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Showing posts with label Market Reports. Show all posts
Showing posts with label Market Reports. Show all posts

Wednesday, April 25, 2018

Low Inventories Drive Syracuse Home Prices Higher

Home Prices Rise Almost 14 Percent in the First Quarter

Shrinking supplies of homes for sale and healthy demand from buyers helped increase the average price of a home in Syracuse to $93,305, up 14 percent compared to last year, according to the first quarter 2018 market report from HUNT Real Estate ERA.
Inventories of homes for sale in the Syracuse market fell 33 percent in the past 12 months, putting pressure on prices as buyers compete for homes. A flood of new listings as the spring season gets underway in earnest could reduce the inventory gap.
Lingering winter weather in the first three months of the year slowed the real estate market, contributing to a 13 percent decline in sales compared to a year ago and a decline of 31 percent from the fourth quarter of 2017. Despite the winter storms, however, homes sold in an average of 31 days compared to 46 days a year ago.
Prices of homes increased 14 percent from the first quarter of 2017 and 5 percent from the fourth quarter of 2017. Despite the rising prices, Syracuse ranked ninth for affordability among the nation’s 100 largest metros in a recent study by the National Association of Realtors. Among the 35 markets that have improved their affordability over the past year, Syracuse was ranked second in the nation for the progress it made to improve its affordability last year.
Supplies of Syracuse Homes for Sale
January 2016 to January 2018

Regional trends
In Onondaga County, supplies of homes for sale have declined 34 percent, slightly more than in Syracuse. New listings in Onondaga County have slipped by 8 percent in the past year. Prices are up by 4 percent over the past 12 months - the county’s average home price reached $144,651 compared to $139,609 in the first quarter of 2017. Home sales for the first quarter fell 19 percent since this time last year.
“First-time buyers who are looking for an affordable home should note Syracuse is one of the most affordable markets in New York State, according to the National Association of Realtors. It’s also a great market for home sellers who want to take advantage of rising prices and faster selling time.  Homes in Syracuse now sell in about a month,” said Peter F. Hunt, Chairman & CEO of HUNT Real Estate Corp.

Monday, April 23, 2018

Rochester Home Prices Decline as Inventories Shrink

Average Price Fell 8 Percent in First Quarter
The first quarter of 2018 saw prices of Rochester homes decrease by 8 percent as fewer than half as many homes were listed for sale compared to last year. Sales, however, improved by 8.6 percent over the 12 month period, according to the first quarter market report from HUNT Real Estate.
Inventories in Rochester are continuing to fall and fewer owners are listing their homes for sale as the spring selling season begins. Active listings of homes for sale have declined by 61 percent since the fourth quarter of 2017 and new listings are also down by 6.3 percent since last year at this time.
The city’s average home price declined 8 percent to $74,432 - down from $80,938 in the first quarter of 2017. Strong demand cut the average period for houses to sell in the city to 30 days, a 31 percent decline over the year. Stable prices encouraged buyers and sales increased over the first quarter of 2017, but they fell 28 percent from the fourth quarter of 2017 when buyers and sellers rushed to close sales before the year ended.
Shrinking supplies have resulted in homes in Rochester being slightly less affordable than they were a year ago. Rochester’s affordability rating on the National Association of Realtors’ Affordability Index fell 2.9 points in the past year. However, the Rochester market is still more affordable than most of the top 100 markets in the nation, according to the NAR report.
In Monroe County, supplies of homes for sale dropped 54 percent over the past year. Prices of homes in Monroe County have increased slightly by 2.5 percent, making the average sale price $149,603. Homes spent an average of 39 days on the market, down from 49 days compared to the first quarter of 2017.
Neighboring cities and suburbs also experienced declines in inventory. Parma had 17 percent fewer listings in the first quarter of 2018 than the first quarter of 2017. The average sale price in Parma increased less than 2 percent to $179,268. Sales rose 12 percent over the past year.
In Brighton, listings have decreased by 33 percent since the first quarter of last year. In that same timeframe, prices of homes have increased by 25 percent. In Irondequoit, prices have risen 12 percent and inventories have gone down 33 percent over the last year.  
We expect demand to grow stronger in the Rochester market as the spring sales market takes off. Tight supplies and strong demand will raise prices, making 2018 a great year to sell. Buyers, who face rising mortgage rates as well as rising prices, are well advised to move quickly this spring,” said Peter F. Hunt, Chairman & CEO of HUNT Real Estate Corp.

