Annual Report on the New York State Market -- NYSAR
It was a banner year for residential real estate across America. Many local markets transitioned from buyers markets to sellers markets. Closed sales are up. Days on market until sale is trending downward. Sellers even managed to post a small gain.
Sales:
There were 12.6% more purchases made in 2013 then in 2012., finishing at 107,142 for the year. Homes priced between $200,00 - $300,000 were the most popular among consumers.
Listings:
At 73,500, inventory levels fell throughout most of the year, finishing 10.4 % below 2012. Sellers regained a lot of ground in 2013, listing 206,433 properties or 2.8% more than 2012.
Outlook:
We closed 2013 with a 5.6% median price increase compared to 2012. At $227,000 the median sales price is at the highest level since 2008. Watch for move up buyers, more seller activity to meet buyer demands, less foreclosure activity and new construction to have an impact on prices in 2014.
