This month’s blog features the Greater Rochester Association of Realtors 4th Quarter Housing Stats! Too many numbers can make your head fall off if you’re not used to it. No worries. We research the market every day, so we’ve got the highlights for you:
Homes sales have increased for the 5th year in a row! (5.3%)- The number of properties decreased slightly.
- Median sale price increased to 130,000
- Early pending sales in 2016 show an 8.5%
- Sweden, Parma and West Henrietta saw the most action.
Let’s take a closer look at what has happened with the numbers in Monroe County for the past 30 days. Recent statistics show:
Active:
1835 properties are listed as active with a median sales price of $136k. While that looks like a large number, inventory is actually a little low, which makes it a great time to sell! We’re using the median sale price instead of average sale price because the extreme highs and lows we sometimes experience in Rochester, can throw off the accurate picture.
Pending:
156 properties have gone under contract. The average median sales price was $124,900 with an average of 4 days on the market. Because inventory is lower, homes are selling faster. No reason to panic, but it does mean that every buyer needs to be prepared to pull the trigger with appropriate pre-qualification paperwork in hand, when the house matches 90%-95% of your criteria. (More from our trusted mortgage professional in next month’s blog!)
Sold:
1176 properties have closed. The average median price was 114,900 with a range from 7k to 875k. Clearly there is something for everyone!
What do all these stats mean to you? It depends on where you live and the actual location and condition of your current home. We have the numbers you need to understand your home’s value, so please do not hesitate to contact us.
In general, a tighter inventory creates a seller’s market. Wise consumers will list now to get the best price. This market condition doesn’t mean that buyers should wait, especially since interest rates will be on the rise this year; it just means that you need to take into account the big picture. If you’re selling your home right now and buying another one, depending on the factors we discussed, you’re going to get an excellent price on your home. Will you pay a little more on your next one if you don’t wait? Maybe, but in the grand scheme of things, it will even out because you’ll be catching the interest rates before they rise. This approach holds true for first time buyers as well. The good news is that we’re here to help you through the process and provide you with the resources you need to make the decisions that are best for you! Contact us today and let’s get started!
Here's What's Poppin' 