We are pleased to share with you our Real Estate Market Report, focusing on the New York State as a whole. This report provides valuable insights into the current state of the real estate market in our region.
Market Trends: Report highlights key trends in the local real estate market, including shifts in demand, pricing, and inventory levels.
Property Values: it includes property values and price trends, offering an overview of changes in property values across the state.
Sales Activity: Latest Sales activities, including the number of transactions, average days on market, etc.
Median Sales prices refers to the midpoint value of all property sales for the entire State of New York. This metric is a crucial indicator for understanding the prevailing market conditions and trends. It is distinct from the average (mean) price because it is not skewed by extreme high or low-value transactions, making it a more representative measure of typical property values.
| Month | Median Sales Price | Average Sale Price | New Listings | Closed Sales | Days on Market | Homes for Sale | Months Supply |
|---|---|---|---|---|---|---|---|
| January 2023 | $379,950 | $506,128 | 9,743 | 7,420 | 60 | 30,944 | 2.9 |
| February 2023 | $375,000 | $505,895 | 9,905 | 6,147 | 67 | 30,308 | 2.8 |
| March 2023 | $377,000 | $501,800 | 13,228 | 7,633 | 70 | 30,298 | 2.9 |
| April 2023 | $389,000 | $517,860 | 13,040 | 6,944 | 67 | 31,117 | 3.0 |
| May 2023 | $400,000 | $532,696 | 15,540 | 8,819 | 60 | 32,535 | 3.2 |
| June 2023 | $426,001 | $545,137 | 15,019 | 10,186 | 53 | 31,605 | 3.2 |
| July 2023 | $400,000 | $527,108 | 13,320 | 9,381 | 45 | 27,911 | 3.0 |
| August 2023 | $411,500 | $536,024 | 13,331 | 11,310 | 43 | 27,686 | 3.0 |
| September 2023 | $390,000 | $508,235 | 12,592 | 9,564 | 42 | 28,943 | 3.1 |
| October 2023 | |||||||
| November 2023 | |||||||
| December 2023 |
Closed Sales refers to the number of residential properties (SFD\Condo\Co-Ops), that have successfully completed the sale transaction and transferred ownership during a specific reporting period. This metric is a critical component of real estate market analysis and provides valuable insights into the recent activity and performance of the housing market.
Days On Market (DOM) measures the number of days a property has been listed for sale on the market from the initial listing date until it goes under contract or is sold. A crucial indicator of the property’s marketability and the overall health of the real estate market.
Months of Supply is used to assess the balance between housing supply and demand in a particular market. It quantifies how long it would take for the current inventory of homes on the market to be sold or absorbed at the current sales pace, assuming no new listings are added. This metric is use to identify where the market is in its cycle. A declining Months of Supply may indicate a market shift toward a seller’s market, while an increasing supply may suggest a shift to a buyer’s market.
New Listing refers to a residential property that has recently been put up for sale. The appearance of new listings is a reflection of ongoing market activity. It indicates that sellers are entering the market, and buyers or renters have new options to consider.
Home For Sale refers to the total available inventory for the given month.
Data Sources:
New York State Association of Realtors (NYSAR) www.nysar.com
Mid-Hudson MLS http://www.midhudsonmlshomes.com/
OneKey MLS (https://www.onekeymls.com/market-statistics)