Greater Syracuse region housing market prices rise; sales ‘pause’ in May
Syracuse, N.Y. – June 23, 2020 – The May housing market was a mixed bag throughout the Greater Syracuse region as the effects of the New York on Pause response to the COVID-19 pandemic drove a 9.4 percent increase in the median sales price and a significant decrease in closed sales compared to last May, according to the housing market report released today by the Greater Syracuse Association of REALTORS®. The median price rose to $152,000, while closed sales in the region fell 33.8 percent from May 2019 to 534 for the month.
“The housing market went on ‘pause’ with the state and the rest of the economy,” said Don Radke, president of the Central New York Information Service and broker/owner of FM Realty Group in Fayetteville, N.Y. “Sales routinely take 30 to 60 days to close, so we are seeing the effects of the mid-March shutdown in the May data.”
“Looking ahead, there are positive signs for the region’s housing market including a 6-percent increase in the median selling price through May,” said Radke, “Provided we don’t suffer any COVID-19 setbacks, our housing market has a good chance reduce the current 10-percent deficit in 2020 closed sales compared to the first five months of 2019.”
“REALTORS®.are following all the guidelines to protect consumers’ health as we move through the reopening process and head toward the typically busy summer market,” added Chris Teelin, president of the Greater Syracuse Association of REALTORS® and associate broker with Howard Hanna in North Syracuse, N.Y.
“Buyers are returning to the market more quickly than sellers,” Teelin said. “We are optimistic that the emphasis on health and safety as we conduct the real estate activities such as showings and open houses will encourage sellers to move off the sidelines to help meet the strong buyer demand.”
The May 2020 sales total of 534 represents a decrease of 33.8 percent from the May 2019 total of 807.
The May 2020 median sales price was $152,000, an increase of 9.4 percent from the May 2019 median of $139,000.
The number of homes listed for sale was 2,065 at the end of May 2020, a decrease of 23.1 percent from may 2019.
Editor’s Note: All data is compiled from the Central New York Information Service and includes single-family residential activity in Cayuga, Madison, Oneida, Onondaga, Oswego and Seneca counties.
The Greater Syracuse Association of REALTORS® (GSAR) is the trade association representing more than 1,700 REALTORS® in central New York. Since 1911, GSAR’s mission has been to advocate for private property rights, and provide its members with resources to foster their business success. 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®.
The Central New York Information Service, Inc. is a multiple listing service operated by a group of Central New York broker/owners. The data within the MLS is the property the broker/owners and follows strict guidelines to ensure accuracy, sharing of information and complete data.
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Greater Syracuse region housing market prices rise; sales ‘pause’ in May - June 23, 2020