Hey! It’s the first Saturday in May, you know what that means! Grab a cup of coffee or whatever beverage you prefer and join me as we take a look at what’s happened in real estate in our monthly Penfield Real Estate report. We’ll bring you the highlights on what’s trending. If you’re looking for the numbers in your neighborhood specifically, contact us and we’ll make it happen.
Recent numbers show 150 properties available in Penfield and that number changes by the minute as homes go under contract or are newly listed.
In the month of April alone:
54 homes were listed with a median sales price of 235k
48 homes went under contract. The median sales price was 229k with an average of 8 days on the market.
30 homes were recorded as sold with an average sale price of189k and sold for 95% of the original list price.
While the numbers may seem large, relatively speaking, we continue to lack inventory. We have seen a rise in the average sale price as competition is increased in a seller’s market. Interest rates still remain low, which has brought many buyers up to bat.
Cries of “low inventory, we need more sellers” are true. It’s just that sometimes they set off a sense of panic. If I sell my home, and there is no inventory, where will I go? Valid question, indeed. The truth of the matter is we’ve see an unbelievably mild winter, even though Jack Frost took his time hitting the road, which brought out a lot of the buyers early. As wise consumers realize the advantage of selling now and still getting great interest rates on the next purchase, we’ll see a more balanced market. It only takes one house to be the right one. In the meantime, even if it’s temporary and the closing dates don’t line up perfectly, you’ll still have a roof over your head, (we’ll make sure of it) and you will have taken advantage of the best housing market in a decade. Call our trusted mortgage professional Mike Monile, and get yourself in the game.
If you have any questions about the value of your home, whether you are moving or not, or what your purchase power is, please contact us today and put our experience to work for you!