Home News Competition for homes in Central NY still sparks higher sale prices, Realtors say

Competition for homes in Central NY still sparks higher sale prices, Realtors say

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Syracuse, NY — Home sales prices in central New York are still rising despite a recent increase in the number of homes available for sale, according to new data.

Median home sales prices rose more than 8% year-over-year in October, continuing a trend that has been going on for more than three years at this point. latest report to the local residential real estate market Greater Syracuse Real Estate AssociationThe median price for the month was $195,000.

Total sales for October decreased 20% from the previous year to 829. This also continues the trend seen in recent months as the market begins to cool off from the breakneck pace seen a year ago.

The new figures reflect single-family home activity in Cayuga, Madison, Oneida, Onondaga, Oswego, and Seneca counties.

“Although the total number of available homes is starting to rise, competition for newly listed homes continues to drive higher sales prices across downtown New York,” said Andy Azzarello, president of the Association of Realtors. said in a news release. act quickly when it hits the market.”

With prices still rising, some buyers may be being pushed out of the market.

The number of homes for sale in the area stood at 1,758 at the end of September, up 13.3% from October 2021.

Realtors believe the market is Beginning to return to a more “normal” stateit is still a win-win for the seller.

Homes were only on the market for an average of 19 days in October. That’s up nearly 12% from the previous year, but it’s still historically low compared to the months and years before the Covid-19 pandemic hit.

In the past, in central New York, homes have been on the market for several months on average before they sell.

Sellers are also still above the asking price on average. This is a historically unusual situation for the renminbi, but has become commonplace since the property market regained strength from the pandemic.

In October, sellers averaged 1.4% above list price. They’ve averaged over asking prices every month since his April, according to the National Association of Realtors.

“We expect current housing trends to continue for the rest of the year and into early 2023,” said Lynnore Fetyko, CEO of the Association of Realtors, in a news release. “There is no doubt that evolving economic conditions and prevailing mortgage rates will make the housing market challenging for both buyers and sellers in the coming months.”

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