MARKET AREA UPDATE Report as of: 1Q 2Q 3Q 4Q

Transcription

1 Market Area (City, State):Albany, NY MARKET AREA UPDATE Report as of: 1Q 2Q 3Q 4Q :2011 Provided by (Company / Companies):Coldwell Banker Prime Properties What are the most significant trends in your current real estate market? (Attach addenda, charts, graphs, etc. as appropriate) * REAL ESTATE MARKET DATA Define Market Area: Urban (city limit area only) Metro Area (as defined by MSA) Other: Please explain: * Single Family (detached) **Sales Price (current) Choose one: Average Median $200,900 $200,293 **Sales Price (same time prior year) Choose one: Average Median $205,000 $227,632 Average Days on Market list to contract (current) #90 Increase Decreasing Stable Absorption Months of Inventory (last 6 months) Number of active listings divided by the average # of sales per month (for the last 6 months) = # of months needed to sell existing inventory Absorption Months of Inventory (same time prior year) Active Listings Closed ( total last 6 months) #12 #12 #10.5 #8.1 #7014 #592 #3148 #335 Expired Listings ( total last 6 months) #1775 #193 Changes in Home Values %-1 %+1.6 Condominiums / Townhome (attached) #96 Increase Decreasing Stabl Increase in past 6months Increase in past6months Stable Decreasing in past months Stable Decreasing in past Active LP/SP Ratio % 96 %96 **Average = the result by adding all sales prices and dividing by the number of units sold Median = denoting the middle of the range of values months GENERAL ECONOMY How would you rate the overall economic conditions in area as defined above: Mixed Stable Healthy Shrinking Depressed Supply of Listings: (Single family) Shortage Oversupply Balanced ~ (Condo/Townhome) Shortage Oversupply Balanced Overall Market Conditions: Active Stable Sluggish Flat Depressed Unemployment Rate:% %12.7Average Please check trend: Increasing Decreasing Same Please describe local economic conditions/climate: (draw upon newspaper articles concerning the coming and going of corporations, layoffs, etc.) * RENTAL INFORMATION Housing Availability: Shortage Oversupply Balanced Average Rent 1500 Apartment Availability: Shortage Oversupply Balanced Average Rent 1000

2 Local Market Update 2011 A RESEARCH TOOL PROVIDED BY THE GREATER CAPITAL ASSOCIATION OF REALTORS Albany County + / + / % 3,274 3, % % 1,514 1, % Median Sales Price* $232,000 $194, % $201,390 $195, % Percent of Original List Price Received* 93.4% 92.5% - 1.0% 93.7% 93.0% - 0.7% Days on Market Until Sale % % Inventory of Homes for Sale 1,749 1, % Months Supply of Inventory % * Does not account for seller concessions. Activity for one month can sometimes look extreme due to small sample size % % % Median Sales Price ,274 3, ,514 1, % % -5.6% -6.2% Median Sales Price from Prior (6-Month Average)** + 10% + 8% All MLS Albany County b a + 6% + 4% + 2% 0% -2% -4% -6% -8% ** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their share of sales during that period. Current as of October 7, All data from GCAR Multiple Listing Service. Powered by 10K Research and Marketing.

3 Local Market Update 2011 A RESEARCH TOOL PROVIDED BY THE GREATER CAPITAL ASSOCIATION OF REALTORS City of Saratoga Springs + / + / % % % % Median Sales Price* $334,212 $344, % $310,000 $331, % Percent of Original List Price Received* 94.3% 95.3% + 1.1% 94.0% 92.0% - 2.1% Days on Market Until Sale % % Inventory of Homes for Sale % Months Supply of Inventory % * Does not account for seller concessions. Activity for one month can sometimes look extreme due to small sample size % - 5.3% + 3.1% Median Sales Price % -5.3% -2.4% % Median Sales Price from Prior (6-Month Average)** + 25% All MLS City of Saratoga Springs b a + 20% + 15% + 10% + 5% 0% -5% - 10% - 15% ** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their share of sales during that period. Current as of October 7, All data from GCAR Multiple Listing Service. Powered by 10K Research and Marketing.

