The National Association of Realtors reported a 2.9% increase in existing home sales in February, the first national monthly increase in the last seven months. The turnaround was most notable here in the northeast, where home sales surged by 11.3%.
The median sales price of exisitng homes nationaly fell to $195,000 in Febuary. Reports from the Central New York Information Service and Greater Syracuse REALTOR Assocation show that median price for Onondaga County was $124,650 in Febuary 2008 which is slightly up compared to last years $124,250.
Affordability has long been a popular word for Syracuse-area residential real estate. This market rarely sees the lowest of the national lows or the highest of the highs. Hence, the current local campaign by the Greater Syracuse Association of REALTORS looks on the bright side - look for all the smiley faces on billboards around town. For one thing, homes that do sell in central New York, sell quickly.
Dave Manzano, the President of the Greater Syracuse Association of Realtors, noted that “there are certain areas, depending on where it is in its price range, where it will take a little longer per the average days on the market, which is about roughly 63, 64 days on the market here in Syracuse, which again is way better than the national average.”
Even in a sluggish real estate market, Manzano says there are always pockets of hot real estate action.
Manzano says fixed rate 30 year mortgages are now hovering between 5.8% and 6.1%. That, and some pent up demand, could fuel a good spring season for home sales around central New York.
“There's a pent up demand for people who are looking in a certain area, in a certain price range, naturally good condition, move in.”
Local new construction is also steady in the area, Manzano says four of the homes featured in this year's Parade of Homes at Country Meadow off Caughdgenoy Road in Clay have already been sold. The parade doesn't begin until September. For more info on this years Parad of Homes click here.
For Syracuse housing report done by News Chanel 9 - click here.
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