Current Market Statistics (link goes to my other blog)

photo credit: juhansonin

As we fly-by the halfway point of the year I thought it would be a good time to see where our local market is headed. Although the market is still strong in the Capital District we have also been faced with an increase in foreclosures and a decline in house prices. However, real estate is extremely localized and decent schools with always be an attractive feature to new home buyers and keep home prices steady. Luckily Averill Park schools are very highly rated and desirable.

Currently in the Averill Park school district there are (data is from Jan 2008 - mid-August 2008 only):

• 143 single family houses on the market with an average list price of $$294,741 and an average days on market of 134 days and an unsold percentage (aka expireds) of 16.07%
• 1 two-family house on the market with an average list price of $299,900 and an average days on market of 161 days and an unsold percentage (aka expireds) of 100.00%
• 3 residential rentals on the market with an average list price of $1,133 and an average days on market of 114 days and an unsold percentage (aka expireds) of 0.0%
• 43 lots of vacant land on the market with an average list price of $160,872 and an average days on market of 233 days and an unsold percentage (aka expireds) of 34.29%
• 1 multi-family dwelling on the market with an average list price of $127,500 and an average days on market of 439 days and an unsold percentage (aka expireds) of 0.0%

One can you logically assume from this data? One out of 3 vacant land listings and approximately 1 in 6-7 single family homes will not sell. Also there are not many two- and multi-family dwellings or rentals in our area.

The other statistic we follow is The Absorption Rate AKA “Months of Inventory”. The current absorption rate for the Averill Park school district area is 3.1 months. This number tells us how long (in months) it would take all the SINGLE FAMILY homes on the market to sell before supplies were exhausted IF no other homes came on to the market. The higher the number the slower (ie less demand and more supply aka Buyer’s Market) the market.

Current Market Statistics For the Averill Park NY Area

I am currently working on some graphs to define the historical relevance of these numbers - look for a new page soon!