Housing Stats in Syracuse

Hey, there!  It’s time to find out what’s trending in real estate and where the housing stats in Syracuse are at. Whether you’re making a move or not in 2017, it’s always a good idea to know the value of your home.  It’s an important number to your financial future.

Last Month:  (December 2016)

abode-987096_960_720There were 545 homes listed with a median sales price of 124,500.

484 homes went under contract

669 homes closed at 96% of the asking price.

Year to Date:  2016

There were 12,511 homes listed

8,682 homes under contract

8, 462 homes closed at 96% of their asking price.

Overall, inventory was low throughout the year.  While we saw a decrease in new listings for December which caused a decrease in closed sales, we saw also saw an increase in pending sales.

*Data supplied by the Greater Syracuse Association of Realtors

Let’s take a look at the big picture and compare 2015 to 2016:

Yes, there was a significant decrease in inventory.  However, we saw increases in the median sale price, pending sales and closed sales compared to 2015.  And, now that 2017 is well on its way we remain optimistic for a more balanced market.  While no one has a crystal ball, CBS News offers some predictions for 2017.  Here are some of the highlights:

  • Home values will continue to increase but at a slower pace
  • Millennials and Baby Boomers will be big buyers
  • Mortgage rates will rise

graph-963016_640There will be great opportunities for both buyers and sellers in 2017 and the key to taking advantage of them will be to be prepared.  The Mortgage Reports indicates in one of their recent articles that staged homes sell 73% faster on average.  Hiring a professional that can show the home in its best light will be well worth the investment. In addition, any mortgage professional will tell you that being pre-approved rather than being prequalified is a must in any market.

We’re looking forward to an exciting real estate market in 2017 and we hope you are too!  Contact us today! and start your search!

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