Mansion Area currently leans toward sellers, with the market gauge signaling a seller's market. Months of supply sit at a low 1.1, indicating limited inventory relative to demand. Typical home values in this rolling three-month view are also well above the broader Albany area, at about $344,880 versus $296,838 citywide.
Home prices have surged compared with a year ago, with the typical home value up roughly 77 percent year over year. At the same time, the median list price has climbed more than 27 percent from last year, while the share of homes selling above list has eased to about one-third of recent sales. Homes are taking longer to sell than a year ago, with median days on market stretching to 46 days, yet the average sale-to-list ratio above 101 percent shows buyers are still bidding close to or slightly over asking.
Listing activity is mixed in this rolling three-month period, as active listings are up around 26 percent from last year, but homes sold have declined by about 23 percent and new listings are only slightly higher year over year. Pending sales, however, have jumped nearly 35 percent, hinting that more deals are working their way toward closing despite slower overall pace. With low inventory, rising values, and shifting time on market, buyers and sellers in Mansion Area can benefit from Agent Pronto’s help in finding an agent who understands these conditions and can guide their next move.
