I am a numbers guy and like crunching numbers and looking at statistics rather then going with a "gut" feel for the market. We have recently finished crunching the numbers for 2009 and the numbers are similar to 2008. Click the link below for your free copy of the 2009 Year Summary report.
Clancy Real Estate 2009 Year end summary
It should be noted that this report includes market data for single family homes in Albany, Schenectady, Rensselaer, and Saratoga counties only. The total number of homes sold held steady at about 5,875 for 2009 in comparison to 2008. In general, the number of homes sold each year has declined over the past 5 years. The 2009 total homes sold numbers are roughly 20% below the 7,428 homes sold in 2004. So hopefully the market has found stability in it's volume of homes sold.
I think the stunning numbers are the percentage of homes sold. Back in 2004 99% of homes listed for sale sold and sold for an average of 98% of list price! In 2009, only 56% of homes listed actually sold and when they did sell they sold for an average of 96% of list price. Ouch!
The bulk of activity continues to be seen below the $300,000 mark. Below this range market inventories are close to or below the 6 month inventory benchmark of a balanced market. Much of this activity can likely be attributed to the $8,000 incentive to first time buyers. Above $300,000 the inventories climb dramatically above 6 months and indicate a clear buyers market. At the current absorption rates it will take roughy two years to sell the current inventory of $400,000+ homes. Ouch again!
For a detailed report of homes sold and listed in your neighborhood visit us at Albany NY Market Trends Report
For a video review of November 2009 data put out by the Greater Capital Association of Realtors click the link below
December 2009 Albany NY Real Estate Market Video
I hope this helps. To discuss your personal situation and what this data means to you please do not hesitate to contact us. We love talking about real estate!
Sincerely,
Kevin Clancy
518-861-7016
kevin@clancyrealestate.com
http://www.clancyrealestate.com
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