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.
Enter School District Name to Search Current Listings in that District.
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.
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.
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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.
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)
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.