With a continued lack of inventory and Interest rates starting to rise once again, closed sales dropped to their lowest point in nearly a decade, according to the housing report released in late March by the New York State Association of Realtors.
Closed sales plummeted 34.3 percent, from 9,351 sales in February 2022 to only 6,147 units in February of 2023. This marks the lowest number of closed sales in month-over-month comparisons since February 2014 when there were just 5,700 units sold, according to the report.
New listings were down as well, from 11,760 listings in February 2022 to 9,905 in
February 2023 representing a 15.8 percent decline. Pending sales also fell 8.1 percent from 9,350 homes last year to 8,593 sales pending in February 2023.
In Warren County, data showed that new listings equal from January through March 22 (totaling 59), but closed sales were down 25.5 percent. The median sales price of $247,500 was up about 7.6 percent. The inventory of homes for sale was down about 1 percent.
Numbers for Washington County were not listed.