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New York Home Sales Falter in NovemberAll listings are the responsiblity of the posters; keep in mind, anyone can post anything! |
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Real Estate ArticlesNew York Home Sales Falter in November
The slow real estate rebound continues throughout New York State. In November, home sales fell over 8 percent from October and almost 32 percent from November 2009 levels. The silver lining, however, is the median price did recover a bit from the previous year. This slowdown can be attributed in part to seasonal sales patterns common in the northeast. In addition to the holiday season, weather across New York State has been just short of miserable. Several major storms have swept through, leaving drifts of snow that have yet to melt. As recently as mid-January another storm was pelting the area resulting in even more accumulation and traffic problems. The median price increase is a good sign for sellers as buyers return to the market. Price increases have been seen across the board and higher priced segments seem to be doing particularly well. The increased interest in higher priced homes is most likely a result of the homebuyer tax credit that expired at the end of June. As winter passes, realtors expect sales activity to increase into the warmer weather months that are traditionally much stronger. Over 5,200 single family homes were sold in November, an 8.4 percent decrease compared to October volume. However, the October 2010 sales volume was almost 32 percent below November 2009. Median prices across the state increased 4.7 percent to $225,000 compared to October 2010's median of $215,000. From November 2009 to November 2010, the median increased over 12 percent. It is clear New York, like the rest of the country, is not back to normal but indications are the market is stabilizing. As lenders shed inventory of foreclosed properties, buying activity is expected to rise. Buyers need to be patient and selective as they search for property. Sellers may expect more days on the market. As foreclosed properties enter the market, sellers should be realistic about pricing. The best advice is to price your home competitively and be prepared to wait longer for it to sell.
You can talk about... New York Home Sales Falter in November Tags: • foreclosed • problems • slowdown • rebound • foreclosed properties • tax credit • price increases • market price • traffic problems • median price • silver lining • real estate • home sales • new york • single family homes • homebuyer tax credit • real estate rebound • Related articles:
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