4 Local Market Update 2011 A RESEARCH TOOL PROVIDED BY THE GREATER CAPITAL ASSOCIATION OF REALTORS City of Schenectady + / + / % % % % Median Sales Price* $108,000 $106, % $115,000 $100, % Percent of Original List Price Received* 90.9% 84.7% - 6.8% 91.4% 87.4% - 4.4% Days on Market Until Sale % % Inventory of Homes for Sale % Months Supply of Inventory % * Does not account for seller concessions. Activity for one month can sometimes look extreme due to small sample size % % - 1.9% Median Sales Price % % -8.3% % Median Sales Price from Prior (6-Month Average)** + 20% + 15% All MLS City of Schenectady b a + 10% + 5% 0% -5% - 10% - 15% - 20% - 25% ** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their share of sales during that period. Current as of October 7, All data from GCAR Multiple Listing Service. Powered by 10K Research and Marketing.

5 Housing Supply Overview A RESEARCH TOOL PROVIDED BY THE GREATER CAPITAL ASSOCIATION OF REALTORS Q Quick Facts It's no secret that certain market segments tend to outperform others based on a number of factors. For the 12-month period spanning October 2010 through 2011, Pending Sales in the capital region were down 6.7 percent from the same period a year prior. However, the price range with the largest gain in sales was the $120,000 and under range, where they increased 42.0 percent % - 1.8% - 6.7% Price Range With the Strongest Sales: Property Type With Strongest Sales: $400,001 and Above Townhomes Construction Status With Strongest Sales: Previously Owned The overall Median Sales Price was up 1.6 percent to $188,000. But the property type with the largest price gain was the Single-Family segment, where prices increased 2.2 percent to $189,000. The price range that tended to sell the quickest was the $225,001 to $400,000 range at 92 days; the price range that tended to sell the slowest was the $400,001 and Above range at 119 days. Market-wide, inventory levels were down 2.1 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 4.1 percent. That amounts to 14.9 months supply for Single- Family homes and 13.1 months supply for Townhouse-Condos. Pending Sales 2 Days on Market Until Sale 3 Median Sales Price 4 Percent of Original List Price Received 5 Inventory of Homes for Sale 6 Months Supply of Inventory 7 Click on desired metric to jump to that page. All data from GCAR Multiple Listing Service. Powered by 10K Research and Marketing. 1

6 Pending Sales A count of properties on which offers have been accepted. Based on a rolling 12-month total. By Price Range By Property Type By Construction Status 2,566 2,486 7,100 6,674 7,070 6,593 1,392 1,211 1,713 1,573 1,558 1, % $125,000 and Below - 8.2% - 9.7% - 3.1% - 0.6% - 6.0% - 1.8% % - 6.7% - 7.9% $125,001 - $175,000 $175,001 - $225,000 $225,001 - $400,000 $400,001 and Above Single-Family Detached Townhomes Condominiums and Other Previously Owned New Construction All Properties Previously Owned New Construction By Price Range Change Change Change $125,000 and Below 1,392 1, % 1,382 1, % % $125,001 - $175,000 1,713 1, % 1,672 1, % % $175,001 - $225,000 1,558 1, % 1,463 1, % % $225,001 - $400,000 2,566 2, % 2,123 2, % % $400,001 and Above % % % All Price Ranges 7,860 7, % 7,070 6, % % By Property Type Change Change Change Single-Family Detached 7,100 6, % 6,488 6, % % Townhomes % % % Condominiums and Other % % % All Property Types 7,860 7, % 7,070 6, % % All data comes from GCAR Multiple Listing Service. Provided by the Greater Capital Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 2

7 Days on Market Until Sale Average number of days between when a property is listed and when an offer is accepted. Based on a rolling 12-month average. By Price Range By Property Type By Construction Status % $125,000 and Below % + 7.4% + 7.7% % % % + 3.8% + 9.7% % $125,001 - $175,000 $175,001 - $225,000 $225,001 - $400,000 $400,001 and Above Single-Family Detached Townhomes Condominiums and Other Previously Owned New Construction All Properties Previously Owned New Construction By Price Range Change Change Change $125,000 and Below % % % $125,001 - $175, % % % $175,001 - $225, % % % $225,001 - $400, % % % $400,001 and Above % % % All Price Ranges % % % By Property Type Change Change Change Single-Family Detached % % % Townhomes % % % Condominiums and Other % % % All Property Types % % % All data comes from GCAR Multiple Listing Service. Provided by the Greater Capital Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 3

