It’s the first weekend of the month so it’s time for the latest edition of the Penfield Market News! The numbers are in as to where we ended up in the 3rd Quarter with Residential Housing Stats so let’s start there.
GRAR Presdient Andy Burke shares in his release- “Low inventory continues to plague the real estate market, and homeowners are staying in their homes longer. The continued low inventory of homes for sale bodes well for sellers who may have been waiting on the sidelines to list their homes. And the inevitable rise in mortgage rates should continue to encourage buyers to purchase sooner rather than later.”
Here are the highlights:
There was a 15.9% increase in the number of sales from this quarter to the previous quarter.
This performance was the 2nd best since 2010.
The inventory has declined by 8.2% from last year.
Pending sales have increased for the 3rd quarter.
Let’s take a look at the numbers in the last 90 days for Penfield:
113 properties have closed at 95% of their asking price. The decrease in inventory, caused a higher average sale price from August to September of almost 16%. The most activity occurred in the 200 to 25ok price range.
Of homes that were listed in the last 90 days, 43 have gone under contract in an average of 15 days from hitting the market.
Currently, there are 162 homes listed for sale in Penfield, with an average sale price of 267k.
What do the numbers mean for you? If you’re a seller, you’ll get your best price right now, because inventory is low. If you’re a buyer, you’re going to get the best price too because mortgage rates are at the lowest they have been all year. (For today’s current rate, contact our trusted mortgage professional, Mike Monile.) Whether you’re buying, selling or both, knowing the numbers in your neighborhood, or the neighborhood you want to be in, is extremely important. Dudek Real Estate is ready to assist. Contact us today!