Hello, February! It’s the first Saturday of the month, so it’s time to take a look at Rochester Real Estate for the month of January. Since the 2017, year-end Greater Rochester Area Realtors report was just released, it’s time to take a look at that too! Here are some highlights:
- Across the Greater Rochester region, the number of homes sold in 2017 was down by less than 3 percent compared to 2016 despite a 12.4 percent decrease in homes for sale. The housing market, in terms of both existing homes and new builds, is strong and is expected to remain so in 2018.
- Housing demand was unaffected by mortgage rates rising in the latter half of the year. A 4 percent increase in Median Sales Price for the region ($130,000 in 2017, up from $125,000) also did not deter sales. Sellers received 95.2 percent of the asking prices, an increase of 1.1 percent relative to 2016.
In the last 30 days, 353 properties were listed with an average sale price of 180K. Sellers are ready and the buyers are waiting for even more inventory.
Of homes listed in the month of January: 130 have already gone under contract with a median price of 130k. The average days on the market was still 4. We expect the number of pendings to increase as the buyers get out and about in 2018 in their search for Rochester Real Estate.
In the last 30 days, 386 properties have sold with a median closed price of 130k at 99% of the asking price!
As is typical of our January numbers, we did not have as many closings. However, we’ll see an increase in February numbers as more homes went under contract in December than November. A low inventory still remains which has some considering new construction. Builders are ready and willing with the latest floor plans. If you qualify, there are some great programs to help you finance your dream home. We can help!