Residents of the state of New York claim in a poll that the local housing market is currently worse than it was a year ago, the Siena Research Institute reports.

However, despite New Yorkers noting the decline, many of them feel good about what could happen in the year ahead.

"Residents continue to say that it is a phenomenal time to buy but a very problematic moment to sell," said Siena Research Institute director Don Levy. "While a quarter expect sellers' lives to improve over the next year, nearly half predict prospects for sellers to remain about the same through 2012 as they are today."

According to the report, the statewide sales rate fell by nearly 4 percent over the course of 2011, while home prices remained relatively stable.

However, despite the state's overall market remaining relatively weak, the housing sector in New York City has continued to outperform both state and national averages during recent years. As the Big Apple continues to demonstrate the capabilities of a mature housing market, investing in a home for sale in New York City could prove to be a smart investment for years to come.