen by Thursday.
Sale prices are about the same, only $2,000 lower than January 2017’s final average of $215,714. Of course this could change for the better, but all in all, average prices remain consistent year on year.
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As is the case with Albany County, Rensselaer County available homes have seen a decrease in 2018.
100 homes have hit the market thus far in Rensselaer County, 39 fewer than January 2017’s total.
Although home sales are close to being the same, and with a few days left in the month, they could exceed the 75 January sales of last year. 69 homes have closed thus far, and average sale prices have increased drastically.
75 home sales in the month of January 2017, resulted in an average sale price of $154,186, But so far in 2018, average sale prices in Rensselaer County are at $181,716.
The decrease in inventory may be the culprit, or some luxury sales could be skewing the numbers. We will take a closer look when we conduct our monthly report next week.
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The ever popular Saratoga County real estate market has joined its neighbors with a decrease in both sales and listings.
167 homes have listed so far in 2018, and is countered with 107 home sales. This is a drastic difference between 2017’s final numbers for the entire month of January, which saw 213 listings and 163 home sales.
Average prices have ticked up just barely, at $283,301 compared to last years $282,866.
Again, it may be too early to tell, and the bitter cold may be making potential home sellers hesitate to list early this year. We will see the final numbers for the month hit next week and get a true year-on-year comparison.
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It’s the same theme for available inventory in Schenectady County, as listings are down a bit from 2017’s month of January.
127 homes have been listed in Schenectady County so far, in comparison to 178 at the end of January 2017.
But alas, demand has increased a bit for at least one county, as this market has already surpassed 2017’s January final number of 91 home sales.
96 home owners have successfully accomplished their goal thus far in 2018, and they have also been rewarded with higher sale prices.
The average price so far in Schenectady County is $158,060. That is a great increase compared to last years January average of $141,590.
We will see if the smallest, and slowest county in the Capital Region, can sustain this performance going forward.
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Notable Trends through Week 4
Ballston Spa School District
Ballston Spa inventory sees a 40% increase versus this time last year. Anxious home sellers may be ready to take advantage of the regions hottest real estate market.
25 homes have hit the market so far in Ballston Spa, compared to 15 at this point last year. Although sales are lagging behind a bit, with only 9 closings in contrast to the 23 sales this market saw in Week 4 of 2017.
Ballston Spa has been one of the strongest markets in the region for the past few years, so seeing a decrease in performance this early isn’t anything to ignore. We have found that looking back on the beginning of the 2017 real estate market has showed us early signs of where both good and bad markets ended up at the end of the year.
Niskayuna School District
Niskayuna is seeing favorable increases so far in 2018. This is good news for a market that had hit a lull in 2017.
High taxes and asking prices that don’t quite match up with such tax bills, are the main culprit for home owners spending more time on the market while buyers hesitate.
The Niskayuna School District market is seeing an increase of homes available for sale, and an increase in home sales as well for the first four weeks of the year.
Although home sale prices have dipped a little bit, this is the one category that will become more realistic as the first quarter comes to a close, where there will be a bigger sample size of home sales.
Troy School District
The Troy School District real estate market has seen a significant decrease in homes for sale through Week 4 of 2018 compared to last year.
Only 8 homes have hit the market thus far, compared to the 22 homes to hit that market at this time last year.
While a decrease of inventory could certainly help home sellers see higher prices, especially with multiple tax increases, it all depends on where demand matches up going forward.
Only 5 home sales have been recorded so far in Troy for 2018, down from the 13 home sales seen at this point last year.
Good news here is, average price is up compared to Week 4 in 2017, and these 5 sales have seen an average days on market of just 25 days.
Look for these numbers to change drastically as we head into February.