Home Sales Rose 12.6 Percent in 2017
Median home prices in the Syracuse market reached a new annual peak of $81,128, an increase of 8.8 percent over 2016. Sales in the market rose 12.6 percent over 2016. Inventories of homes for sale, however, declined by 50 percent during the year according to the fourth quarter HUNT Market Report.
Healthy demand coupled with fewer homes for sale helped prices rise faster than usual. Sales increased by 20.6 percent in the fourth quarter of 2017 compared to 2016. As cold weather and the holiday season slowed sales in November and December, the average 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, when the median time to sell a home in the Syracuse market 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 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 was the smallest monthly inventory in the Syracuse market since September 2010.
“Strong demand drove both sales and prices to higher levels in the past year. Rising prices should motivate owners to list their homes next spring. For buyers, Syracuse is a very affordable market. In the months to come, buyers will find a wider selection of homes at various price levels,” said Peter F. Hunt, Chairman and CEO of HUNT Real Estate Corporation.
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.
Median home prices in the Syracuse market reached a new annual peak of $81,128, an increase of 8.8 percent over 2016. Sales in the market rose 12.6 percent over 2016. Inventories of homes for sale, however, declined by 50 percent during the year according to the fourth quarter HUNT Market Report.
Healthy demand coupled with fewer homes for sale helped prices rise faster than usual. Sales increased by 20.6 percent in the fourth quarter of 2017 compared to 2016. As cold weather and the holiday season slowed sales in November and December, the average 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, when the median time to sell a home in the Syracuse market 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 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 was the smallest monthly inventory in the Syracuse market since September 2010.
“Strong demand drove both sales and prices to higher levels in the past year. Rising prices should motivate owners to list their homes next spring. For buyers, Syracuse is a very affordable market. In the months to come, buyers will find a wider selection of homes at various price levels,” 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.
