The first quarter of 2019 provided several disruptive weather patterns that contributed to less foot traffic toward potential home sales. Coupled with low affordability, higher prices and an inventory situation in its infancy of recovering from record lows – not to mention several more days of wintry weather in April – slower sales persisted across most local residential real estate markets. However, buyers are beginning to return in force this spring. For well-priced homes in desirable locations, competition is fierce.
- Single Family Closed Sales were down 2.3 percent to 1,708.
- Townhouse-Condo Closed Sales were down 2.4 percent to 403.
- Adult Communities Closed Sales were up 27.6 percent to 37.
- Single Family Median Sales Price increased 3.6 percent to $373,000.
- Townhouse-Condo Median Sales Price increased 0.0 percent to $265,000.
- Adult Communities Median Sales Price decreased 12.0 percent to $365,000.
Hiring and wage gains have been below expectations, and the New York unemployment rate ticked up by 0.1 percent to 4.1 percent during March 2019, which was higher than the comparative national rate of 3.8 percent. In order for sales to increase on a grand scale, buyers will need more spending power, or sellers will need to reduce prices to land where buyers are most active. Neither situation is likely to occur in 2019, and yet inventory is straining to keep pace in the most competitive price ranges.