Rochester Active Listings

January 2017 through March 2018



Thursday, April 19, 2018

Shortage of Homes for Sale Plague Erie and Niagara County

Conditions Create Strong Sellers' Market
The shortage of homes for sale that plagued the Greater Buffalo-Niagara market in 2017 increased during the first quarter of 2018. Rising home prices and growing demand, however, according to the first quarter market report from HUNT Real Estate ERA, are setting the stage for a strong sellers’ market for the opening of the spring sales season.
Late winter storms contributed to a decline in real estate sales as well as a year-over-year drop in new listings for the start of the quarter – potential buyers stayed home and the bad weather made it difficult for many homeowners to prepare their homes for sale. Warmer weather in the next couple of months may help drive demand and put upward pressure on prices, creating ideal conditions for sellers.
Buffalo’s inventories declined steeply in the first quarter of 2018 and are still declining, but at one-third the pace of the region as a whole. In contrast, prices rose by 27 percent in the first quarter and listings in Buffalo increased 37 percent compared to the fourth quarter of 2017.


Shortages Across the Region
Statistics show that nationwide inventories of homes in January and February fell 9.2 percent and 8.1 percent respectively compared to 2017. In the first quarter, inventories in Erie and Niagara Counties fell at a rate double that of national trends. Both regions ended the first few months of the year with fewer active listings than in nearly a decade.
In Erie County, first quarter inventories plunged 27 percent from the fourth quarter and are 18 percent below levels of a year ago. Compared to the first quarter of 2017, new listings in Erie County were seven percent lower and sales fell by 18 percent. Prices of homes rose less than two percent over the past year.
In Niagara County, inventories fell nearly 25 percent from the fourth quarter of last year and in the first quarter, homes sold in less than two months, nearly twice as fast as they did a year ago. In the first quarter, new listings were down 32 percent and active listings were down 31 percent compared to the first quarter of 2017. Similar to Erie County, prices in Niagara County rose only slightly during the first quarter.


Buffalo Home Prices Are Booming
Buffalo dramatically reduced its inventories last year. During the peak sales season last year, inventories were half the size of the same period compared to 2016. Prices rose 27 percent between the first quarter of 2017 and the first quarter of 2018 in response to tighter inventories, but demand remained strong. Sales rose 6 percent during the same period and sales volume rose from $51,744,436 in the first quarter of 2017 to $67,644,244 in 2018.  Homes in Buffalo are also selling 30 percent faster. Average sale price over the rolling 12 months was $136,443 and sales are averaging 218 per month.


Buffalo Active Listings
March 2016 to March 2018




Erie County’s Prices Set to Rise
Inventories in Erie County as a whole are falling faster than in Buffalo. Supplies of homes for sale are down 18 percent in contrast to this time last year, and new listings have declined seven percent over the same period. Tighter inventories are putting pressure on buyers as days on market have declined 18 percent over the past year. Average prices are up only 1.6 percent from the fourth quarter of last year and sales have risen only 4 percent from last year at this time.
Erie County’s sales volume by price was $326,651,294 in the first quarter of 2018 compared to $298,010,150 for the same period in 2017, an increase of less than one percent.

Erie County Active Listings
March 2016 to March 2018




Niagara County Prices are Still Flat
Average sales prices in Niagara County have increased only 1.19 percent since the first quarter of 2017 even though active listings declined 18 percent over that period. New listings are also falling behind 2017 by seven percent. Year over year sales are up 4 percent and homes in the county are selling at almost the same pace as in the first quarter of 2017.
Niagara County’s sales volume by price grew from $49,515,526 in the first quarter of 2017 to $54,630,267 in the first quarter of this year, an increase of 10.3 percent.

Niagara County Average Sales Prices
March 2015 to March 2018

“Homeowners in the Greater Buffalo-Niagara market who have been waiting for the right time to sell may never see a better market.  Over the past few years of the housing recovery, buyers have depleted inventories. As a result, prices are reaching new peaks. First-time and move-up buyers are motivated to buy before interest rates and prices climb even higher,” said Peter F. Hunt, Chairman & CEO of HUNT Real Estate Corp.

Thursday, October 26, 2017

Syracuse Home Prices Stabilized In the Third Quarter

Sales Down 9 Percent


Home prices in the Syracuse market did not change during the third quarter, stabilizing at a median price of $140,000, which is 6 percent higher than home prices a year ago.  Sales, however, declined by 9 percent during the quarter, trailing last year’s sales by three percent as the summer sales season ended, according to the third quarter market report from HUNT Real Estate ERA.
A 56 percent decline in new listings during the quarter kept inventories steady.  Supplies of homes for sale ended the quarter 45 percent lower than they were a year ago. Declining demand increased the average selling time for a home in Syracuse from 41 to 43 days during the quarter.
The slowdown also reduced the average seller’s gain as the ratio of list prices to close prices fell from 97.4 percent in July to 95.8 percent in September.
“Syracuse is one of the best markets to buy a home in the nation and buyers will find bargains during the fall as demand eases.  The median price has remained very steady through summer, but may decline with coming of fall and the seasonal drop off in demand,” said Peter F. Hunt, Chairman and CEO of HUNT Real Estate Corporation.


