ALBANY, NY--(Marketwired - Apr 22, 2014) - The New York State median sales price grew by 5.1 percent in the 2014 first quarter compared to a year ago, continuing its upward trend, according to the housing market report released today by the New York State Association of REALTORS®. Sales dropped 1.8 percent compared to the start of 2013.
"Sellers seemed most affected by the severe winter weather as indicated by the 7.6-percent inventory reduction," said Duncan MacKenzie, NYSAR CEO. "New York's REALTORS® expect market activity to rise along with the temperature as continued buyer demand and sales price gains entice sellers to list their homes."
There were 18,790 closed sales in the 2014 first quarter, down 1.8 percent from the 2013 first quarter total of 19,143. March 2014 closed sales fell 8.3 percent (6,212) compared to a year ago (6,773).
The 2014 first quarter statewide median sales price was $227,000, an increase of 5.1 percent compared to the first quarter 2013 median of $216,000. The March 2014 statewide median sales price of $217,500 represents an increase of 1.2 percent compared to the March 2013 median of $215,000.
Pending sales declined 5.6 percent to 22,551 in the 2014 first quarter compared to 23,877 in the 2013 first quarter. March 2014 pending sales (9,085) were down 4.5 percent compared to March 2013 (9,514).
The months supply of inventory dropped 16 percent at the end of the first quarter to 8.4 months supply. It was at 10 months at the end of the 2013 first quarter. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 77,394, a decrease of 7.6 percent compared the 2013 first quarter.
Additional data is available at http://www.nysar.com/industry-resources/market-data
Editor's Note: All data is compiled from multiple listing services in the state of New York and the data now include townhomes and condominiums in addition to existing single-family homes.
The New York State Association of REALTORS® is a not-for-profit trade organization representing more than 47,000 of New York State's real estate professionals. The term REALTOR® is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS®. These REALTORS® are also members of the New York State Association of REALTORS® as well as their local board or association of REALTORS®.