According to the April 2016 Housing Market Report released by the New York State Association of Realtors (NYSAR)—a not-for-profit organization comprised of real estate professionals from New York—the number of homes on the market in New York dropped in April compared to the year before, but pending and closing sales increased by 15.9 percent and 8.9 percent, respectively. These statistics show that more people are looking for new homes or actually finding the ones they want to purchase.
The average price for a home also rose by .2 percent. In April 2016, it was $312,187, almost $1,000 more than April 2015’s average of $311,695. NYSAR reported that the affordability of homes on the market decreased a little. But the average sales price in the spring is actually down from the first quarter of 2016, so home buyers who have been house-hunting for the past few months may actually find a drop in prices, so they could put more money down.
With fewer properties on the market and more sales occurring, home buyers aiming to move in the near future should make sure they’ve taken all of the necessary steps to purchase a home, such as getting pre-approved for a mortgage, researching the areas they are interested in, and meeting with a realtor for further guidance, because the average number of days a home was on the market in April was only 106—barely more than three months.
Closer to Home
Looking specifically at Long Island, both Nassau and Suffolk County saw a drop in the number of homes for sale, as well as a decline in new listings, compared to April 2015, but the counties did report an increase by at least 10 percent in the number of closed sales, according to NYSAR.
If you’re a first-time home buyer, you can review our website for further information about what you should keep in mind as you look for a new home because summer is coming on strong and the market promises to heat up as fewer houses are available.