Syracuse Home Sales Through the Third Quarter


The HUNT Market Report is a quarterly analysis of real estate trends in Central New York designed to help real estate consumers keep up with local market trends. Reports are based on HUNT Real Estate’s analysis of multiple listing service data.


Rochester Home Prices and Sales Fell in the Third Quarter

Inventories are Nearly 50 Percent Below Last Year


As the summer home sales season came to an end, prices fell 10 percent and ended the third quarter at a median price of $89,900. Sales also fell during the quarter, but homes are still selling in just 26 days, according to the third quarter market report from HUNT Real Estate ERA. Rochester’s median home price ended the quarter at $80,300, down from the beginning of the quarter but still 37.7 percent higher than a year ago, when homes were selling at a median price of $58,480.  Prices reached their peak for the year in July, at $89,500,
Sales sagged during the third quarter, falling by 6 percent as the Rochester market transitioned from summer to fall.  Sales at the end of the quarter were 28 percent lower than they were at this time in 2016. Days on market for listings increased from 23 to 27 days, which is still less than a month and less time than a year ago.
Inventories of homes for sale grew by 4 percent during the quarter but were 48 percent smaller than they were last year. New listings rose 13 percent during the quarter and were 5.5 percent over last year. Demand from buyers looking to purchase before the end of the season reduced days on market to 23 days, much faster than the 41 days required to sell a home a year ago.
“Rochester is a seller's market, as prices remain more than 30 percent higher than a year ago. However, prices slipped a little in the third quarter and may fall even more by the end of the year.  The fall market will be a good time for patient Rochester home sellers to find buyers,” said Peter F. Hunt, Chairman and CEO of HUNT Real Estate Corporation.


Rochester Home Prices Through the Third Quarter

Source: Western New York Real Estate Information Systems


The HUNT Market Report is a quarterly analysis of real estate trends in Western New York designed to help real estate consumers keep up with local market trends. Reports are based on HUNT Real Estate’s analysis of multiple listing service data.  


Third Quarter Home Sales Slowed in Erie and Niagara Counties


Prices Soared in Buffalo During the Third Quarter

Home prices in the Greater Buffalo-Niagara Falls Market increased in the third quarter as inventories of homes for sale reached new lows. Sales declined during the quarter as the summer sales ended and homes took longer to sell, according to the third quarter market report from HUNT Real Estate ERA.
Supplies of Homes Trail 2016
Inventories in Erie and Niagara Counties rose slightly during the third quarter but remained very low, 12 to 18 percent below last year at this time. Supplies were large enough to fulfill demand for only 2.7 months in Erie County, 15.6 percent less than a year ago.  
Tight supplies in Erie County improved during the quarter and homes took three days longer to sell in September, but still sold in only 28 days — 22 percent faster than a year ago.  
In Niagara County, homes sold in 36 days by the end of September, nine days slower than in July.
Sales Declined from Last Year
Sales declined in Niagara County by 20 percent during the quarter due to low inventories, but sales in Erie County fell only 1 percent. Sales in both counties continued to trail sales from a year ago by 17.5 percent in Erie County and 25 percent in Niagara County.  
With fewer homes on the market, prices rose steadily during the quarter, increasing 4 percent in Erie County and 5.7 percent in Niagara Counties.  By the end of the quarter, prices in both counties were well ahead of last year.
“Opportunities for home sellers continue to be excellent throughout Erie and Niagara Counties.  Prices are rising quickly and homes are still selling in less than one month.  Sales are slowing down as the summer ends, but prices will probably end the year significantly higher than last year,” said Peter F. Hunt, Chairman and CEO of HUNT Real Estate Corporation.
Buffalo Prices Jumped 24 Percent in the Third Quarter
The median sale price of homes in the city of Buffalo soared from $100,000 to $124,000 during the quarter, a 24 percent increase in three months.  In September, Buffalo’s median price was 83.1 percent higher than it was in September 2016 as it began to rise in June and accelerated appreciation through the third quarter.  The huge year-over-year price growth reflects both price declines last summer and fall and price appreciation over the past four months throughout the summer sales season.
Buffalo’s inventory entered the spring buying season with 38 percent fewer homes for sale than the previous year.  Low inventories plagued the market during most of the summer.  By the beginning of the third quarter, the city’s supply of homes for sale trailed last year by 20 percent. From July through September, inventories steadily rose as sellers responded to rising  prices.  By the end of the third quarter, supplies were only 11.5 percent lower than a year ago.
Sales in Buffalo fell 8 percent during the quarter as summer ended. Homes took longer to sell as demand fell, rising from only 17 days in July to 26 days in September, nearly 30 percent faster than a year ago.

