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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What is your home worth?

Ever go to an online real estate site to check out what your home is worth?  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.  ePropertyWatch™ delivers specific information about YOUR home and neighborhood not the whole town or county.  Property values are dynamic, always changing in part due to activity in the neighborhood with this program you will know what is happening around you.  From sales to rentals to foreclosures – ePropertyWatch™ puts your finger on the neighborhoods pulse.  ePropertyWatch™ is provided by CoreLogic®, one the the largest property data aggregators in the country, working with government (over 3,000 counties), multiple listing services, biggest mortgage providers, and insurance companies.  Neither CoreLogic® or the Listing Company of CNY will ever share your email or information with anyone.  

CNY Housing Market: Inventories Still Low

Homes for Sale Inventories Remain Low

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. 

April 2013 April 2019
CNYIS-MLS 4,038 2,221 -45.0%
Onondaga 2,233 1,146 -48.7%
Oswego 625 377 -39.7%
Housing affordability falls to 10-year low

Housing affordability falls to 10-year low

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.

Click Here for the HousingWire article

Tips for Buying New Construction

Tips for Buying New Construction

Can’t find exactly what you want in the resale home market? Inventories of homes for sale are very low and it maybe difficult to find exactly what you are looking for. Building offers you the opportunity to customize your home to meet your specific needs and new construction homes are built to today’s building codes and standards using more energy efficient materials and can include the latest technology, built in.  It is important to find the right location and choose the right builder for your needs.

This is where having your own real estate agent comes in handy.   An agent experienced in new construction knows what makes the different builders in your market tick and brings a creative mind to the negotiation table.   If your builder won’t bend on price, your agent may be able to work other incentives into the contract price.  The cost of the Buyer’s Agent is generally built into the contract price whether or not the buyer has an agent working on their behalf.  Make sure you work with an agent that has experience and knows the difference between a 2x4 and a 2x6, poured wall vs block wall, sill plate and a window sill, or a footer or a header…an agent without experience in the new construction field can cost you dearly at the negotiation table.

 

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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