8 Median Sales Price Median price point for all closed sales, not accounting for seller concessions. Based on a rolling 12-month median. By Property Type By Construction Status $320,320 $330,310 $185,000 $189,000 $187,500 $186,250 $179,000 $185,000 $188,000 $175,000 $180,000 $172, % - 0.7% - 3.9% + 1.6% + 2.9% + 3.1% Single-Family Detached Townhomes Condominiums and Other All Properties Previously Owned New Construction All Properties Previously Owned New Construction By Property Type Change Change Change Single-Family Detached $185,000 $189, % $175,000 $180, % $343,923 $355, % Townhomes $187,500 $186, % $180,000 $179, % $259,900 $294, % Condominiums and Other $179,000 $172, % $149,125 $153, % $228,825 $229, % All Property Types $185,000 $188, % $175,000 $180, % $320,320 $330, % All data comes from GCAR Multiple Listing Service. Provided by the Greater Capital Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 4

9 Percent of Original List Price Received Percentage found when dividing a property s sales price by its original list price, then taking the average for all properties sold, not accounting for seller concessions. Based on a rolling 12-month average. By Price Range By Property Type By Construction Status 93.5% 93.9% 92.4% 93.0% 95.1% 95.9% 94.5% 94.5% 94.8% 94.0% 96.8% 96.3% 101.4% 100.8% 87.7% 85.0% 92.7% 91.5% 92.1% 90.9% - 3.1% $125,000 and Below - 1.3% - 0.9% - 0.6% - 1.5% - 1.4% - 0.8% - 0.5% - 1.3% - 0.6% $125,001 - $175,000 $175,001 - $225,000 $225,001 - $400,000 $400,001 and Above Single-Family Detached Townhomes Condominiums and Other Previously Owned New Construction All Properties Previously Owned New Construction By Price Range Change Change Change $125,000 and Below 87.7% 85.0% - 3.1% 87.7% 85.0% - 3.1% 84.5% 82.7% - 2.1% $125,001 - $175, % 92.4% - 1.3% 93.5% 92.3% - 1.3% 95.0% 94.7% - 0.3% $175,001 - $225, % 93.0% - 0.9% 93.6% 92.8% - 0.8% 98.1% 97.3% - 0.9% $225,001 - $400, % 94.5% - 0.6% 93.5% 93.3% - 0.2% 101.7% 101.0% - 0.7% $400,001 and Above 95.9% 94.5% - 1.5% 90.5% 89.4% - 1.2% 104.4% 104.2% - 0.1% All Price Ranges 93.0% 91.8% - 1.3% 92.1% 90.9% - 1.3% 101.4% 100.8% - 0.6% By Property Type Change Change Change Single-Family Detached 92.7% 91.5% - 1.4% 91.9% 90.7% - 1.3% 101.5% 101.0% - 0.5% Townhomes 94.8% 94.0% - 0.8% 93.9% 93.0% - 0.9% 100.7% 100.2% - 0.4% Condominiums and Other 96.8% 96.3% - 0.5% 94.2% 93.9% - 0.3% 100.7% 99.7% - 1.0% All Property Types 93.0% 91.8% - 1.3% 92.1% 90.9% - 1.3% 101.4% 100.8% - 0.6% All data comes from GCAR Multiple Listing Service. Provided by the Greater Capital Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 5

10 Inventory of Homes for Sale The number of properties available for sale in active status at the end of the most recent month. Based on one month of activity. By Price Range By Property Type By Construction Status 3,419 3,272 8,532 8,300 7,342 7,273 1,225 1,309 1,471 1,578 1,507 1,379 1,619 1,475 1,824 1, % $125,000 and Below + 7.3% - 8.5% - 4.3% - 8.9% - 2.7% + 4.3% + 3.7% - 0.9% - 7.9% $125,001 - $175,000 $175,001 - $225,000 $225,001 - $400,000 $400,001 and Above Single-Family Detached Townhomes Condominiums and Other Previously Owned New Construction All Properties Previously Owned New Construction By Price Range Change Change Change $125,000 and Below 1,225 1, % 1,213 1, % % $125,001 - $175,000 1,471 1, % 1,419 1, % % $175,001 - $225,000 1,507 1, % 1,346 1, % % $225,001 - $400,000 3,419 3, % 2,327 2, % 1, % $400,001 and Above 1,619 1, % 1, % % All Price Ranges 9,242 9, % 7,342 7, % 1,824 1, % By Property Type Change Change Change Single-Family Detached 8,532 8, % 6,873 6, % 1,608 1, % Townhomes % % % Condominiums and Other % % % All Property Types 9,242 9, % 7,342 7, % 1,824 1, % All data comes from GCAR Multiple Listing Service. Provided by the Greater Capital Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 6

