Housing market looking to rebound from pandemic

Share This



The Central New York housing market took an expected hit from the COVID-19 pandemic. The numbers for March and April show drops in new listings, pending sales and inventory.

“When everyone went on pause so did real estate, everyone had to regroup,” says Lynnore Fetyko, CEO, Greater Syracuse Association of Realtors.

For realtors under the New York On Pause order issued by Gov. Andrew Cuomo in March that meant they could only do their jobs virtually.

As much as the industry was already using technology Fetyko says they had to make sure everyone was at the right level to be able to work virtually.

Realtors quickly shifted to Zoom meetings with buyers and sellers, as well as virtual showings and virtual open houses.

“The transactions that were in the works realtors were focused on getting those closed, working with law offices, could they have in-person closings, could the notaries notarize,” Fetyko tells NewsChannel 9.

March is typically when the housing market starts back up after the slower winter months, but not this year.

Compared to 2019, March’s new listings were down 29.5 percent to 756. Pending sales decreased by 42.3 percent to 475. Inventory shrank 9.9 percent to 2,146 units.

Prices moved higher as the median sales price was up 0.8 percent to $131,000. Days on market decreased 6.2 percent to 61 days. Months supply of inventory was down 6.9 percent to 2.7 months.

Fetyko says, “Across the country there’s somewhat of a listings shortage but with the interest rates being so good and encouraging for consumers it’s really come down to jobs, are people still working, do they still qualify to buy a home.”

She says now that New York is on Restart the hope is the housing market will be too thanks to the many safety protocols put in place.

“Right now it’s so important for the consumer to reach out to the professionals for their guidance and assistance because it’s really a different marketplace,” Fetyko says.

Posted by LocalSYR.com

[related_posts_by_tax posts_per_page="4" format="thumbnails" image_size="full" limit_year="1"]
GAR Associates LLC NY Appraisal and Consulting Firm

Call us at (518) 579 - 3770 to begin your next appraisal project

Are you a town or municipal looking to deliver real property assessments to the public with a few clicks? PROS is here.