The inventory of single family homes for sale remains at historic lows. According to data from the Central New York Information Service (CNYIS), the MLS of the Greater Syracuse Association of REALTORS, new listings have fallen 16.2% year over year (YOY) thru September. The stunning lack of inventory seems to be putting a damper on the overall market with pending sales dropping 8.8% YOY with closed sales dropping 13.5% YOY. The bright spot, unless you are a buyer, is that the median sale price is up 9.1% YOY making homesellers smile. To view the September 2020 Local Market Update from CNYIS, as a pdf, click here.
Navigating a challenging housing market is difficult for both buyers and sellers and missing important indicators can be expensive. Call Integrated Real Estate Services a Licensed Real Estate Broker today and one of our experienced real estate professionals will help you navigate your local market. 315.522.3194