“This is a good time for all! We are transitioning markets currently. We are moving from a buyers market into a sellers market. Both parties are fairly even at the moment. But the switch is progressing and moving rapidly into a sellers market. I doubt we would see the normal seasonal slowdown if we had more properties to sell,” said JP Endres Fein, manager of Better Homes & Gardens Rand Realty in New City and 2013 president elect of the New York State Association of Realtors.
The November housing market posted a 4.8 percent increase in closed sales compared to a year ago and there was strong buyer activity causing a 9 percent growth in median sale prices, according to the New York State Association of Realtors.
“November’s buyers and sellers bucked the typical seasonal slowdown in our statewide housing market,” Duncan MacKenzie, NYSAR chief executive officer, said in a press release. “Looking forward, our data shows a 22.5 percent hike in pending sales so we anticipate the growth trend that began in the spring to continue through the end of 2013.”
But this contrasts with comments from the National Association of Realtors. Both associations released reports came out Thursday.
The national organization said sales are continuing a downward drop as buyers face fewer choices and react to a jump in interest rates.
“Sales dropped for the third straight month to a seasonally adjusted annual rate of 4.9 million, down 4.3 percent from October and down 1.2 percent from a year earlier — marking the first year-over-year drop in 29 months,” reported USA Today.
Endres Fein said the spring market in the lower Hudson Valley will begin early, Jan. 1, and buyers will be looking to see fresh inventory.
“The earlier spring market is spearheaded by low inventory and anything new coming on will be a hot commodity,” she said.
“Currently, we have more buyers than sellers and that equals pent up demand. I also feel that market watchers are comprehending that numbers affecting the market are coming into play. Those being mortgage rates and prices. Mortgage rates will be increasing over 2014 and so will home prices,” she adds.