The real estate market in Syracuse NY is currently in good shape and has recovered from the 2007 housing crisis. As there has been increased demand for real estate in our area from both homeowners and investors, now is the perfect time to list your home for sale.
You have a lot of factors working in your favor & the more factors you have in your favor, the better chance you will have to sell your home.
We are just finishing up the spring weeks & moving into summer.
There are more first time home buyers entering the market
Interest rates are still low (they will be rising soon)
I want to go over some basic formulas/tools that will give us a more detailed look into whether or not you should list your home for sale, how quick it may sell & how close to full market value you will be able to get on the sale of your property.
Current Market Supply of Homes
We use the term "months supply" to determine how many homes are for sale on the market for specific areas, towns, cities or zip codes. The months supply is the time it will take for all current homes on the market to sell. This will give us a better look into if we are in a buyers market or a sellers market & will help determine the demand for homes in your specific area.
"Months of supply is the total number of homes for sale divided by the average number of homes sold per month"
So lets go over a couple popular zip codes in Syracuse NY and see if we can come up with a detailed look into the market demand for that specific area.
1) Liverpool - zip code 13088
Past 12 months - 258 homes sold
258 homes sold / 12
= 21.5 (average # of homes sold per month)
So to get the current months supply, we divide the current number of homes listed (71) by the average number of homes sold per month (21.5)
71(current supply) / 21.5 (average homes sold per month)
= 3.3 (total months of supply)
2) North Syracuse - zip code 13212
Past 12 months - 356 homes sold
356 homes sold/ 12
= 29.6 (average # of months to sell current supply)
Current Supply
56 (current supply) / 29.6
= 1.9 (total months supply)
3) Baldwinsville - zip code 13027
Past 12 months - 443 homes sold
443 homes sold / 12
= 36.9 (average # of months to sell current supply)
Current Supply
162 (current supply) / 36.9
=4.4 (average # of months to sell current supply)
4) Clay - zip code - 13041
Past 12 months - 194 homes sold
194 homes sold / 12
= 16.2 (average # of homes sold per month)
Current Supply
59 (current supply) / 16.2
=3.6 (average # of months to sell current supply)
6 months of supply is considered the benchmark for a balanced market. Less than 6 months of supply favors the sellers because there are less choices for the buyer. More than 6 months favors the buyers and leads to lower prices.
So as you can tell from this data, we are currently in a sellers market. We have less than 6 months of supply in all of these zip codes, with the highest current supply coming in at 4.4 in Baldwinsville NY.
North Syracuse (13212) is the current market where your home will sell the fastest. At a current market supply of 1.9, all the current listings (56) should expect to sell within 1.9 months.
Average Home Sale Price
So, now that we know how fast we can expect our home to sell depending on which zip code we live in, lets take a look at what the average sale price for homes in these zip codes are.
1) Liverpool - zip code 13088
Median Sale Price (February 2016) = 111,000
2) North Syracuse - zip code 13212
Median Sale Price (February 2016) = 107,000
3) Baldwinsville - zip code 13027
Median Sale Price (February 2016) = 141,000
4) Clay - zip code - 13041
Median Sale Price (February 2016) = 125,000
From this data, we can tell that houses in Baldwinsville on average are selling for the most money at 141,000. However if we look at our prior data on months supply it is also telling us that the homes in this area are not selling as fast (sitting at a 4.4 months supply)
Looking at North Syracuse, zip code 13212, this data is telling us that the homes in this area are selling for the least amount but are selling the fastest.
This data proves that there is a correlation between the sale price of the home and how fast the property is going to sell. The more expensive the property, the longer you will be waiting for a buyer. The less expensive the property, the better chance you have of selling this property quickly.
This information leads me to believe that there are more first time home buyers entering the market and looking to buy homes due to the high amount of sales at the lower price range of homes in these areas.
Conclusion
From the data we have uncovered about the Syracuse real estate market, we can now prove that we are in a sellers market. This means that there is high demand for homes in this area and the real estate market in Syracuse is in good condition. This information proves that there are more first time home buyers entering the market and looking to buy homes. So if you are debating on whether or not to sell your property, now would be a good time to list your property for sale. If you do decide to sell your home, make sure you do your research, hire a good agent and learn about all of your options to sell your home.
Let us know below what type of success you had selling your home in Syracuse NY or if you need some assistance with the sale of your property.
just shoot us a quick email and we will get this free tool over to you so you can have a better understanding of the sales price of your home.
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