Albany, NY – April 22, 2013 – (RealEstateRama) — The New York State housing market posted a solid first quarter of 2013 with gains in closed sales, median sales price and pending sales compared to the 2012 first quarter, according to the housing market report released today by the New York State Association of REALTORS. The statewide inventory of homes for sale continued to decline, reaching its lowest point since January 2006.
“It’s simple economics at work in the statewide housing market,” said Duncan R. MacKenzie, NYSAR CEO. “As buyer demand increased and the housing supply decreased in the 2013 first quarter, the result was a nearly four-percent growth in the statewide median sales price compared to the 2012 first quarter.”
MacKenzie noted that first quarter closed sales were 2-percent ahead of the 2012 first quarter and the number of homes for sale dropped 20.4 percent compared to the first three months of 2012.
“With first quarter pending sales up 11.5 percent compared to a year ago, we continue to project a strong spring market as buyers try to avoid further price increases, while taking advantage of historically low mortgage rates,” said MacKenzie.
There were 18,251 closed sales in the 2013 first quarter, up 2 percent from the 2012 total of 17,898. This was despite a 4.4-percent decrease in March 2013 closed sales (6,241) compared to a year ago (6,528).
The 2013 first quarter median sales price was $218,000, an increase of 3.8 percent compared to the first quarter 2012 median of $210,000. The March 2013 median of $220,000 represents an increase of 5.8 percent compared to the March 2012 median of $208,000.
Pending sales jumped 11.5 percent to 24,843 in the 2013 first quarter compared to 22,273 in the 2012 first quarter. March 2013 pending sales (9,951) were up 11.1 percent compared to March 2012 (8,953).
The months supply of inventory dropped 27.8 percent at the end of the first quarter to 9.1 months supply. It was at 12.6 months at the end of the 2012 first quarter. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 77,340, a decrease of 20.4 percent compared the 2012 first quarter.
Additional data is available at http://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 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
sprividera (at) nysar (dot) com