New York REALTORS® Take A Look At The 2017 Housing Market Share: What’s Ahead For Homeowners in 2018
If you sold your New York home in 2017, you picked the right year to go to market. The New York State Association of REALTORS® (NYSAR) tells us that the average home sale price increased by 5.5%. Sellers enjoyed this uptick in profits, with many receiving 97% of their list price at sale.
If you were a seller with a two bedroom home in 2017, it’s likely your property sold quickly as there was a 2.9% increase in sales for this category. However, three bedroom homes brought sellers the largest profit, with 97.3% of them receiving their list price at sale.
NYSAR data tells us that all signs indicate that the real estate market has the potential to remain strong in 2018. The number of first-time home buyers continues to hold steady, and there is still significant movement by existing homeowners who are looking to upgrade or downsize with new property.
While the number of available homes for sale decreased by 9.5%, NYSAR believes that buyers can expect to see an increase in housing inventory over the next few years. Builder confidence is improving as the demand for new construction continues to rise nationwide. According to Associated Builders and Contractors Inc. (ABC), “The construction unemployment rate increased by 2 percentage points in January and now stands at 9.4%. That is an increase of 4.9 percentage points since July 2016.”
There is some concern about how the recent, historic tax reforms will play out for homeowners who are planning to sell. The reduction in tax incentives for homeowners does have the potential to diminish enthusiasm for ownership, potentially affecting the real estate market. However, policymakers claim that the new legislation will boost the overall economy and improve buyer confidence.
Read NYSAR’s complete Annual Report On The 2017 Real Estate Market.
Click on the arrows below the infographics for more statistics from the association’s annual housing market report.