E-News

New York State housing market aided by tax credit, low mortgage rates in 2010

The federal homebuyer tax credit and low mortgage rates helped bring consumers to the housing market, particularly in the first half of 2010, despite overarching concerns about the economy. As a result, 74,718 existing single-family homes were sold in New York State in 2010, a decrease of 4.6 percent from 2009, according to preliminary existing single-family sales data accumulated by the New York State Association of REALTORS. Home values remained solid as the $215,000 annual statewide median sales price finished above both 2009 and 2008.

New York REALTORS sold 74,718 existing single-family homes in New York State in 2010, a 4.6-percent decrease from the 2009 total of 78,327. The fourth quarter 2010 sales total of 17,409 represents a 21.3-percent decrease from the 2009 fourth quarter total of 23,057. December 2010 sales fell by 16.2 percent compared to December 2009 to finish at 6,110.

The 2010 annual statewide median sales price was $215,000, up 10.3 percent from 2009. The fourth quarter 2010 median sales price of $219,900 was up 7.3 percent from the 2009 fourth quarter. The December 2010 median sales price of $225,000 represented growth from both November 2010 and December 2009.

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NYSAR/SRI: Consumers remain bearish on current market; recovery expected sooner downstate

According to data released by the Siena Research Institute (SRI) and NYSAR, the overall Real Estate Sentiment score among New Yorkers in the 4^th quarter of 2010 shows that consumers continue to give real estate a poor current grade, but remain convinced that improving conditions are on the way.

"Upstaters and Suburbanites are most negative today, and while Downstaters expect significantly better conditions over the next year, Upstaters overall are more inclined to think the current market conditions will persist for another year," according to Dr. Don Levy, SRI's director.

The actual Real Estate Sentiment Score of -32.0 is well below the point where equal percentages of citizens feel optimistic and pessimistic about the housing market and down 1.0 point from last quarter. Looking forward, the overall future Real Estate Sentiment score is 16.0 (up from 12.8 last quarter) indicating that New Yorkers expect the overall real estate market and the value of property to increase over the next year.

Click here to read the entire press release and to access the metropolitan statistical area (MSA) breakdowns.

Foreclosure activity in most New York State metro areas among the lowest in nation

In its 2010 year-end metropolitan foreclosure market report, RealtyTrac, Inc. reported that the Utica-Rome, NY metropolitan area, with one in every 2,268 homes receiving a foreclosure in 2010, had the lowest foreclosure activity in 2010 of all U.S. metropolitan areas with populations of 200,000 or more. Of these 206 metropolitan areas in the country, Utica-Rome came in at number 206.

The rest of New York State's metropolitan areas weren't far behind. Syracuse was number 202, Albany-Schenectady-Troy was number 199, Buffalo-Niagara Falls was number 198, Rochester was number 196, and Binghamton was number 191. The New York City region including Northern New Jersey and Long Island, had a slightly higher foreclosure rate at one in every 93 homes receiving a foreclosure. However, it still ranked modestly among the rest of the nation, ranking number 148 of all 206 metropolitan areas.

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2011 Mid-Winter Business Meetings under way

The 2011 NYSAR Mid-Winter Business Meetings kicked off today at the Desmond Hotel & Conference Center in Albany. This evening, the 2011 NYSAR Leadership Team will be inaugurated. The leadership team consists of 2011 President Nicholas Gigante, President-elect Susan E. Goldy, and Secretary/Treasurer Margaret Hartman.

During tomorrow's Association Update, NYSAR President Nick Gigante will provide a recap of NYSAR's activities on behalf of its members during the year. Michael Wallender, Esq. will present information about key legal issues affecting the industry. Siena Research Institute Director Dr. Don Levy will brief meeting attendees on the New York State Consumer Real Estate Sentiment Scores. Additionally, the 2010 RPAC awards will be presented.

Be sure to follow NYSAR on Twitter throughout the meetings for updates. Also, for those attending the meetings, use #nysar in your tweets so your fellow members can follow what's happening.

Look for the association update video, podcasts and meeting minutes on NYSAR.com in the near future.

On Thursday, February 10, 2011, NYSAR will be hosting a free webinar titled, "2010 New York Profile of Home Buyers & Sellers – New York State vs. National Comparisons." Presented by NAR Research Economist Jessica Lautz, this informative webinar will cover the highlights of the report and compare New York State to the national results. It will provide valuable information on what consumers want from their real estate agent in the home buying and selling process. The webinar will conclude with a brief Q & A session.

Click here for more information and to register.

Twenty-first Century Housing Conference to be held April 8, 2011

Presented by the Saratoga, Schenectady, Schoharie Association of REALTORS and the National Association of REALTORS, the Twenty-fist Century Housing Conference (TCHC) will be held Friday, April 8, 2011, from 8:30 a.m. to 4:30 p.m. in the Saratoga Springs City Center in Saratoga Springs, NY.

In conjunction with the Saratoga Environmental Expo (SEE), the TCHC is a day-long conference to inform and educate REALTORS about the economic and social benefits of sustainable housing and smart growth initiatives. Presentations by industry professionals; stakeholder organizations; associations; and local government officials will provide REALTORS with networking opportunities and quality information to bring back to their communities.

This event is $25, which includes a continental buffet breakfast, lunch, and a post conference meet and greet reception with refreshments. To register, e-mail Celeste Caruso at celestesssar@yahoo.com with your name, organization and contact information by March 31. You will then be sent an e-invite when registration is available.

Click here for more information.

NAR webinar: Build a relationship with a school in your community

On Thursday, February 24, at 2 p.m., NAR will sponsor a webinar to learn about the School of the Future Design Competition and how you can participate. This webinar will feature an overview of the competition as well as personal experiences from REALTORS who have been involved with the competition. The School of the Future Design Competition is a great way for you to build a relationship with a local school. For more information or to register, click here.