How stable is upstate New Yorks real estate market?
You have heard it many times over the past year, upstate New York has maintained relatively level real estate values compared to many other areas of the country. As an example, according to the New York State Association of Realtors (NYSAR) the 2008 median sale price of single family homes in Monroe County (Rochester) did not change at $120,000 compared to 2007. In January of this year, real estate median prices were 9.3% lower than January, 2008. The number of sales decreased 15.3% and 42.4% respectively. According to the Corning-Elmira Board of Realtors, the median sales price increased approximately 3.5% and the number of sales decreased in 2008 by approximately 11%. However, this January, median price was 10% less than January, 2008. The annual median price in Onondaga County (Syracuse) decreased less than 1% in 2008 and the number of sales decreased less than 14% in 2008. This past January’s median price increased 6.6% but the number of sales decreased 44.8% from January, 2008. Th
