ALBANY, NY--(Marketwire - Jan 22, 2013) - The New York State housing market recovered strongly in 2012 as closed sales of existing single-family homes, condos and co-ops finished 7-percent ahead of 2011. There was a modest 1.2-percent growth in the median sales price as available inventory fell by nearly 20 percent, according to the housing market report released today by the New York State Association of REALTORS®.
"Looking at the year-end numbers we can confidently call the housing market in full recovery mode," said Duncan R. MacKenzie, NYSAR CEO. "The 2012 market featured four consecutive quarters of sales growth and inventory moved continually closer to a balanced market."
"Looking ahead to 2013, the likelihood of sustained low mortgage interest rates and a growing economy provide a foundation for continuing the 2012 gains," MacKenzie said. "While we expect gains across the state in 2013 we will be closely watching how the markets impacted by Superstorm Sandy rebound."
There were 93,582 closed sales in 2012, up 7 percent from the 87,459 homes sold in 2011. The 23,694 closed sales in the fourth quarter of 2012 represented a 6.1-percent increase from the 2011 fourth quarter. December 2012 sales (7,770) were on par with December 2011 (7,778).
The annual statewide median sales price reached $215,000 in 2012, an increase of 1.2 percent compared to the 2011 annual median sales price of $212,500. The fourth quarter 2012 median sales price of $215,000 was a 5.1-percent increase from the 2011 fourth quarter median price of $204,500. The December 2012 median sales price of $229,000 was 14.5 percent above the December 2011 median price of $200,000.
The months supply of inventory continued to trend toward a more balanced market, dropping 28.5 percent in the fourth quarter to 8.8 months supply. It stood at 12.3 months in the 2011 fourth quarter. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 73,503 units in the 2012 fourth quarter, a decrease of 19.7 percent compared to the 2011 fourth quarter.
Additional data is available at http://www.nysar.com/industry-resources/market-data
Editor's Note: All data is compiled from multiple listing services in the state of New York and the data now include townhomes and condominiums in addition to existing single-family homes.
The New York State Association of REALTORS® is a not-for-profit trade organization representing more than 47,000 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®.