Ron France

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)

I’m sure I spend way too much time studying our real estate environment here in CNY and around the US (I really need to get a life!). However, understanding and being knowledgeable about recent market trends is vital to making key decisions about real estate investments.

I’ve found many top agents spend time analyzing their own recent business trends and often use that as a gauge to offer opinions about the market in general.

Real estate companies tend to keep more of an eye on trends however mainly focus on their own market share and recruiting efforts.

It is true real estate trends can vary widely by neighborhood or even street however it’s important to study local and regional trends to understand consumer confidence and the roll it plays in our market. I find a little bit of research goes a long way toward getting a true picture of localized trends. My closest estimates come from a combination of sources.

Of course I favor our local MLS for up to the minute stats on sales in specific towns and neighborhoods. Online my favorites include Cyberhomes, Zillow , Valuemap by FACorelogic and Property Shark

In a later blog I will give an example of a Broker Price Opinion using the MLS and these other websites combined.

The Association of Realtors does great work at studying market trends and releasing the information to the public. The Greater Syracuse Association publishes a monthly compilation of sales in the Real Estate Section of the Sunday Post Standard. Along with our local trends, the state and national trends are published by NYSAR and NAR respectively.

The good news is our region and the northeast as a whole has not experienced double digit reductions in median price that has been experienced across the rest of the nation.

Median prices remain stable in our region... here are a few stats:

Median Sales price over a 12 month trend in the US* as of Nov 2008:

North East -0.1% Mid West -11.2% South -10.6% West -25.5%

Median Sales price over a 12 month trend in the NYS** as of Oct 2008: -1.8%

Median Sales price over a 12 month trend in the Greater Syracuse Area*** as of Oct 2008: - 0.7%

The major change has been the number of homes sold during the statistical period from 10/07 – 10/08. The Greater Syracuse Area*** as of Oct 2008: - 20.1%

So what does it mean... in my humble opinion... Sellers are maintaining value, due in part to the fact the CNY region did not experience double or triple digit increases in value over very short periods the way many parts of the US did. So there has not been a need for a major correction here.

Buyers are simply experiencing a lack of confidence in the economy along with the rest of the country. As the economy picks up, I believe buyer confidence will be restored.

The good news is homeowners in CNY do not have to worry about major losses. However because of a smaller buyer pool there will be a substantially longer marketing period for sellers compared with our local market a couple years ago.

The good news for buyers is interest rates are still attractive and you will most likely not be exposed to bidding wars when you find the home of your dreams.

Here are a few websites where you may find information about your market trends...

NAR Nation Wide Stats: NAR Stats

NYSAR NYSAR Stats

CNN Money: CNN Stats

City-Data City-Data 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 National Association Of Realtors)
(**Compiled by the New York Association Of Realtors)
(***Compiled by the Greater Syracuse Association Of Realtors)