11 Months Supply of Inventory The inventory of homes for sale at the end of the most recent month, based on one month of activity, divided by the average monthly pending sales from the last 12 months. By Price Range By Property Type By Construction Status % $125,000 and Below % + 4.6% + 1.8% % + 6.0% + 9.2% % + 8.4% + 5.4% $125,001 - $175,000 $175,001 - $225,000 $225,001 - $400,000 $400,001 and Above Single-Family Detached Townhomes Condominiums and Other Previously Owned New Construction All Properties Previously Owned New Construction By Price Range Change Change Change $125,000 and Below % % % $125,001 - $175, % % % $175,001 - $225, % % % $225,001 - $400, % % % $400,001 and Above % % % All Price Ranges % % % By Property Type Change Change Change Single-Family Detached % % % Townhomes % % % Condominiums and Other % % % All Property Types % % % All data comes from GCAR Multiple Listing Service. Provided by the Greater Capital Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 7

12 Monthly Indicators A RESEARCH TOOL PROVIDED BY THE GREATER CAPITAL ASSOCIATION OF REALTORS 2011 Quick Facts People talk about the national housing market like it s some static thing, like a toaster. The thing is, there is no national housing market. Just like there is no national weather forecast. That doesn't mean national averages don't have their place, but you don t grab a raincoat and an umbrella in Miami based on the weather in Seattle. Like the weather, all real estate is local. As we embark on the fourth and final quarter of 2011, let s take a look at our local forecast % - 4.7% Median Sales Price - 2.1% Inventory in the Albany region decreased 9.2 percent to 1,269. Pending Sales were down 4.9 percent to 563. Inventory levels shrank 2.1 percent to 9,051 units, a positive supply-side trend that should bring additional stability. Prices were still soft. The Median Sales Price decreased 4.7 percent to $190,000. Days on Market increased 7.7 percent to 93 days. Absorption rates slowed as Months Supply of Inventory was up 7.4 percent to 14.8 months. A dash of uplifting economic news was overshadowed by debt clouds from the ongoing turmoil in Greece and the threat of bank contagion. Manufacturing activity, construction spending and overall job growth all picked up in, temporarily calming fears of the dreaded double-dip storm. As for the lending climate, the Fed's recent "Operation Twist" helped push mortgage rates to record lows under 4.0 percent for the first time ever. Despite the cheap money, "Jobs, Jobs, Jobs!" should still be the battle cry. Market Overview 2 3 Pending Sales 4 5 Days On Market Until Sale 6 Median Sales Price 7 Average Sales Price 8 Percent of List Price Received 9 Housing Affordability Index 10 Inventory of Homes for Sale 11 Months Supply of Inventory 12 Click on desired metric to jump to that page. Data is refreshed regularly to capture changes in market activity so figures shown may be different than previously reported. Current as of October 7, All data from GCAR Multiple Listing Service. Powered by 10K Research and Marketing. 1

13 Market Overview Key market metrics for the current month and year-to-date figures. Key Metrics Historical Sparklines +/- YTD 2010 YTD /- 1,397 1, % 14,307 13, % Pending Sales % 6,110 5, % % 5,808 5, % Days on Market Until Sale % % Median Sales Price $199,450 $190, % $187,900 $187, % Average Sales Price $226,174 $221, % $215,532 $217, % Percent of Original List Price Received % 91.9% - 0.2% 92.9% 91.9% - 1.2% Housing Affordability Index % % Inventory of Homes for Sale 9,242 9, % Months Supply of Homes for Sale % All data from the GCAR Multiple Listing Service. Powered by 10K Research and Marketing. Click for Cover Page 2

