Every month the Greater Capital Association of Realtors (GCAR) compiles a short video of the latest market statistics. November, like the past several months, is unsurprisingly not great news for the Albany, Saratoga, and surrounding Capital Region home and real estate market. I can positively say that as compared to November 2010, things have not gotten worse. The median home sale price is essentially unchanged from November of 2010, holding steady at $186,750. And the inventory of active homes is down slightly from 13.5 months to 13.2 months of inventory. In other words at the current inventory and sales levels, it would take 13.2 months to sell all of the active homes. A balanced market is considered to have a 5-6 month supply of inventory. A greater inventory supply is a buyers’ market and a smaller inventory supply is a sellers’ market. We are clearly in the thicket of a very heavy buyer’s market.
Here’s the latest GCAR skinny for the November numbers, and I’ll make sure to update this monthly as the numbers become available during the third week of every month. As always, any questions just email, call, or tweet.