The Greater Rochester Association of Realtors has published their 2nd Quarter Report. Here are the highlights:
- The median sales price reached $130,000, an increase of 1.1 percent from the 2013 second quarter.
- Inventory remains tight, with 5.0 percent fewer homes on the market.
- There were 5,816 single-family units available in the second quarter as compared to 6,122 in the 2013 second quarter.
- Sales declined by 235 units, (7.6 percent) from 3,079 to 2,844.
So let’s take a look at what that means. Less homes on the market means less sales. No shock there. Because the inventory is low, it causes buyers to compete and as they do they often go over the asking price which drives up the average sale price.
The good news is that the increase in sales price will often bring more sellers to the market. Buyers still can take advantage of the great interest rates that are currently lower than this time last year.
Some towns fared better than others. Let’s take a look at Penfield area:
Comparing the 2nd Quarter of 2013 with the 2nd Quarter of 2014, we saw an increase of new listings, (up 9.2%) but a decline in home sales although the average sale price was up.
If you are currently thinking about selling your home in the Penfield area, price it competitively for its condition. Consider offering incentives to buyers such as home warranties, help with closing costs, and/or repair/remodel credit as long as it does not affect the mortgage structure. If you are a buyer in the Penfield NY, consider your options carefully, but know that the best and brighest homes that are priced well will go extremely fast.
Who were the big winners this quarter, when it comes to homes values in Rochester, NY?
The more rural areas of Victor, Macedon and Hamlin who had the greatest number of closed sales.
Most improved player? Avon/Geneseo with a 33%increase in sales and a 16.67% increase in average sale price!
If you would like to know the numbers in your area, we are happy to help!