Albany, NY – March 23, 2015 – Despite being one of the coldest Februarys in history, the New York State housing market notched gains in both closed sales (2.5 percent) and median sales price (1.3 percent) compared to last February, according to the housing market report released today by the New York State Association of REALTORS.
“New York’s homebuyers would not allow February’s exceptionally miserable weather and marginally higher prices to keep them from their closings or from inking a contract on their new home,” said Duncan MacKenzie, NYSAR CEO, noting that pending sales jumped 13 percent compared to February 2014 in addition to the uptick in closed sales. “We will be carefully watching to see if inventory levels, now at a nine-year low, can rebound to meet the increased high demand that typically accompanies the spring and summer markets.”
“A recent study by the National Association of REALTORS found that Millennials, who the Pew Foundation claims will overtake the Baby Boomers this year as the largest living generation, value homeownership and are positioned to enter the real estate market,” said MacKenzie. “This could be a year that is defined in part by Millennials driving sales activity.”
The February 2015 sales total of 5,925 was up 2.5 percent from the February 2014 total of 5,781.
The February 2015 statewide median sales price was $230,000, a 1.3-percent increase from the February 2014 median of $227,000.
February 2015 pending sales increased by 13 percent from a year ago to reach 7,470.
The months supply of inventory dropped 11.6 percent at the end of February to 7.6 months supply. It was at 8.6 months at the end of February 2014. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 71,763, a decrease of 8.1 percent compared to February 2014.
Editor’s Note: All data is compiled from multiple listing services in the state of New York and the data now include townhomes and condominiums in addition to existing single-family homes.
The New York State Association of REALTORS is a not-for-profit trade organization representing more than 47,000 of New York State’s real estate professionals. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS. These REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS.
Salvatore I. Prividera Jr.
Director of Communications