Rundown of Third Quarter Home Prices in New York
In the market for a New York mortgage? Allow us to shed light on prices of homes across the Empire State.
Overall, the average sale price on single family homes in the Albany area dropped slightly in October, according to the latest figures from the Greater Capital Association of Realtors Inc.
The survey, which is compiled from data collected on behalf of the Greater Capital Association of Realtors Inc. and the Saratoga Schenectady Schoharie Association of Realtors Inc., found that average sale prices dropped 3 percent to $216,341 for the month.
This compares to $221,895 in October 2005.
The median price was $187,000 in October, up 1 percent from $185,000 last year. The total number of closed sales fell 4 percent to 840 for the month.
“The market in our region has, in the opinions of many, weathered the adjustment to a market favoring buyers much better than many parts of the country,” said James Ader, chief executive officer of the Greater Capital Association of Realtors.
For the year to date, the average price rose 5 percent to $220,575, the median price rose 6 percent to $189,800, and the total number of sales fell 2 percent to $9,353.
Specifically, here’s a breakdown of prices in the state:
- Rensselaer County saw the biggest increase in average price locally, as well as the biggest increase in sales. The average price rose 15 percent to $198,403, total sales rose 17 percent to 131, and the median price rose 22 percent to $181,100.
- In Albany County the average sale price fell 6 percent to $229,824, total sales fell 6 percent to 224, and the median price rose 3 percent to $197,700. Those seeking a home mortgage in this sector will face reasonable prices.
- In Saratoga County the average price rose 2 percent to $278,642, total sales fell 19 percent to 191, and the median price rose 7 percent to $260,000.
- In Schenectady County the average price rose 7 percent to $177,578, total sales fell 5 percent to 133, and the median price rose 10 percent to $160,800.
Contact our panel of mortgage brokers for more information on loans in this state or others across the northeast.