New York State recorded 25,366 closed sales in the first quarter, a 2.7 percent year-over-year rise, according to data from the New York State Association of Realtors (NYSAR)
. For March, there were 8,889 closed sales, a 2.9 percent increase from one year ago.
The first quarter’s statewide median sales price was $245,000, up 6.5 percent compared to the first quarter of 2016’s median of $230,000. The statewide median sales price for March was $249,000, a 9.5 percent spike form the March 2016 median of $227,500. Pending sales increased 5.1 percent to reach 30,596 in the first quarter compared to the 2016 first quarter total of 29,121. The March pending sales level of 12,610 was four percent above the March 2016 level of 12,129.
However, the months’ supply of inventory dropped 23.6 percent at the end of the first quarter to a 5.5-months’ supply; at the end the first quarter of 2016, the level was at 7.2 months. Inventory stood at 61,857, a decrease of 19.6 percent compared to the 2016 first quarter.
“An overall healthy economy and the specter of mortgage rate increases combined to keep buyer activity at a record-setting pace throughout the 2017 first quarter,” said Duncan R. MacKenzie, CEO of NYSAR. “The number of closed sales may well have been pushed higher if buyers had not been constrained by the ongoing decline in the number of homes available for purchase.”