14 A count of the properties that have been newly listed on the market in a given month. To Date 1,459 1,397 14,307 13,344 1,269 13, % -9.2% +7.2% -5.1% Month Prior Current +/ October 1,258 1, % November 921 1, % December % January 1,418 1, % February 1, % March 1,831 1, % April 1,901 1, % May 1,587 1, % June 1,729 1, % July 1,559 1, % August 1,574 1, % 1,397 1, % 12-Month Avg 1,444 1, % Historical New Listing Activity 2,250 2,000 1,750 1,500 1,250 1, All data from the GCAR Multiple Listing Service. Powered by 10K Research and Marketing. Click for Cover Page 3

15 Pending Sales A count of the properties on which contracts have been accepted in a given month. To Date 6, ,110 5, % -4.9% -7.4% -4.8% Month Prior Current +/ October % November % December % January % February % March % April 1, % May % June % July % August % % 12-Month Avg % Historical Pending Sales Activity 1,200 1, All data from the GCAR Multiple Listing Service. Powered by 10K Research and Marketing. Click for Cover Page 4

16 A count of the actual sales that have closed in a given month. To Date 764 5,720 5,808 5, % +7.2% +1.5% -10.5% Month Prior Current +/ October % November % December % January % February % March % April % May % June 1, % July % August % % 12-Month Avg % Historical Activity 1,200 1, All data from the GCAR Multiple Listing Service. Powered by 10K Research and Marketing. Click for Cover Page 5

17 Days on Market Until Sale Average number of days between when a property is first listed and when an offer is accepted in a given month. To Date % +7.7% -2.0% +11.0% Month Prior Current +/ October % November % December % January % February % March % April % May % June % July % August % % 12-Month Avg % Historical Days on Market Until Sale All data from the GCAR Multiple Listing Service. Powered by 10K Research and Marketing. Click for Cover Page 6

18 Median Sales Price Median price point for all closed sales, not accounting for seller concessions, in a given month.does not account for seller concessions. To Date $185,500 $187,900 $187,500 $185,000 $199,450 $190, % -4.7% +1.3% -0.2% Month Prior Current +/ October $175,000 $195, % November $178,001 $185, % December $182,000 $187, % January $174,000 $178, % February $185,000 $183, % March $175,000 $174, % April $187,000 $180, % May $182,500 $187, % June $191,000 $190, % July $199,001 $195, % August $192,000 $199, % $199,450 $190, % 12-Month Med $186,000 $187, % Historical Median Sales Price $220,000 $210,000 $200,000 $190,000 $180,000 $170,000 $160, All data from the GCAR Multiple Listing Service. Powered by 10K Research and Marketing. Click for Cover Page 7

19 Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month. To Date $226,174 $206,531 $221,224 $211,535 $215,532 $217, % - 2.2% + 1.9% + 0.9% Month Prior Current +/ October $208,254 $217, % November $201,000 $218, % December $206,409 $224, % January $205,148 $209, % February $210,154 $210, % March $200,977 $205, % April $205,477 $206, % May $209,545 $207, % June $224,641 $224, % July $227,883 $224, % August $219,577 $232, % $226,174 $221, % 12-Month Avg $213,354 $218, % Historical Average Sales Price $240,000 $230,000 $220,000 $210,000 $200,000 $190,000 $180, All data from the GCAR Multiple Listing Service. Powered by 10K Research and Marketing. Click for Cover Page 8

20 Percent of Original List Price Received Percentage found when dividing a property s sales price by its original list price, then taking the average for all properties sold in a given month, not accounting for seller concessions. To Date 92.9% 92.1% 91.9% 92.7% 92.9% 91.9% -0.9% -0.2% +0.3% -1.2% Month Prior Current +/ October 93.3% 92.4% -1.1% November 93.1% 91.1% -2.1% December 92.9% 90.9% -2.1% January 92.4% 90.1% -2.5% February 91.0% 90.4% -0.6% March 92.2% 90.7% -1.6% April 93.2% 91.7% -1.6% May 93.8% 91.8% -2.2% June 94.1% 92.6% -1.6% July 93.2% 93.1% -0.1% August 92.3% 92.5% +0.3% 92.1% 91.9% -0.2% 12-Month Avg 92.9% 91.7% -1.3% Historical Percent of Original List Price Received 100% 98% 96% 94% 92% 90% 88% All data from the GCAR Multiple Listing Service. Powered by 10K Research and Marketing. Click for Cover Page 9

