GRAR Logo Large
GRAR reported its 2015 first quarter regional residential housing statistics at a press conference, which was held today at 11:00 AM.  For your convenience, we will continue to provide you with these documents every quarter at the same time that they are distributed to the media.  Please contact  Jim Yockel, GRAR chief executive officer, if you have any questions.
The Greater Rochester Association of REALTORS�
Releases 1st Quarter Residential
Housing Statistics

ROCHESTER, NY - April 24, 2015 

The overall inventory of homes for sale in the Greater Rochester region shrank 17.8 percent year-over-year to 4,106 units, as compared to 4,994 in the first quarter of 2014. Closed sales were down 4.1% from the 1st Quarter of 2014, which, given the low inventory levels, is not a surprise. "We are hopeful that the current lack of homes on the market, now at the lowest level in nearly a decade, will spur those considering selling their homes to take advantage of the favorable conditions and list before the busy spring and summer months." GRAR President, Andy Burke, said. "Sellers are receiving a higher percentage of their asking price, and multiple offers are common."

"Once again, the frigid winter dramatically impacted home sale, discouraging activity. New Listings decreased 6.6 percent and pending sales were down 7.5 percent largely because potential sellers were reluctant to put their homes on the market knowing that buyers were unwilling to venture out to inspect what was available," according to Burke.

GRAR CEO Jim Yockel adds, "Economic indicators point out that this spring is an optimal time to be in the real estate market, whether listing or purchasing a home. Low inventory of homes for sale means there is less competition as a seller, and with employment gains, improving confidence in the economy historically low interest rates, many buyers are ready, willing and able to make a purchase."

Employment drives home-buying activity and on average, more people are employed and making more money than they were at this time last year. In a recent survey, the real estate industry's top analysts anticipate home prices to gain this year and continue their climb through 2017. Mortgage rates have declined slightly to near-record lows. "These conditions will most likely hold through at least the first half of the year, which is great news to buyers," Yockel said.

The Median Sales Price remains stable at $120,000. Property values showed solid gains in the communities of Brighton (+5.4%), East Rochester(+29.8%), Gates (+5.9%), Henrietta (+6.0%) and Irondequoit (+5.6%). The City of Rochester (+12.7%), Henrietta (+21.5%) and Greece (+5.3%) all showed increases in Closed Sales.

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. 
Click here for the first quarter stats report.                  View the First Quarter 2015 Video Update

# # #

The Greater Rochester Association of REALTORS� represents more than 2,500 real estate professionals in the Greater Rochester, Finger Lakes and Southern Tier regions. Additional real estate information can be obtained by accessing the Association's website at www.HomeSteadNet.com.