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.
A shift is occurring in many housing markets. Affordability may be prompting more potential buyers to pause due to rising mortgage rates over the last few weeks, and home sellers are now facing more competition. Homeowners may no longer be able to expect the quick sale they’ve seen their neighbors get in the past.
The number of For Sale signs is starting to increase across the country. Unsold inventory is at a 4.4-month supply at the current sales pace. Inventories were at 1.88 million in September, up slightly from 1.86 million a year ago, according to the National Association of REALTORS®’ latest housing report, released Friday.
“There is a clear shift in the market with another month of rising inventory on a year-over-year basis, though seasonal factors are leading to a third straight month of declining inventory,” says Lawrence Yun, NAR’s chief economist. “Homes will take a bit longer to sell compared to the super-heated fast pace that we saw earlier this year.” Source: National Association of REALTORS (NAR) of which we are Members.
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Data provided by Central New York Information Service – The MLS of the Greater Syracuse Association of REALTORS®. Visit cnyREALTOR.com
Yes there is going to be a 2018 Parade of Homes. The Parade of Homes will be held in September 2018 at Crowne Pointe off Route 173. Parade is a great opportunity to purchase a new construction home fully landscaped, driveway installed, and with some really cool amenities. Usually at a very fair price! To visit the Parade of Homes web page Click Here!
A GREAT time to list your Onondaga County Home! According to the Mortgage Bankers Association weekly Mortgage Applications Survey for the week ending March 23, 2018 mortgage application increased 4.8% from the previous week indicating increasing demand. Data from the Central New York Information Service (MLS of the Greater Syracuse Association of REALTORS®) shows a significant drop in homes for sale ($129K to $209K) in Onondaga County a 49.5% drop since 1/2015. Combine increasing demand, increasing prices, shrinking inventories and our Sellers Commission Rebate (25% for homes listed by 4/30/18) and there hasn’t been a better time to list your home in Onondaga County.
Market Update for the Town of Clay. 2018 Listings down 9.8%, Median Sale Price up 2.9%, and days on Market dropped to 27 from 59 in 2017. See the full report attached to this post. Data from Central New York Information Service (CNYIS) the MLS of the Greater Syracuse Association of REALTORS® (GSAR). What does this mean? If you are considering listing your home NOW is a great time. Low inventories and higher prices combined with our current Rebate Program (25%) for listing by April 30, 2018 means more money in your pocket. For a real estate market update in your area complete the Contact Us Form to the right and include the area you are requesting in the Message Box.