Alas, warm weather is on the horizon as we make our way into March! The weather may not be consistent yet, but the market has remained the same. While inventory is low, the number of buyers who are looking to enter the market in hopes of their dream home is growing every day. Here are some highlights looking back on Penfield market stats in February 2018.
In the last 30 days, 54 properties were listed with a median sale price of 297k. The number of listed properties has remained steady, but the average price has gone up by 10k. Sellers are gearing-up for the increase in buyers that comes hand in hand with the spring season!
Of homes listed in the month of February: 44 have gone under contract with a median price of 187k. The average days on the market was still 8. Putting in a contingent offer is not an option in a market full of multiple offers.
In the last 30 days, 16 properties have sold with a median closed price of 196k at 97% of the asking price; not too shabby!
It continues to be a seller’s market now, however, trending research indicates that towards the end of the year we will see a more balanced market and a slight increase in mortgage rates. Just because inventory remains low, it doesn’t mean that you can’t be proactive about your house hunt as you wait for your dream home to hit the market!
- Determine the value of your home. If you have 30 minutes, I have a free home value report.
- Determine your must-haves. Seriously, make a list of 10 items– whether it’s a walk-in closet or a fenced-in yard. When we find 8 of the 10, let’s put in an offer.
- Drive through neighborhoods. The best way to experience a neighborhood is to take a drive through it. There are so many great places to live in Rochester! If you’re looking for school district information, community amenities, I’m the source of the source.
Contact me today and let’s get started!