Are buyers active in Albany?

Buyers in Albany are active, but they are also taking their time and finding deals. While new listings are coming onto the market, homes are sitting for longer and more price reductions are happening. Right now, the median listing price in Albany is $447,950. This price is down a bit from last month by 1.2% and even more from a year ago, down 5.3%. This suggests prices have softened, which can be attractive to buyers. There are 413 active listings available, which is 16.0% more than a year ago. This means buyers have more choices. Despite more options, homes are staying on the market longer, with a median of 58 days, up 7.4% from last year. New listings are also up 15.2% over the past year, with 152 new homes recently added. However, with 32.3% of homes seeing price reductions, a 9.1% increase from a year ago, buyers have more room to negotiate. The number of homes going under contract, called pending listings, is 152. The pending ratio is 0.37, which is 15.4% lower than last year. This lower ratio means that fewer homes are quickly going under contract compared to the total available, indicating buyers are being more selective. For buyers, this means there are more homes to choose from, and many sellers are willing to lower their prices. Take your time to find the right home and be prepared to negotiate.