Albany, NY – Feb. 24, 2017 – (RealEstateRama) — The home sales growth trend continued in New York State during January with the 8,472 closed sales setting a new high-water mark for the month, according to the housing market report released today by the New York State Association of REALTORS. The January statewide median sales price of $250,000 represents an increase of 8.7 percent from a year ago.
“Homebuyer demand remained strong at the start of the New Year, continuing the four-year sales growth trend and driving January sales to a new record level,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. “Historically, home sales are slower during the winter months. We believe the combination of rising mortgage rates and the continued decline in the number of homes available has caused buyers to remain actively engaged in the market and ready to make offers when they find the home that meets their needs.”
“For sellers, it continues to be a good time to list their homes,” said MacKenzie. “Selling prices are continuing to grow and competition remains low in many areas. During January, sellers received 96.3 percent of their asking price at closing. We anticipate these trends to continue as the inventory of homes for sale hovers around the five-month supply level.”
The January 2017 sales total of 8,472, represents an increase of 4.1 percent from the January 2016 total of 8,142.
The January 2017 statewide median sales price was $250,000, an increase of 8.7 percent from the January 2016 median of $230,000.
January 2017 pending sales increased by 8.5 percent from a year ago to reach 8,513.
The months supply of homes for sale dropped 26.4 percent at the end of January to 5.3 months supply. It was at 7.2 months at the end of January 2016. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 59,771, a decrease of 19.3 percent compared to January 2016.
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 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.
Salvatore I. Prividera Jr.
Director of Communications
sprividera (at) nysar (dot) com