Albany NY Real Estate: Albany NY Real Estate Statistics- Still Sitting on an 8 Month Supply of Homes

After my last posting about the market heating up I figured I would take a look at some market statistics. I don't like to pull my data like average  Days on market solely from my Multiple Listing service as the data is skewed in my opinion. Homes are listed, re- listed, expire, agents changed and the days on market data becomes inaccurate. To me the overall absorption rate is a number that is important. Here are the numbers based on single family homes in Albany, Saratoga, Schenectady, and Rensselaer counties. In 2007 a total of 7,934 homes were sold. In 2008 this number dropped to 6,849 which represents a 13.6% decline in the number of homes sold. Currently there are 4,593 single family homes for sale in the four counties. Assuming we sell roughly the same number of homes this year as last year this represents roughly an 8 month supply of homes on the market. I expect the number of active homes will grow in the next couple of months as well. So there you have it, despite the multiple offers and increase activity over the past several weeks we still have an 8 month supply of homes for sale. As a general rule a 6 month supply of homes is considered a balanced market. More then this and we are in a buyers market. Less then 6 months of supply and we are in a sellers market. Based on this data the statistics still favor buyers. However it the current activity keeps up I can see the market falling into balance fairly quickly. Keep in mind this is only one measure of the market. Visit us online anytime at Albany NY Real Estate for more market statistics.