21 Housing Affordability Index This index measures housing affordability for the region. An index of 120 means the median household income was 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability. To Date % +10.1% +4.8% +5.9% Month Prior Current +/ October % November % December % January % February % March % April % May % June % July % August % % 12-Month Avg % Historical Housing Affordability Index All data from the GCAR Multiple Listing Service. Powered by 10K Research and Marketing. Click for Cover Page 10

22 Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month. 9,242 9,051 8, % -2.1% 2009 Month Prior Current +/ October 7,941 8, % November 7,650 8, % December 7,112 7, % January 7,301 7, % February 7,456 7, % March 7,829 7, % April 8,053 8, % May 8,524 8, % June 8,898 9, % July 9,250 9, % August 9,488 9, % 9,242 9, % 12-Month Avg 8,229 8, % Historical Inventory of Homes for Sale 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1, All data from the GCAR Multiple Listing Service. Powered by 10K Research and Marketing. Click for Cover Page 11

23 Months Supply of Inventory The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months % +7.4% 2009 Month Prior Current +/ October % November % December % January % February % March % April % May % June % July % August % % 12-Month Avg % Historical Months Supply of Inventory All data from the GCAR Multiple Listing Service. Powered by 10K Research and Marketing. Click for Cover Page 12

24 Local Market Update 2011 A RESEARCH TOOL PROVIDED BY THE GREATER CAPITAL ASSOCIATION OF REALTORS Niskayuna + / + / % % % % Median Sales Price* $223,000 $250, % $237,500 $248, % Percent of Original List Price Received* 95.0% 95.3% + 0.3% 95.7% 93.7% - 2.1% Days on Market Until Sale % % Inventory of Homes for Sale % Months Supply of Inventory % * Does not account for seller concessions. Activity for one month can sometimes look extreme due to small sample size % % % Median Sales Price % % + 4.7% -4.3% Median Sales Price from Prior (6-Month Average)** + 25% All MLS Niskayuna b a + 20% + 15% + 10% + 5% 0% -5% - 10% - 15% ** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their share of sales during that period. Current as of October 7, All data from GCAR Multiple Listing Service. Powered by 10K Research and Marketing.

25 Local Market Update 2011 A RESEARCH TOOL PROVIDED BY THE GREATER CAPITAL ASSOCIATION OF REALTORS Rensselaer County + / + / % 1,917 1, % % % Median Sales Price* $173,100 $184, % $168,000 $168, % Percent of Original List Price Received* 92.1% 92.9% + 0.8% 92.5% 91.7% - 0.8% Days on Market Until Sale % % Inventory of Homes for Sale 1,211 1, % Months Supply of Inventory % * Does not account for seller concessions. Activity for one month can sometimes look extreme due to small sample size % - 3.9% + 6.6% Median Sales Price ,917 1, % -3.9% + 1.0% % Median Sales Price from Prior (6-Month Average)** + 6% All MLS Rensselaer County b a + 4% + 2% 0% -2% -4% -6% -8% ** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their share of sales during that period. Current as of October 7, All data from GCAR Multiple Listing Service. Powered by 10K Research and Marketing.

26 Local Market Update 2011 A RESEARCH TOOL PROVIDED BY THE GREATER CAPITAL ASSOCIATION OF REALTORS Town of Bethlehem + / + / % % % % Median Sales Price* $275,000 $315, % $242,000 $250, % Percent of Original List Price Received* 95.0% 90.5% - 4.8% 94.1% 93.7% - 0.5% Days on Market Until Sale % % Inventory of Homes for Sale % Months Supply of Inventory % * Does not account for seller concessions. Activity for one month can sometimes look extreme due to small sample size % + 4.8% % Median Sales Price % + 4.8% % -9.5% Median Sales Price from Prior (6-Month Average)** + 10% + 8% + 6% + 4% + 2% 0% -2% -4% -6% -8% All MLS Town of Bethlehem b a - 10% ** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their share of sales during that period. Current as of October 7, All data from GCAR Multiple Listing Service. Powered by 10K Research and Marketing.

