Wednesday, January 31, 2018

Syracuse Home Prices Reach Ten-Year Peak

Home Sales Rose 8.5 Percent in 2017

Annual home prices in the Syracuse market reached a peak of $81,400 and a median price of $81,128 in 2017, an increase of 8.5 percent over 2016 and the highest annual prices for the market since the housing boom a decade ago. Sales in the market rose 12.6 percent over 2016 in the fourth quarter as motivated buyers and sellers closed more homes than any other time of the year and 12 percent more than the second quarter, traditionally the hottest time of the year for home sales.

Healthy demand coupled with fewer homes for sale helped prices rise faster than usual. Sales in the fourth quarter were 20.6 percent greater than the fourth quarter of 2016. As cold weather and the holiday season slowed slowed the pace of home sales in November and December, the median time it took to sell a home in Syracuse increased from 15 days in September to 25 days in December. Homes still sold faster than a year ago at the same time, when the median time to sell a home was 45 days.
A drought of homes for sale throughout the year reflected the national decline in real estate inventories. By the end of the fourth quarter, active listings fell 47 percent below supplies compared to 2016 as fewer owners listed their properties in the final months of the year. The 409 active listings for sale at the end of the year resulted in the the smallest monthly inventory in the Syracuse market since September 2010.
In Monroe County, sales fell less than 1 percent while prices fell only 2.2 percent over the course of 2017, ending the year at a median price of $132,500.  Inventories in the county fell 42 percent compared to 2016. Demand was not strong enough to push prices over last year’s median. 
“Syracuse and Monroe County as a whole have become one of the best markets for housing bargains in the nation. Even though inventories are down, sales and prices are in good shape. Stable prices should motivate owners to list their homes next spring. For buyers, Syracuse is a very affordable market,” said Peter F. Hunt, Chairman and CEO of HUNT Real Estate Corporation.
Syracuse Inventories of Homes for Sale, 2017 
Source: NYSMLS Matrix 
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.