17 percent growth in NY State home sales fuels strongest first quarter in a decade

Apr 20, 2016
Albany, NY – April 20, 2016 – Three consecutive months of sales growth fueled the best start to the New York State housing market since 2007. According to the housing market report released today by the New York State Association of REALTORS, the 23,932 closed sales in the first quarter represents a jump of nearly 17 percent from the 2015 first quarter. Additionally, the statewide median sales price grew by nearly 1 percent compared to a year ago.

“Building on the momentum of the 2015 market, home sales continued to grow at a robust pace in the first quarter of 2016,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS. “We anticipate this trend will continue as consumer confidence in the economy and in the value of homeownership remain on an upward trajectory.”

“With first quarter pending home sales also posting double-digit growth, the number of homes listed for sale will bear watching as the market moves into the spring with its traditional seasonal increase in buyer demand,” said MacKenzie. He noted that pending sales climbed nearly 23 percent compared to the 2015 first quarter. “With inventory levels at their lowest in a decade, it’s a very good time for sellers who have been on the sidelines to take advantage of the active market.”

There were 23,932 closed sales in the 2016 first quarter, up 16.8 percent from the 2015 first quarter total of 20,492. March 2016 closed sales increased 9.1 percent compared to a year ago to reach 8,123.

The 2016 first quarter statewide median sales price was $230,000, an increase of 0.9 percent compared to the first quarter 2015 median of $228,000. The March 2016 statewide median sales price of $230,000 represents an increase of 3.2 percent compared to the March 2015 median of $222,825.

Pending sales increased 22.7 percent to 29,654 in the 2016 first quarter compared to 24,172 in the 2015 first quarter. March 2016 pending sales (12,363) were up 25.9 percent compared to March 2015 (9,822).

The months supply of inventory dropped 20 percent at the end of the first quarter to 6.8 months supply. It was at 8.5 months at the end of the 2015 first quarter. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 73,404, a decrease of 7.5 percent compared the 2015 first quarter.