NYSAR Updates Stats for 2008

Every Year by late January the New York Association of Realtors posts their statistics for the past year... I thought I would add an update here on the "Market Trends" blog for Onondaga County.

The new numbers confirm the previous stats from December 2008 and basically show while we have had a slow down in the number of units sold the overall median price in Onondaga County has remained stable.

Median Sales price over a 12 month trend in Onondaga County 2007 compared to 2008:

Median Price 2007 $131,000*

Median Price 2008 $129,900*

Percent change over 12 months: -0.8*

Annual Number of Homes Sold 2007 compared to 2008:

2007: 4731*

2008: 4080*

Percent change over 12 months: -13.8*

Number of homes sold final figure is actually better than the previously stated in October 2008* (-20.1%)

Good news for Sellers is prices are remaining steady for our region... However, be prepared for a longer than usual "time on market". Houses priced correctly (reflecting trends based over the last 2 years) will most likely see a 3 to 6 month sales period.

NYSAR had this to say about NYS housing trends:

“Although New York’s housing values fared somewhat better than the national average, the 2008 NYSAR annual housing report shows that we were not immune to the affects of a poor economy,” said Duncan R. MacKenzie, NYSAR chief executive officer. “There is no doubt, however, that many conditions favor a market rebound including mortgages rates at historic lows, the availability of sound financing options, a great selection of inventory and pending federal economic stimulus legislation. We are hopeful that the December numbers mark the start of the housing turn around.”

Read More about NYS Realtors and Housing trends at: NYSAR.com

NYSAR NYSAR Stats

To view all of the homes available for sale in CNY or to learn more about our real estate practice, visit our website:

www.CNYSignature.com

(*Compiled by the New York Association Of Realtors)