Home Prices Rise Almost 14 Percent in the First Quarter
Shrinking supplies of homes for sale and healthy demand from buyers helped increase the average price of a home in Syracuse to $93,305, up 14 percent compared to last year, according to the first quarter 2018 market report from HUNT Real Estate ERA.
Inventories of homes for sale in the Syracuse market fell 33 percent in the past 12 months, putting pressure on prices as buyers compete for homes. A flood of new listings as the spring season gets underway in earnest could reduce the inventory gap.
Lingering winter weather in the first three months of the year slowed the real estate market, contributing to a 13 percent decline in sales compared to a year ago and a decline of 31 percent from the fourth quarter of 2017. Despite the winter storms, however, homes sold in an average of 31 days compared to 46 days a year ago.
Prices of homes increased 14 percent from the first quarter of 2017 and 5 percent from the fourth quarter of 2017. Despite the rising prices, Syracuse ranked ninth for affordability among the nation’s 100 largest metros in a recent study by the National Association of Realtors. Among the 35 markets that have improved their affordability over the past year, Syracuse was ranked second in the nation for the progress it made to improve its affordability last year.
Supplies of Syracuse Homes for Sale
January 2016 to January 2018
In Onondaga County, supplies of homes for sale have declined 34 percent, slightly more than in Syracuse. New listings in Onondaga County have slipped by 8 percent in the past year. Prices are up by 4 percent over the past 12 months - the county’s average home price reached $144,651 compared to $139,609 in the first quarter of 2017. Home sales for the first quarter fell 19 percent since this time last year.
“First-time buyers who are looking for an affordable home should note Syracuse is one of the most affordable markets in New York State, according to the National Association of Realtors. It’s also a great market for home sellers who want to take advantage of rising prices and faster selling time. Homes in Syracuse now sell in about a month,” said Peter F. Hunt, Chairman & CEO of HUNT Real Estate Corp.