ROCHESTER, NY - April 17, 2014 -Genesee Region Real Estate Information Services (GENRIS), the information subsidiary of the Greater Rochester Association of REALTORS® (GRAR), announced its statistical report for the First Quarter of 2014.
Monroe County posted a modest increase in property values so far this year as the median sales price rose 2.4 percent to $124,950, up from $122,000 during the same 2013 period. However, region-wide, the overall median sales price remained unchanged at $120,000.
There were 1,716 homes sold during the first quarter, an 8.3 percent decrease from 1,872, as there were 9 percent fewer homes on the market, 4,737 units, down from 5,208 last year. Pending sales were down 7 percent to 2,437 from the 1st quarter last year and new listings decreased 5.8 percent to 4,538. With fewer homes on the market, it is reasonable to expect fewer sales, according to GRAR President, Andy Burke,"because you can't sell what isn't available to begin with."
"This Winter's Polar Vortex was also a major factor in the decline in our first-quarter numbers. People just did not want to be out looking - or getting their property ready to sell." Burke said. "But, the pace has begun to pick up already, with pending sales jumping 19.1 percent from the previous three months. "It looks like the busy season has begun," he observed.
Most surrounding counties reported downturns in sales as well. Orleans, Seneca and Wyoming being obvious exceptions, announced healthy gains of 9.6 percent, 38.5 percent and 33.3 percent, respectively. Rush was the hottest spot of activity in the area with a 233.3 percent year-over-year sales increase.
GRAR CEO, Jim Yockel is also enthusiastic about the potential for solid results in 2014. "Industry experts anticipate that previously hesitant sellers will take advantage of the recent drop in inventory levels and place their homes on the market, bringing fresh choices to buyers." We are seeing evidence of this activity as new listings are up 32.2 percent from the fourth quarter of 2013. The economy continues its slow but steady progress encouraging consumer confidence and spending," Yockel added. Furthermore, "interest rates will likely only be rising from here on, so buyers are beginning to understand that waiting will cost them in interest charges and reduce their spending power."
GRAR continues to support the local residential real estate industry by promoting the benefits of home ownership and using the services of a REALTOR® when buying and selling a home.
