Home sellers across New York State saw more offers near or at their asking price during the first half of 2014 – receiving 95.2% of the asking price at closing – according to a housing market report released by the New York State Association of Realtors (NYSAR).
Buyers displayed a willingness to pay more for the right home when faced with fewer choices during the first six months of the year, the report says.
The statewide median sales price was essentially flat in the first half of 2014, while a difficult winter season slowed the pace of closed sales by 4.4% through the first six months of 2014 compared to 2013.
‘As we take the pulse of the housing market at the halfway point of 2014, New York's Realtors find it holding steady and poised to beat stronger as we enter the typically busy summer months,’ says Duncan MacKenzie, CEO of NYSAR.
‘The combination of the severe winter and low inventory held the housing market back early on, but we are now seeing an upward trend in both pending sales and new listings coming to the market as we closed out June.’ MacKenzie notes that pending sales were up 4.3% and new listings were up nearly 11% in June compared to June 2103.
‘New York's Realtors expect this trend to continue,’ MacKenzie continues. ‘We project that the housing market will make up lost ground during the summer of 2014 as price gains bring more sellers to the market, and increasing choices result in more buyers finding their 'perfect' home.’
There were 44,085 homes sold in the first half of 2014 (Jan. 1 to June 30) – down 4.3% from the same period in 2013. There were 24,809 homes sold in the 2014 second quarter – down 7.7% from the 2013 second quarter. The June 2014 sales total of 9,585 was down 5.9% from June 2013.
All data is compiled from multiple listing services in the state of New York, and the data now includes townhomes and condominiums in addition to existing single-family homes, NYSAR notes.