Empire State housing market posts highest November sales total since 2009; new mold law takes effect

by Michael Olear | Jan 1, 2016 | Buyers, General, Uncategorized

The following information is courtesy of the New York Association of REALTORS®, Inc.

Closed home sales in New York State jumped 7.1 percent in November 2015 compared to last November, reaching the highest total for the month in six years, according to the housing market report released by the New York State Association of REALTORS®. Key housing market measures including median sales price and pending sales also grew in November.

“With 11 months in the books, we can safely say that 2015 has been a solid year for the housing market,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS®. “Home sales were nearly 8 percent ahead of last year’s pace and pending sales posted double-digit growth. The Empire State is poised for this to be the strongest market since 2007.”

“Looking forward, we do not expect this week’s action by the Federal Reserve to hike interest rates to have an immediate significant impact,” MacKenzie said. “While many economists expect mortgage rates to move marginally higher during 2016, the increase is not expected to be dramatic and neither should the consequence on home sales.”

The year-to-date (Jan. 1 – Nov. 30) sales total of 105,709 was 7.8-percent above the same period last year. The November 2015 sales total of 9,063 was up 7.1 percent from November 2014.

The year-to-date (Jan. 1 – Nov. 30) statewide median sales price was $230,000, which represents a 2.2-percent gain from the same period in 2014. The November median sales price was $230,000, a 2.2 percent hike compared to November 2014. 

The months supply of homes for sale dropped 16.5 percent at the end of November to 8.1 months supply. It was at 9.7 months at the end of November 2014. A six month to 6.5 month supply is considered to be a balanced market. There were 83,155 homes listed for sale at the end of November, a decrease of 5.8 percent compared to November 2014. 

Additional data is available at http://www.nysar.com/industry-resources/market-data.

Editor’s Note: All data is compiled from multiple listing services in the state of New York and the data include townhomes, condominiums and existing single-family homes.

The New York State Association of REALTORS® is a not-for-profit trade organization representing more than 50,000 of New York State’s real estate professionals. The term REALTOR® is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS®. These REALTORS® are also members of the New York State Association of REALTORS® as well as their local board or association of REALTORS®.

New state law takes effect on January 1

Effective January 1, 2016, it will be unlawful for any person to engage, advertise or hold themselves out as a mold assessor, remediation contractor or abatement worker unless they have a valid mold license issued by the New York State Department of Labor (DOL). REALTORS must be aware that any mold assessor or remediation specialist you refer to customers, clients, sellers or purchasers must be licensed with New York State.

This requirement is the same as those applying to licensed home inspector referrals. The state DOL website has a wealth of information available. The New York State Senate also recently highlighted several new laws that will prohibit discrimination against domestic violence victims in housing, ensure equal pay, reduce the business income tax rate, provide property tax relief for eligible veterans, and expand health care access through telehealth services. More information can be found here.

For more information on the WNY housing market, please contact The Olear Team today!