ALBANY, N.Y. — New York realtors sold close to 8,600 previously-owned homes in March, a decrease of 9 percent from more than 9,400 homes sold in March 2017.
In the year’s first quarter, realtors sold 25,192 previously-owned homes, a figure that’s down about 4 percent compared to the more than 26,000 homes sold during the same time period in 2017.
The New York housing market posted a “strong” start to 2018, “even as it fell short of 2017’s record” first quarter, the New York State Association
“The record-setting 2017 housing market is proving to be a tough act to follow as the continuing decline in listed homes is slowing down eager buyers,” Duncan MacKenzie, CEO of NYSAR, said in the organization’s news release. “The 2018 first-quarter sales total is the second highest on record, providing unmistakable evidence that buyer demand is still high as we move toward the typically busy spring and summer markets.”
MacKenzie went on to say that, moving forward, the “much-needed” return of home sellers and gains in the construction of new homes to meet buyer demand will dictate the “ongoing health” of the housing market.
The current market conditions “offer a terrific opportunity” for sellers, MacKenzie contends.
“While mortgage-rate increases have not yet deterred buyers, we will be watching for any potential impact the predicted future interest-rate increases may have on home sales,” he added.
Sales data
The March 2018 statewide median sales price was $260,000, up 7.4 percent from the March 2017 median of $242,000, according to the NYSAR data.
Pending sales totaled 11,686 in March, a decrease of 5.3 percent compared to the same month in 2017.
The months’ supply of homes for sale dropped 12.1 percent at the end of March to a 5.1 months’ supply. It stood at 5.8 months at the end of March 2017.
A 6 month to 6.5 month supply is considered to be a balanced market.
The number of homes for sale totaled 57,975 in March, a decrease of 10.2 percent compared to March 2017.
Central New York data
Realtors in Broome County sold 104 existing homes in March, down nearly 19 percent from 128 a year ago, according to the NYSAR report. The median sales price increased more than 13 percent to more than $103,000 from more than $91,000 a year ago.
In Jefferson County, realtors closed on 69 homes in March, down about 4 percent from 72 a year ago, and the median sales price decreased about 18 percent to more than $107,000 from $131,000 in March 2017, according to the NYSAR data.
NYSAR also reports that realtors sold 111 homes in Oneida County last month, down about 18 percent compared to the 136 sold during March 2017. The median sales price rose about 14 percent to more than $128,000 from over $112,000 a year ago.
Realtors in Onondaga County sold 279 previously owned homes in March, a sales decrease of about 22 percent compared to the March 2017 total of 359. The median sales price rose about 1 percent to nearly $131,000, up from more than $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
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