Is now a good time to sell in Albany?

Selling a home in Albany right now presents some challenges, as listing prices have decreased and homes are taking longer to find a buyer. The market has shifted compared to last year, with more homes available and fewer going under contract. The typical listing price for a home in Albany is about $447,950. This is down 5.3% from what it was a year ago, meaning homes are listed for less money now. On a monthly basis, prices also saw a small dip of 1.2%. It's also taking longer for homes to sell. The typical home is on the market for 58 days before going under contract. This is over a week longer than it took a year ago, which suggests buyers are taking their time. There are more homes available for sale than last year, with active listings up 16.0%. This means buyers have more choices, and it can create more competition among sellers. Also, a significant portion of homes—32.3%—have had their prices reduced. The number of homes going under contract compared to active listings, known as the pending ratio, is 0.37. This ratio is 15.4% lower than last year, indicating that fewer homes are successfully finding buyers relative to the number available. For you as a seller, this means it’s important to price your home competitively from the start and be prepared for it to take a bit longer to sell than in the recent past.