The New York housing market recovered in 2012 with closed sales up 7 percent compared to 2011, according to a report today from the state Association of Realtors.
“Looking at the year-end numbers we can confidently call the housing market in full recovery mode,” said Duncan MacKenzie, the group’s CEO, in a statement. “The 2012 market featured four consecutive quarters of sales growth and inventory moved continually closer to a balanced market.”
MacKenzie said he was confident the trend would continue because of low interest rates and an improving economic picture in New York. Though he warned that the recovery from Superstorm Sandy, which hit the downstate area Oct. 29, could impact the housing market this year.
Median sales prices have not rebounded from 2008: it’s down 6.5 percent between 2008 and 2012, from $230,000 to $215,000.
The state had 93,582 closed sales in 2012, up 7 percent from the 87,459 homes sold in 2011, the report said. The fourth quarter of the year had strong growth, up 6 percent from 2011.
The annual statewide median sales price was $215,000 in 2012, up 1.2 percent from a price of $212,500 in 2011. In December, the median sales price was $229,000, which was up 14.5 percent from December 2011.
In another positive sign, the realtors’ said the months supply of inventory of house dropped nearly 29 percent in the fourth quarter to an 8.8 months supply. It was 12.3 months in the fourth quarter in 2011.
In the Southern Tier, sales were up 7.6 percent in Broome County and 0.8 percent in Chemung County. Median sales prices in Broome were down 3.5 percent, from $109,900 to $106,000, between 2011 and 2012 and were up 1.2 percent in Chemung, from $105,225 to $106,500.
Sales grew 10.3 percent in Tompkins County and 6.7 percent in Monroe County. Median sales prices in Tompkins dropped 1 percent, from $181,850 to $180,000. In Monroe, sales prices increased 2.4 percent, from $125,000 to $128,000, the report said.
In Dutchess County, sales were up 6 percent in 2012 and 16 percent in Ulster County. In Dutchess, median sales prices were down 1 percent, from $242,750 to $240,000, and they were down 1 percent in Ulster, from $197,000 to $195,000.
Numbers for the lower Hudson Valley were not provided in the report.