It’s the first Saturday of the month, so here’s our monthly report featuring the Greater Rochester Association of Realtors 4th Quarter Housing Stats! (And of course the stats on homes for sale in Penfield NY, 😉 ) 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 homes for sale in Penfield NY. Recent statistics show:
67 properties are listed as active with a median sales price of $290k which includes new construction. While that looks like a large number for our area, 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 Penfield, can throw off the accurate picture.
51 properties are currently under contract. The average median sales price is $189k. There was over a 10% increase from the average medium price from January. 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. (Please contact our trusted mortgage professional, Mike Monile to get started.)
20 properties have closed in the last 30 days. The average median price was $290k.
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!