2023 certainly was a dynamic year requiring purchasers, sellers and real estate brokers to remain vigilant!
Both buyers and sellers of real estate dealt with steadily rising mortgage interest rates which, in part, fueled some of the market activity experienced throughout the year.
The graph to the left depicts both the number of active homes for sale during each month compared with the yellow line which represents the number of homes which went under contract during each month.
You will notice that the number of available homes for sale began to recede during the Spring of 2023 at a time when buyer demand begin to escalate. This element of the real estate market in combination with rising mortgage interest rates, fueled a climate of multiple offers submitted for some prospective sellers to consider carefully. Correspondingly, this caused the market to appreciate 6% for the year.
The pending sale category peaked in June of 2023, which is average, and begin to wane over the last half of the year. This follows historic norms for pending sales.
The 2023 Capital Region real estate market was less active compared with 2022 as you can see from the comparison bar graph to the left.
The incremental increase in mortgage interest rates certainly had an impact in how many houses were sold during 2023.
The four principal counties which make up the Capital Region real estate market place was down by 22.3% in the number of houses which were sold compared with 2022. Here is the percentage breakdown by County:
| County | Percentage of Decline (by unit sales) |
| Albany | 22.9% |
| Rensselaer | 24.3% |
| Saratoga | 23.9% |
| Schenectady | 17.7% |
Real Estate Websites by Web4Realty
https://web4realty.com/