By Krista Miller
I live in Albany and love to track the numbers. People always want to know what is happening in the market so I make sure to keep tabs. I just put together the 2019 year-in-review for Albany. These figures include single family homes (no condos or multi-family homes, because those skew the numbers too much). 2019 saw an upward trend from the previous year, reaching an all-time average sales price. Take a look at the figures here:
Now that we’ve hit the top of the market I thought it would be interesting to see how the market has changed over the past 10 years. Check this out:
Hold up! That’s a steep growth curve for the average sales price! We are seeing an all-time high for single family homes. If you are wondering whether this is sustainable please see our blog post here: Where is the Market Headed in 2020?
So then I took it down a little more to see whether the number of sales and days on market have changed. Remember, the bottom of the market was 2009 – 2011.
Interestingly enough, when you average out the number of sales and the days on market it is pretty close to what we are seeing today. So the number of sales and days on market seem to hold fairly consistent. Prices aren’t expecting to drop like they did during the crash, but the rate of appreciation has been holding at a normal pace since 2016.
Do you think Albany will see an average sales price higher or lower in 2020? I’ll let you know this time next year.
What do I think? I’m predicting a 2% change.