ALBANY, N.Y. — New York realtors sold nearly 8,700 previously owned homes in January, down 2.7 percent from more than 8,900 homes sold in January 2017. Prices rose as strong buyer demand outstripped the supply of homes for sale.
“The 2017 trends of strong buyer demand and price growth carried over into January as the New York State housing market posted its second-highest sales total on record for the month,” Duncan MacKenzie, CEO of the New York State Association of Realtors (NYSAR), said in the organization’s January housing report. “The other prevailing trend — fewer homes listed for sale — also continued into the new year. We believe that strong competition in a low-inventory market will drive price growth, but it may also provide a braking action to sales growth. We will also be closely watching the data for the potential impact of federal tax reform.”
Sales data
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The January 2018 statewide median sale price for an existing home jumped 8.4 percent to $266,000 from $245,500 a year ago, according to NYSAR.
The number of homes for sale totaled 56,374 in January, off 9.7 percent compared to January 2017.
Pending sales in January dipped 1.4 percent from a year ago to reach 8,268.
The months’ supply of homes for sale dropped 12.5 percent at the end of January to 4.9 months of supply. It stood at 5.6 months at the end of January 2017.
A 6 month to 6.5 month supply of homes is considered to be a balanced market, NYSAR says.
Central New York data
Realtors in Broome County sold 108 previously owned homes in January, down nearly 8 percent from 117 a year ago, according to the NYSAR report. The median sale price increased 20 percent to nearly $100,000 from $83,000 a year prior.
In Jefferson County, realtors closed on 70 homes in January, down 3 percent from 72 a year earlier, and the median sale price rose about 10 percent to $129,000 from more than $117,000 in January 2017, according to the NYSAR data.
NYSAR also reports that realtors sold 146 homes in Oneida County in January, up about 8 percent from 135 in January 2017. The median sale price jumped about 18 percent to more than $118,000 from $100,000 a year ago.
Realtors in Onondaga County sold 281 previously owned homes in January, a sales decrease of nearly 18 percent compared to the January 2017 total of 342. The median sale price fell about 3 percent to more than $125,000 from nearly $129,000 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
