Albany, NY – April 23, 2009 – (RealEstateRama) — The New York State housing market posted both sales and selling price gains for the first time in 2009 during March, providing a strong signal to those buyers waiting for the market to “hit bottom” that they may well have already missed it.
March home sales jumped 14.1 percent in March compared to February, and the statewide median sales price rose 6 percent to reach its second highest level in the past 12 months, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS.
“It is important to note that buyers who are waiting for the theoretical ‘bottom’ of the market have already missed it,” said Duncan R. MacKenzie, NYSAR chief executive officer. “Prices have been fairly stable for the past 12 months and are now expected to begin to climb slightly. The market typically gains momentum the spring and summer months.”
“After a slow start to the year, the New York state housing market started showing signs of life in March as buyers began to take advantage of the favorable market conditions and federal stimulus package incentives,” said MacKenzie. “We believe the 2009 market will initially be driven by first-time buyers taking advantage of the $8,000 tax credit, historically low mortgage rates and a variety of inventory to choose from. This will, in turn, free up current homeowners who are seeking to purchase their next home.”
New York REALTORS sold 3,903 existing single-family homes in New York State in March 2009, a 14.1-percent increase compared to February 2009, but a 25.3-percent decrease compared to March 2008.
The March 2009 median sales price in New York State of $222,500 represents an increase of 6 percent compared to the $210,000 median recorded in February 2009 and an increase of 9.9 percent compared to the March 2008 median of $202,500.
New York’s REALTORS sold 11,040 homes between January 1 and March 31, 2009, a decrease of 27.1 percent from the same period in 2008. The statewide median sales price of $210,000 for the first quarter of 2009 represents a 4.5-percent decrease from the $220,000 median posted in the first quarter of 2008.
The New York State Association of REALTORS is a not-for-profit trade organization representing more than 56,000 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