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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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.
Great news for sellers, low inventories and higher prices make this a great time to sell your home. Sellers that price their homes within market range are enjoying bidding wars and higher sale prices. Buyers on the other hand are enduring fewer choices, higher purchase prices, and a stressful buying process. Shortly May 2019 numbers will be posted by Central New York Information Service (CNYIS) and the general consensus is the current trend will continue. CNYIS is the MLS of the Greater Syracuse Association of REALTORS® (GSAR). We are Members of the GSAR and CNYIS.
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.
Affordability index for housing falls to ten year low. At the same time home price appreciation continues to outpace wage growth leaving home-ownership out of reach for more and more Americans. Factor in escalating new construction and development costs, shrinking resale inventories, and high property taxes and affordability becomes an even larger issue for home-buyers and sellers alike. If the affordability index continues to fall home-buyers will be forced out of the market or forced out of certain price ranges.