Albany, NY – February 21, 2013 – (RealEstateRama) — The recovery of the New York State housing market continued into 2013 as January sales of existing single-family homes, condos and co-ops were 9.5 percent ahead of January 2012, according to the housing market report released today by the New York State Association of REALTORS. The statewide median sales price grew by 5 percent compared to a year ago and available inventory continued to decrease.
“The housing recovery that began in 2012 has continued into the start of the New Year as demonstrated by the jump in sales and sales price growth compared to last January,” said Duncan R. MacKenzie, NYSAR CEO. “Other January housing market data points are also very encouraging as we enter 2013 with the highest number of January pending sales since 2007 and our third straight month of year-over-year median price gains.”
“The Empire State’s housing market continues to march toward a balance between buyers and sellers as inventory has reached a seven-year low after 24 consecutive months of year-over-year declines,” MacKenzie said. Currently, the statewide market stands at 8.9 months supply, he noted, adding that 6 to 6.5 months supply is considered a balanced market.
The January market posted 6,231 closed sales, up 9.5 percent from the January 2012 total of 5,689. Sales fell from the December 2012 total of 8,022.
The statewide median sales price reached $220,000, an increase of 5 percent compared to the January 2012 median of $209,500. This represents the third consecutive month of increases from the previous year, despite declining slightly from the December 2012 median of $225,000.
Pending sales jumped 15.9 percent to 7,250 in January 2013 compared to 6,255 in January 2012, marking the highest level of January pendings since 2007.
The months supply of inventory dropped 27.6 percent in January to 8.9 months supply. It was at 12.3 months in January 2012. Inventory stood at 74,721 units in January 2013, a decrease of 18.8 percent compared to January 2012.
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.
