CNY housing prices continue to climb; sales rise slowly
Syracuse, N.Y. – Sept. 17, 2020 – The median home sales price rose by more than 17 percent across Central New York during August as buyers continued to compete for available homes, according to the housing market report released today by the Greater Syracuse Association of REALTORS®. August 2020 sales continued to increase compared to the previous months since the reopening, but still fell 15-percent behind the August 2019 sales total.
“The Central New York housing market continued to move at a fast pace in August, but was at a much more manageable level for buyers and sellers,” said Chris Teelin, president of the Greater Syracuse Association of REALTORS®.
“The market was less frenetic in August as inventory began to increase during the month to give buyers more options,” said Teelin. However, sellers still have the advantage as buyer demand remains strong and selling prices continue to rise. Sellers actually saw, on average, slightly more than 100-percent of their asking price during August. The current level of activity is sustainable and should continue well into the fall.”
“Buyers and sellers throughout Central New York are increasingly finding themselves at the closing table as our housing market continues to rebound from the pandemic shutdown,” said Lynnore Fetyko, CEO of the Greater Syracuse Association of REALTORS®. “We remain optimistic that the increasing return of sellers, ongoing buyer activity and low mortgage rates will continue to propel the housing market forward throughout the fall.”
The August 2020 closed sales total of 910 represents a decrease of 15 percent from the August 2019 total of 1,070. Year-to-date (Jan. 1 – Aug. 31) closed sales were 5,132, 15.9-percent below the same period in 2019.
The August 2020 median sales price was $170,000, an increase of 17.2 percent from the August 2019 median of $145,000. The year-to-date (Jan. 1 – Aug. 31) median price rose 7.1 percent compared to the same period in 2019 to reach $150,000.
The number of homes listed for sale was 2,234 at the end of August 2020, a decrease of 25.2 percent from August 2019.
The complete report is available here: https://www.cnyrealtor.com/clientuploads/Webpage%20Files/Stats/NYSAR_Stats/2020/NYSAR_GSAR_MMI_2020-08.pdf
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 of the broker/owners and follows strict guidelines to ensure accuracy, sharing of information and complete data.
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Archived Press Releases:
CNY housing prices continue to climb; sales rise slowly - September 17, 2020
Buyer competition drives price gains in CNY housing market - August 20, 2020
Home prices continue to rise in Central New York - July 21, 2020