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The Albany market, although strong, has felt some of the slow down that has hit other places in the nation. Our market is bolstered by steady employers ( State government, hospitals, schools, universities), however, despite that, most counties showed a decrease in both sales and median prices over last February.

Taking into consideration both New Construction and Resale Homes- here are the numbers as provided by GCAR ( Greater Capital Region of Realtors)

                  Sales            Sales                    

County       Feb 09-08       YTD over 08         Median $- YTD over 08

Albany        -8%                -12%                    -5%

Rensselaer  -29%               -27%                    -12%

Saratoga     -29%              -29%                    -11%

Schenectady -23%            -20%                    -10%

For buyers- its a great time to buy. Prices are down and so are interest rates. PLUS- that first time home buyers credit of $8,000 is only valid until December 2009

For sellers- if you are trading up its still a good time to sell as the home you will be buying will suffer from a more severe drop in price than the home you are selling.  For downsizers buying a home less in value than the one they are selling, you can still take advantage of low interest rates, however, you will not enjoy the same benefits as those that are trading up.