August Syracuse Real Estate Report

9/22/08 – Syracuse’s housing market remains solid through the first half of the year, aided by an increase in sales of more than 10.1% percent in June 2008 comapred to June 2007, according to single-family sales data accumulated by the Greater Syracuse Association of REALTORS and the Central New York Information Service, Inc. (MLS).

“Syracuse home buyers are recognizing the tremendous opportunities available to them in our local markets throughout Onondaga County as evidenced by the increase in sales between May and June,” said Lynnore Fetyko, GSAR chief executive officer.

“Right now in communities across Central New York, smart buyers are taking advantage of the choices available in every price range, and still low mortgage rates. They know that owning a home has a multitude of benefits including helping them build their personal wealth over the long term.”

The August 2008 median selling price in Onondaga County of $139,900 decreased by by less then 1 percent compared to the August 2007 median of $140,000. Average days on market in August was 39 days in Onondaga County comapared to 47 days in August 2007.

“Overall, through the first half of 2008, sales levels are down from the height of the boom,” said Fetyko, “but they are at solid levels when considered in a historical context. The steady increase in median sales price goes to show that all real estate is local and Syracuse is uneffected by the real estate downturn other cities have experienced  throughout the rest of the Country.”

Central New York’s REALTORS sold 4120 homes between January 1 and August 31, 2008, a decrease of 9.8% percent from the same period in 2007.

---The Greater Syracuse Association of REALTORS is a not-for-profit trade organization representing more than 1,700 of Central New York’s real estate professionals. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS. These REALTORS are also members of the New York State Association of REALTORS.