Welcome, 2017! It’s the very first Saturday of the year which means it’s time for our monthly housing report. All was merry and bright during the holiday season. In the midst of the celebration, the market kept moving. Let’s check out the Housing Stats in Penfield NY!
53 homes are currently active. They have a median list price of 290k. (Let’s take a quick pause in our programming to discuss median price vs. average price. Using the average of a list numbers is great when you and your friends want to figure out how to pay the coffee shop bill. However, when it comes to real estate, a really high number or a really low number can create an unrealistic number. When we use the “middle” number or median when discussing properties, it gives us a more accurate picture.)
Currently there are 52 homes under contract in Penfield. The median list price was 180k. The average days on the market was 32.
35 properties closed in December, so many had a new home for the holidays. The average median sale price was 255k. When we look at the median sale price for December vs. November, we see an increase of 20K!
The new year is off to a great start! As per usual for January, inventory is lower. We’ve seen several cases of multiple offers already. No need to panic, just be prepared. New homes are popping up every day as wise sellers want the best price possible and buyers want to catch the interest rates before they rise. All predictions for 2017 point to a strong and more balanced real estate market that benefits both buyers and sellers! Contact me today, and let’s get started. If your credit is less than stellar, let 2017 be the year you make it shine. Contact our trusted mortgage professional, Mike Monile, for ways to make home ownership possible.