Here is a quick summary of what happened in March 2017 for single family resale homes in the four primary counties. There were 808 pending sales in March. Pending sales were up 25% over February. . New listing inventory taken for the first quarter of 2017 is down 12.4% as compared to last year for the same three months. The absorption rate is coming in at a 2.7 month supply. This low number is caused by inventory being low and pending sales up. The overall year to date appreciation rate for all four counties in comparison to 2016 is up to a 5.1% increase, using a median sales price of $194,950. Schenectady County is leading the way with an appreciation rate of 7.3% year to date. Sellers listing their home, at market price took 74 days on average to receive an acceptable offer so far this year. Price reductions came in at 771 for the month in an effort for sellers to generate an offer. The overall average list to sale price is 96.8% of asking price. That’s the way it was for March 2017.
It's truly a great time to sell your house. Give me a call and I can help you!!!