However, for all of 2017, New York realtors sold a record of more than 134,000 existing homes, an increase of 2.4 percent from nearly 131,000 homes sold in 2016, the New York State Association of Realtors’ (NYSAR) announced in in releasing reports for December and all of 2017.
“Strong buyer demand combined with still-low mortgage rates and confidence in the economy pushed the 2017 New York State housing market to a record high and fifth consecutive year of growth,” Duncan MacKenzie, CEO of NYSAR, said in a news release. “Median sales price growth throughout the year was driven by the brisk buyer competition in the ongoing low inventory marketplace.”
As the trade group looks ahead in 2018, it believes continuing inventory “constraints” and the possible effects of federal tax reform, specifically reduced deductibility of state and local property taxes, are “likely headwinds” for the housing market. But NYSAR doesn’t foresee a “significant” dip in home sales or prices, he added, while suggesting a way New York State government can help.
“We also believe that New York State government has an opportunity in 2018 to help its residents become first-time homeowners by creating a state-tax incentive to save for down payment and closing costs. Communities are strengthened by higher homeownership rates and any lost revenues from the tax incentive will be more than recovered by the economic activity that follows home buying,” MacKenzie contended.
Sales data
The December 2017 statewide median sales price rose to $260,000, up 8.3 percent from the December 2016 median of $240,000.
The 2017 statewide annual median sales price was $250,000, an increase of 5.5 percent compared to the 2016 median price of nearly $237,000, according to the NYSAR data.
The months supply of homes for sale dropped 10.7 percent at the end of December to a 5.0 month supply. It stood at 5.6 months at the end of December 2016.
A 6 month to 6.5 month supply is considered to be a balanced market, per NYSAR.
The number of homes for sale stood at 56,806 in December, a decrease of 9.5 percent compared to December 2016.
Central New York data
Realtors in Broome County sold 150 existing homes in December, up more than 1 percent from 148 a year ago, according to the NYSAR report. The median sales price increased 11 percent to $107,000 from more than $96,000 a year ago.
In Jefferson County, realtors closed on 78 homes in December, down 25 percent from 104 a year ago, and the median sales price decreased about 17 percent to more than $120,000 from over $145,000 in December 2016, according to the NYSAR data.
NYSAR also reports that realtors sold 176 homes in Oneida County last month, down about 8 percent compared to the 192 sold during December 2016. The median sales price fell more than 5 percent to $120,500 from more than $127,000 a year ago.
Realtors in Onondaga County sold 422 previously owned homes in December, a sales decrease of nearly 3 percent compared to the December 2016 total of 434. The median sales price rose about 10 percent to more than $146,000 from nearly $133,000 a year ago, according to the NYSAR report.
All home-sales data is compiled from multiple-listing services in New York state and it includes townhomes and condominiums in addition to existing single-family homes, according to NYSAR.
Contact Reinhardt at ereinhardt@cnybj.com