27 Local Market Update 2011 A RESEARCH TOOL PROVIDED BY THE GREATER CAPITAL ASSOCIATION OF REALTORS Saratoga County + / + / % 3,643 3, % % 1,596 1, % Median Sales Price* $257,000 $250, % $254,900 $252, % Percent of Original List Price Received* 94.2% 94.1% - 0.2% 94.9% 93.8% - 1.2% Days on Market Until Sale % % Inventory of Homes for Sale 2,379 2, % Months Supply of Inventory % * Does not account for seller concessions. Activity for one month can sometimes look extreme due to small sample size % + 5.0% - 2.7% Median Sales Price ,643 3, ,596 1, % + 5.0% -3.4% -9.8% Median Sales Price from Prior (6-Month Average)** + 8% All MLS Saratoga County b a + 6% + 4% + 2% 0% -2% -4% -6% -8% ** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their share of sales during that period. Current as of October 7, All data from GCAR Multiple Listing Service. Powered by 10K Research and Marketing.

28 Local Market Update 2011 A RESEARCH TOOL PROVIDED BY THE GREATER CAPITAL ASSOCIATION OF REALTORS Schenctady County + / + / % 2,142 2, % % % Median Sales Price* $165,000 $171, % $159,000 $159, % Percent of Original List Price Received* 91.7% 91.7% + 0.1% 93.3% 91.3% - 2.1% Days on Market Until Sale % % Inventory of Homes for Sale 1,166 1, % Months Supply of Inventory % * Does not account for seller concessions. Activity for one month can sometimes look extreme due to small sample size % % + 4.2% Median Sales Price ,142 2, % % -4.8% % Median Sales Price from Prior (6-Month Average)** + 8% All MLS Schenctady County b a + 6% + 4% + 2% 0% -2% -4% -6% -8% ** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their share of sales during that period. Current as of October 7, All data from GCAR Multiple Listing Service. Powered by 10K Research and Marketing.

29 Local Market Update 2011 A RESEARCH TOOL PROVIDED BY THE GREATER CAPITAL ASSOCIATION OF REALTORS Town of Clifton Park + / + / % % % % Median Sales Price* $293,000 $268, % $270,000 $263, % Percent of Original List Price Received* 95.4% 94.3% - 1.2% 95.2% 94.3% - 1.0% Days on Market Until Sale % % Inventory of Homes for Sale % Months Supply of Inventory % * Does not account for seller concessions. Activity for one month can sometimes look extreme due to small sample size % % - 8.4% Median Sales Price % % % % Median Sales Price from Prior (6-Month Average)** + 10% + 8% + 6% + 4% + 2% 0% -2% -4% -6% -8% All MLS Town of Clifton Park b a - 10% ** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their share of sales during that period. Current as of October 7, All data from GCAR Multiple Listing Service. Powered by 10K Research and Marketing.

30 Local Market Update 2011 A RESEARCH TOOL PROVIDED BY THE GREATER CAPITAL ASSOCIATION OF REALTORS Town of East Greenbush + / + / % % % % Median Sales Price* $182,500 $184, % $186,500 $183, % Percent of Original List Price Received* 94.1% 93.9% - 0.2% 94.2% 92.9% - 1.4% Days on Market Until Sale % % Inventory of Homes for Sale % Months Supply of Inventory % * Does not account for seller concessions. Activity for one month can sometimes look extreme due to small sample size % 0.0% + 0.8% Median Sales Price % 0.0% + 2.1% % Median Sales Price from Prior (6-Month Average)** + 20% All MLS Town of East Greenbush b a + 15% + 10% + 5% 0% -5% - 10% - 15% ** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their share of sales during that period. Current as of October 7, All data from GCAR Multiple Listing Service. Powered by 10K Research and Marketing.

31 Local Market Update 2011 A RESEARCH TOOL PROVIDED BY THE GREATER CAPITAL ASSOCIATION OF REALTORS Town of Guilderland + / + / % % % % Median Sales Price* $248,500 $193, % $238,699 $227, % Percent of Original List Price Received* 95.2% 94.2% - 1.1% 95.0% 93.3% - 1.8% Days on Market Until Sale % % Inventory of Homes for Sale % Months Supply of Inventory % * Does not account for seller concessions. Activity for one month can sometimes look extreme due to small sample size % % % Median Sales Price % % -1.7% % Median Sales Price from Prior (6-Month Average)** + 15% All MLS Town of Guilderland b a + 10% + 5% 0% -5% - 10% - 15% ** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their share of sales during that period. Current as of October 7, All data from GCAR Multiple Listing Service. Powered by 10K Research and Marketing.