Empire State median home price continues to grow as inventory shrinks

Albany, NY – March 21, 2013 – The New York State housing market sustained its ongoing recovery in February, posting a 4.8-percent growth in the statewide median sales price for existing single-family homes, condos and co-ops, according to the housing market report released today by the New York State Association of REALTORS. Year-to-date closed sales are 3.3 percent ahead of the 2012 start, despite a sales decline in February.
“The housing market continued to show a sustained recovery with the year-over-year median sales price increasing for the fourth consecutive month and pending sales nearly 10 percent ahead of last February,” said Duncan R. MacKenzie, NYSAR CEO, adding that available inventory has reached its lowest level since December 2005. “As the supply-demand balance continues to move in favor of sellers, we expect the growth in median sales price to continue.”
“The strong overall start to 2013 bodes well for the coming spring market, which is typically a more active time for buyers in our state,” MacKenzie said. “We believe the fundamentals are lined up for a strong spring market.”
The February market posted 5,304 closed sales, down 6.7 percent from the February 2012 total of 5,682. The year-to-date (Jan. 1 – Feb. 28) sales total of 11,754 represents a 3.3-percent increase from the same period last year.
The statewide median sales price reached $220,000, an increase of 4.8 percent compared to the February 2012 median of $210,000. This represents the fourth consecutive month of increases from the previous year. The year-to-date (Jan. 1 – Feb. 28) median sales price of $219,500 represents a 4.5-percent increase from the sale period last year.
Pending sales jumped 9.8 percent to 7,774 in February 2013 compared to 7,082 in February 2012.
The months supply of inventory dropped 27.6 percent in February to 8.9 months supply. It was at 12.3 months in February 2012. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 75,475 units in February 2013, a decrease of 19.5 percent compared to February 2012.
Editor’s Note: All data is compiled from multiple listing services in the state of New York and the data now include townhomes and condominiums in addition to existing single-family homes.
The New York State Association of REALTORS is a not-for-profit trade organization representing more than 47,000 of New York State’s real estate professionals. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS. These REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS.
Salvatore I. Prividera Jr.
Director of Communications
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