For the third consecutive year, the state of New York surpassed 100,000 residential property sales, according to a report by the New York State Association of Realtors.
The report says New York had an immense year in 2015, growing 8 percent in total home sales and bringing closings to the 116,671 mark. And, with the median sales price rising 2.2 percent in 2015 to $230,000, forecasts are positive but balanced for the year ahead.
Across the state, sellers received 95.8 percent of asking price at sale, which is a .4 percent year-over-year increase. Although inventory declined by 4.7 percent compared to last year, there were still 102,045 active listings at the end of 2015. A rise in inventory is largely dependent on new construction, in New York City and across the state, and sellers taking advantage of a hot market.
Duncan R. MacKenzie, CEO of NYSAR, pointed out the last time New York saw three consecutive years of sales over 100,000 – 2005 to 2007– was just prior to the housing market crash.
“Pent-up demand, a strong job market and low mortgage rates combined to drive sales across the Empire State,” MacKenzie said. “An improving economy also helped the housing market thrive in 2015.”
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NYC neighborhoods worth highlighting
State-wide records indicate strong bounce back since years past, but two boroughs specifically stand out in NYC. Both Queens and the Bronx exhibited high total closed sales for 2015. Queens pulled in 8,436 total home sales, representing .8 percent growth since last year, while the Bronx had 1,118 home sales– a 15.3 percent increase from 2014 and an 81.8 percent increase from 2011.
The median for-sale price in the Bronx last year was $290,000, which is a 5.5 percent increase from last year and a 2.2 percent change from 2011. In Queens, the median list price for 2015 was $419,000, representing an 8 percent increase from 2014 and a 21.4 percent increase since 2011, when the home sale price was at a mere $345,000. The Bronx presented 2,370 new listings, while Queens offered buyers 14,890 homes on the market. A high percentage of sellers in both the Bronx and Queens received asking price, at 95.6 and 96.1 percent, respectively.
Overall, both state-wide and New York City sales figures are positive trends for the local real estate market. According to MacKenzie, the NYSAR will continue to keep tabs on changes in mortgage rates as they relate to government regulation and loan accessibility of first-time buyers. Further, the NYSAR plans to support a first-time buyer savings campaign for individuals and families who want to benefit from low monthly mortgage payments but cannot pay upfront closing costs. Initiatives like these, combined with a strong state-wide real estate market and low interest rates, allow renters to enter the buyer’s market comfortably.
