Empire State housing market posts record first quarter home sales total
Albany, NY – April 21, 2017 – The New York State housing market’s growth trend continued through the 2017 first quarter with sales setting the high-water mark for the quarter at 25,366, according to the housing market report released today by the New York State Association of REALTORS. The first quarter statewide median sales price of $245,000 represents an increase of 6.5 percent from the 2016 first quarter.
“An overall healthy economy and the specter of mortgage rate increases combined to keep buyer activity at a record-setting pace throughout the 2017 first quarter,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. “The number of closed sales may well have been pushed higher if buyers had not been constrained by the ongoing decline in the number of homes available for purchase.”
“The additional influx of buyers during the spring and summer months creates a great opportunity for homeowners who are considering listing their homes,” said MacKenzie. “Selling prices continue to grow and buyers are eagerly watching for the newest listings as they compete to find their dream home.”
There were 25,366 closed sales in the 2017 first quarter, up 2.7 percent from the 2016 first quarter total of 24,704. March 2017 closed sales increased 2.9 percent compared to a year ago to reach 8,889.
The 2017 first quarter statewide median sales price was $245,000, an increase of 6.5 percent compared to the first quarter 2016 median of $230,000. The March 2017 statewide median sales price of $249,000 represents an increase of 9.5 percent compared to the March 2016 median of $227,500.
Pending sales increased 5.1 percent to reach 30,596 in the 2017 first quarter compared to the 2016 first quarter total of 29,121. March 2017 pending sales (12,610) were up 4 percent compared to March 2016 (12,129).
The months supply of inventory dropped 23.6 percent at the end of the first quarter to 5.5 months supply. It was at 7.2 months at the end of the 2016 first quarter. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 61,857, a decrease of 19.6 percent compared to the 2016 first quarter.
Additional data is available at https://www.nysar.com/industry-resources/market-data
Editor’s Note: All data is compiled from multiple listing services in the state of New York and the data include townhomes, condominiums and existing single-family homes.
The New York State Association of REALTORS is a not-for-profit trade organization representing more than 53,000 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.