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I wanted to give a quick update on some of the housing stats for the first half of 2016 here in the Capital District. It's was a very busy first quarter of 2016, and the second followed just as strongly.
Coming into the middle of June, we show that the number of homes available for sale actually decreased by nearly 16%, shrinking inventory and creating more demand. Pending sales rose more than 16%, which is good because more homes are selling. As a result, closed sales are up 17.5% from this time last year.
You’d think the average sales price all over the Capital District would increase, but it actually fell by 2.2% over last year. Then again, there are certain pockets like Saratoga County, which is up about $10,000, in average sales price. Likewise, months supply of inventory is another number we like to watch, and it’s down 28.2% - that’s a huge number. We’re down about 6.4 months of inventory throughout the entire capital district. Again, this varies by area.
Percentage of original list price to sale price ratio is about 93.6%, which is something we’ll probably see start to increase as more and more multiple offers come in. If you find yourself in one of these multiple offer situations, don’t throw out a lowball offer. Do your research and find out what homes in the area are selling for so you can act quick. I recently had a buyer who just came onto the market and only saw two properties, but the second was exactly what they wanted. Someone told them they had to go out and see seven or eight homes before they actually put an offer on a home, and they ended up losing the home because an offer came in and was accepted in the meantime.
Finally, remember that mortgage interest rates are still very low. There are some rumors that these interest rates could rise in the third or fourth quarter, so you might want to take advantage now.
Thanks for tuning in today. If you have any questions for me, please feel free to give me a call or send me an email.
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