GREATER Rochester/FINGER LAKES AREA MARKET ACTIVITY REMAINS

STEADY IN 2014 AS HOUSING MARKET RECOVERY CONTINUES

ROCHESTER, NY - JANUARY 15, 2015 - The Greater Rochester / Finger Lakes housing market continued its recovery in 2014.  Closed sales dropped marginally by half a percent to 11,402, but that represents the second highest annual total since before the onset of the recession in 2008.  Median Sales Price was also the second strongest since the recession began at $126,000, down 1.2% from 2013.  "The Rochester and Finger Lakes Region continues to see a steady recovery.  In the five years since the recession ended, we have seen a consistent increase in all of our sales indicators.  Closed Sales, Median Sales Price and Total Dollar Volume of Sales are all trending higher," said Andy Burke, President of the Greater Rochester Association of REALTORS®.

"Inventory of Homes for Sale continues to be a concern," Burke added.  "The number of New Listings entering the market has been steady for the last four years, but with sales increasing over that period, we ended 2014 with the lowest level of homes on the market since 2010."

Pending Sales, an indicator of future closings, increased by 3.2% to 11,719.  This bodes well for a strong start to 2015.  GRAR CEO Jim Yockel points out that "The improving economy, greater sense of job security and interest rates still hovering below 4% are boosting consumer confidence and solid sales growth is expected in 2015."

"We anticipate that after another solid year, many homeowners who have been on the fence will be able and willing to put their home on the market.  Activity and interest remain positive and a boost in inventory is just what the market needs to kick off the year," Burke added.  "We may be seeing this start already as activity was very strong in the fourth quarter."

During the last quarter of the year, New Listings in the region increased 2.4% to 3,515; Pending Sales were up 4.3% to 2,102 and Closed Sales rose 3.2% to 2,835 this year.  All represent the best numbers for the fourth quarter since the recession.  Median Sales Price held steady at $125,000.

"First time home buyers have been somewhat absent in the market recovery, but that trend may be changing as well.  There appears to be more activity in the lower price ranges, which skews the Median Sales Price lower, even though there is a healthy gain in total volume." Burke noted.  "The recent actions by the FHA to reduce Mortgage Interest Premiums and expand the availability of low down-payment loans should help first time home buyers, as well."