2017 was an intense year for the Capital District Real Estate Market as a whole. Anchored by a strong economy and low inventory, the market kept buyers frustrated and sellers with many options at their disposal. Sellers tended to control more of the negotiations and buyers had to make concessions in order to purchase in many cases. In this article, let’s get hyper local and look at how the Ballston Spa School District market area faired in 2017:
- Total Sold Listings – The market area sold a total of 34 1/2 homes per month and a total of 415 sales for the year. Fueled by low inventory, the total sales were down 6% from the prior year.
- Average Sale Price/Median Sale Price – The market saw an increase of nearly 7% year over year in average sale price. Multiple offers driven by a lack of options caused many buyers to pay at or above the asking price. The Median price also saw an increase of just under 2 1/2% year over year.
- Average Days of Market – Sellers had their home’s on the market for an average of 42 days before securing a buyer in 2017. This was 9 days quicker than the average of 51 days in 2016.
- List to Sale Price Ratio – Homes were selling on average for 98% of asking price. This number was down slightly from the prior year and does NOT include seller contributions.
- Price Per Sq. Ft. – The market saw a wide range of prices in 2017. 3687 Galway Rd. in the Town of Milton sold for $28 per sq. ft. making it the lowest price per sq ft sale. 65 Stony Point Rd in Malta SOLD for $382.57 per sq ft. making it the highest sale. Homes SOLD on average for $156.29 per sq ft. This average was up nearly $5 per sq ft from the prior year.
2017 was a bumpy and sometimes frustrating ride for purchasers. Low inventory made it difficult to find homes and multiple offers drove up selling prices. Unlike prior years, a full price offer was hardly a guarantee that your offer would be taken. All indications so far show that 2018 will be much like the 2017 market. Outside influences such as rising interest rates could play a factor in causing a shift towards a more balanced market but that remains to be seen.
Robert Gordon is a top selling agent and an original founding Realtor of Inglenook Realty Inc. established in 2005. You can reach him directly on his cell phone by text/phone at (518)852-4408 or by email at [email protected]