Thursday, October 26, 2017

Syracuse Home Prices Stabilized In the Third Quarter

Sales Down 9 Percent

Home prices in the Syracuse market did not change during the third quarter, stabilizing at a median price of $140,000, which is 6 percent higher than home prices a year ago.  Sales, however, declined by 9 percent during the quarter, trailing last year’s sales by three percent as the summer sales season ended, according to the third quarter market report from HUNT Real Estate ERA.
A 56 percent decline in new listings during the quarter kept inventories steady.  Supplies of homes for sale ended the quarter 45 percent lower than they were a year ago. Declining demand increased the average selling time for a home in Syracuse from 41 to 43 days during the quarter.
The slowdown also reduced the average seller’s gain as the ratio of list prices to close prices fell from 97.4 percent in July to 95.8 percent in September.
“Syracuse is one of the best markets to buy a home in the nation and buyers will find bargains during the fall as demand eases.  The median price has remained very steady through summer, but may decline with coming of fall and the seasonal drop off in demand,” said Peter F. Hunt, Chairman and CEO of HUNT Real Estate Corporation.

Syracuse Home Sales Through the Third Quarter

The HUNT Market Report is a quarterly analysis of real estate trends in Central New York designed to help real estate consumers keep up with local market trends. Reports are based on HUNT Real Estate’s analysis of multiple listing service data.