May is a good month for the Empire State. According to the latest data from the New York State Association of Realtors (NYSAR), the volume of closed sales rose and hit a new record high.
CEO of the NYSAR Duncan R. MacKenzie said,“Spring buyer activity remained strong as New Yorkers closed on a record number of homes in May, This is a welcome reversal after the slight dip in April sales as some buyers struggled to find their next home.”
Report Highlights
- The closed home sales in May 2017 grew by 4.6 percent with 10,704 sales. It has surpassed the record set in May of the previous year which is 10,235.
- The level of pending sales is also hiking up. It has reached 14,710 in May 2017 compared to the same month a year ago. This accounts for a growth of 8.2 percent from May 2016.
- The median sales price on the statewide level was up 7.1 percent. From a median of $223,200, now it has reached $239,000.
- It is a seller’s market in May 2017 compared to a year ago. Homes stay on the market 8 days lesser. Day on Market averages 88 days in last month than 96 days in May of 2016.
Housing demand remains robust in the state of New York. The growth in closed home sales was highest in the county of Herkimer with an impressive +96.4 percent increase. Allegany County came in second with a growth of +92.0 percent. Yates showed the 25.0 percent lesser sales in May 2017 than a year ago.
Compared to last year, There was a 3.2-percent rise in newly listed homes last month. “The first month-over-month increase in new listings since March 2016 brings good news for those still searching for their dream home,” MacKenzie added. “Sales in the months ahead will undoubtedly be aided by this influx of new listings. However, we are still closely watching the overall number of homes for sale, which remains well below a year ago. Continued growth in homes listed for sale will play a key role in the overall health of the summer market.”
