Saturday, May 1, 2010

New York State first quarter home sales up nearly 18 percent from the 2009 first quarter

4/23/2010

Albany – April 23, 2010 – The New York state housing market continued its strong start to 2010 compared to a year ago as first quarter sales were up nearly 18 percent compared to the 2009 first quarter, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. The 2010 first quarter statewide median sales price rose by more than 12 percent compared to the first quarter of 2009.

“As expected, home sales in the first quarter were markedly improved from a year ago, thanks in large part to the federal homebuyer tax credit, low mortgage rates and available inventory,” said Duncan R. MacKenzie, NYSAR chief executive officer. “We anticipate that these conditions will also result in a strong sales numbers between April and June as buyers strive to meet the tax credit program deadlines.”

To be eligible for the federal homebuyer tax credit, buyers must be under contract prior by April 30 and close on their new home by June 30, MacKenzie noted.

“Our sales data show that it is typical for the first quarter to lag behind the previous fourth quarter, as New York State’s housing market is seasonal and there is reduced activity in the winter months of the first quarter,” MacKenzie said, noting that the 2010 first quarter sales total fell by nearly 40 percent from the 2009 fourth quarter. “We believe this decline is also due to unusually heavy fall market activity driven by the original tax credit deadline.”

“Another very encouraging sign for the Empire State’s housing market can be found in the first month-to-month sales increase of the year as the March 2010 sales total jumped 31 percent from February,” MacKenzie said. He noted that the March median sales price was up more than 20 percent from a year ago, but softened from February.

New York REALTORS sold 13,973 existing single-family homes in New York State during the 2010 first quarter, an increase of 17.7 percent from the 2009 first quarter. The sales total represents a 39.2-percent decrease from the 2009 fourth quarter. The March 2010 sales total of 5,329 was up 31 percent from the February total of 4,068 and 17.7 percent from March 2009.

The 2010 first quarter statewide median sales price of $220,000 represents an increase of 12.8-percent from a year ago and a 6.3-percent increase from the 2009 fourth quarter. The March 2010 median sales price of $209,900 represents an increase of 10.5 percent compared to the March 2009, but fell off by 4.6 percent from the February 2010 median.

Complete data is available at http://www.nysar.com/content/Press.htm

The New York State Association of REALTORS is a not-for-profit trade organization representing more than 54,000 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.

Salvatore I. Prividera Jr.
Director of Communications and Marketing
New York State Association of REALTORS, Inc.

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