Competition for homes in Central NY still sparks higher sale prices, Realtors say - syracuse.com

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Syracuse, N.Y. — Home sale prices are still rising across Central New York, despite a recent increase in the number of homes available for sale, according to new data.

The median home sale price in October was up more than 8% compared with a year earlier, continuing a trend that has been ongoing for over three years at this point, according to the latest report on the region’s residential real estate market from the Greater Syracuse Association of Realtors. The median price for the month was $195,000.

Total sales for October fell 20% from the previous year to 829. That also continues a trend seen in recent months as the market begins to cool down from the torrid pace seen a year ago.

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

“While the total number of homes available is starting to increase, competition for newly listed homes continues to drive selling price gains throughout Central New York,” Realtors association President Andy Azzarello said in a news release. “While the increase in mortgage rates has moved some buyers to the sidelines, our active buyers are keeping a watchful eye on the market and moving quickly when their ‘dream’ home comes to the market.”

Still-rising prices are also likely pushing some buyers out of the market.

The number of homes listed for sale in the region was 1,758 at the end of September, an increase of 13.3% from October 2021.

Though Realtors have said the market is beginning to return to a more “normal” state, it’s still favorable for sellers.

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

At times in the past in Central New York, homes were on the market for months on average before they sold.

Sellers are also still getting more than their asking prices on average, another historically unusual situation for CNY, but one that has been common since the real estate market returned in force from the pandemic.

In October, sellers received an average of 1.4% above their list prices. They’ve been getting more than their asking prices on average in every month since April, according to the Realtors association.

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

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Competition for homes in Central NY still sparks higher sale prices, Realtors say - syracuse.com
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