Buffalo Home Prices Through the Third Quarter

Source: Western New York Real Estate Information Systems

Prices Rose 4 Percent in Erie County
Despite Buffalo’s price surge, prices in Erie County as a whole rose only 4 percent during the quarter to reach a median price of $158,500. During the quarter, sales increased very slightly and homes took slightly longer to sell. Inventories of homes for sale rose 4.5 percent during the quarter, which helped sales and moderated price increases.  
Niagara County Home Prices Rose 20 Percent
Single-family home prices in Niagara County rose slightly in August and now are 19.6 percent higher than they were just a year ago.  The county’s median sale price reached $141,000.  Sales were up 2.1 percent over July and trail last year by less than 1 percent.  Inventories, however, are very low compared to a year ago.  Though new listings in August rose 10 percent over July, the total supply of homes for sale in the county is 21.6 percent below a year ago. With fewer homes on the market, Niagara County homes are selling in 32 days, compared to 50 days a year ago.  The county ended the quarter with only a three month supply of homes for sale.

Niagara County Home Sales Through the Third Quarter

Source: Western New York Real Estate Information Systems

About HUNT Real Estate Market Reports
HUNT’s monthly market reports help home buyers, sellers and homeowners track current trends in their real estate markets.  The reports are analyses based latest data from area multiple listing sources available from Western New York Real Estate Information Systems.



Tuesday, August 1, 2017

Upstate New York’s Fastest Moving Markets


The nationwide inventory of homes has decreased for nine consecutive quarters, according to Trulia’s most recent Inventory and Price Watch Report.  Year over year inventory slid 8.9 percent for the second quarter 2017.  Buyers are scrambling to purchase as choices are becoming limited.  Nationwide only 47 percent of the housing inventory remained on the market at the end of the 60-day period between April 1 and June 1.  In 2012, 57 percent of the nation’s housing inventory remained for that same timeframe.  
Not All Metros are Created Equally
Housing inventories are tumbling in many West Coast cities.  Affected the most, the San Francisco Bay’s three major metros (San Jose, Oakland and San Francisco) ranked first, second, and fourth as the fastest moving markets in the nation.  Homebuyers in Seattle, WA are facing dramatic shortages; ranked third, almost 80 percent of its inventory sold in 60 days.  Salt Lake City, UT pushed through 74 percent of its inventory.
Investors looking for a downtown Miami condo have a glut of choices.  Miami is the slowest moving market in the nation with 62.3 percent of its inventory remaining after two months.  Fairfield County, CT, Winston-Salem, NC, Knoxville, TN, and Greensboro-High Point, NC rounded out the five slowest moving markets, respectively, with close to 60 percent of their inventories still on the market.
Upstate New York’s Markets
Which Upstate New York markets are the fastest and slowest markets? With the East Coast home to the majority of slow moving markets, it might appear as though all of New York markets are sluggish.  Surprisingly, there are two shining stars in Upstate New York and they are both Great Lake communities.
National Rank
NY Metro
Inventory remaining after 60 days 2017
Percentage Change 2012 - 2017
Share on Market Change 2012 - 2017
14
Rochester, NY
35.70%
-45%
-21%
15
Buffalo, NY
36.30%
-43%
-19%
68
Albany, NY
48.40%
-42%
-19%
93
Syracuse, NY
55.60%
-34%
-10%


Rochester, NY is the nation’s 14th fastest moving market.  This year Rochester shot into the top 15 markets by selling 64.3 percent of its housing inventory in 60 days.  In 2012, this community had 56.7 percent of its housing inventory on the market after two month, a 45 percent plunge in inventory over the last five years.
Ranking 15th for the fastest moving markets is Buffalo, NY.  Only 36.3 percent of Buffalo’s inventory remained on the market after the 60 days between April 1 and June 1.  Like Rochester, Buffalo’s housing inventory has steeply declined over the last five years, dropping 19 percentage points from 2012.
Albany ranks as the nation’s 33rd slowest moving market.  This is notable considering that Albany’s market sloughed off more than 50 percent of its inventory.  Compared to 2012, the Albany market is improving year over year, like the Great Lake communities, with inventory in this metro dropping almost 20 percent since 2012.
Syracuse, NY is a buyers’ market.  Ranking seventh slowest nationally, Syracuse ended the two month period with 55.6 percent of its inventory.  Inventory levels are not depreciating as quickly in this metro dropping only 10 percentage points since 2012.  This slower recovery makes it a great time to invest in Syracuse, NY real estate.

The Upstate New York housing inventory is a mixed bag in some markets sellers are delighted by the multiple offers while in others buyers have time to find their dream home. No matter the market conditions, HUNT Real Estate’s sales professionals understand Upstate New York trends and can help find a perfect home.

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