CNY Housing Market Data July 2019

Homes for sale (resale) inventory remains very low and prices continue to increase.  This data indicates a classic seller’s market. The tables below are interactive!  Scroll over the graph lines to view monthly data for the last 5 years. Depending upon your browser you may have to slide left/right to view all data.  The second table represents median sale price meaning half the homes sold for more than and half sold for less than. To search the CNYIS MLS for current listings scroll down on the right.  

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May 2019 CNY Housing Market Trends

CNY Housing Inventories Remain Low

The sellers market continues on in Central New York.  The inventory of previously owned homes (all price ranges) remain at historic lows. Year over year numbers for May 2017-2019 clearly demonstrate that relief for buyers is not happening anytime soon.  Homes for sale in Onondaga County have consistenly stayed under the 1,000 mark since March of 2018.  In Oswego County has seen a 35.8% drop in Homes for sale from May 2017 to May 2019.

First time home buyers will find the market especially difficult with only 406 homes available in the $92,000 to $148,999 price range in all of Onondaga County.  Days on Market (DOM) for the same range dropped to 12 days in May 2019 with only a 1.5 month supply of homes.  The average Sale Price for this price range in May 2019: $123,475.   

 

May 2017 May 2018 May 2019
CNYIS (MLS Wide) 2,650 2,140 1,915
Onondaga County 1,286 983 905
Oswego County 561 439 360

Local Housing Market Update

For Onondaga County – January 2019

The local housing market continues to be a “seller’s market” with Inventory of Homes for Sale declining 7.6% from year over year.  Median and Average Sales Price (not accounting for sale concessions and/or down-payment assistance) have increased 6.5% year over year.  Low inventory with increasing Sales Price generally means buyers will will have a more challenging home search. Click on the link below for the complete report provided by Central New York Information Service, Inc., the local MLS.

Onondaga County Jan 2019

Interested in your homes value? Curious about nearby homes that are for sale or recently sold? How about how much your home might be worth in the next two years? With ePropertyWatch, that information (and much more) comes directly to you in either a monthly or bi-monthly email. ePropertyWatch is provided by CoreLogic a leading provider of consumer, financial and property data, analytics and services to business and government. Click here to visit the ePropertyWatch website and register for monthly email…you can cancel at anytime and we never share your contact information.

 

Housing Market Statistics

Inventory continues to be a challenge for the Central New York housing market. Below is an interactive chart showing 3 years of inventory for resale homes available in the several local school districts (North Syracuse/CNY, Liverpool, Baldwinsville, and East Syracuse-Minoa). Hover over the graph lines to see the inventory by month. When inventory remains this low prices tend to increase creating a “sellers” market. Data obtained from Central New York Information Service (CNYIS) the MLS of the Greater Syracuse Association of REALTORS of which we are Members.

Mortgage Rates Decrease

Mortgage Rates Decrease

After weeks of continual increases, mortgage rates finally slowed down, according to Freddie Mac’s latest Primary Mortgage Market Survey. According to the survey, the 30-year fixed-rate mortgage averaged 4.85% for the week ending Oct. 18, 2018, falling from 4.9% last week, but still much higher than last year’s rate of 3.88%. Freddie Mac Chief Economist Sam Khater said the modest decline in mortgage rates is a welcome respite from the rapid increase in rates the last few weeks. “While the housing market has clearly softened in reaction to the rise in mortgage rates, the economy and consumer sentiment remain very robust and that will sustain purchase demand, particularly in affordable markets and neighborhoods,” Khater said. (Source: Freddie Mac)

Effects of Rising Mortgage Rates – Robert Schiller

Fox News interview with Robert J Shiller, a Nobel Laureate, economist, academic, best-selling author and one of the creators of the S&P CoreLogic Case-Shiller Home Price Indices.  The S&P CoreLogic™ Case-Shiller Home Price Indices are the leading measures of U.S. residential real estate prices, tracking changes in the value of residential real estate both nationally as well as in 20 metropolitan regions.

Whether you are considering listing or buying a home understanding the current housing market and current conditions is important to making an informed decision on price and/or offers.  Assuming that every real estate licensee understands and is informed on current housing market conditions would unfortunately be a mistake.

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