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The Greater Rochester Association of REALTORS®
Releases 2nd Quarter Residential
Housing Statistics
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ROCHESTER, NY - July 17, 2015
In the first half of 2015, the Greater Rochester and Finger Lakes area real estate market is performing at levels not seen in years, the Greater Rochester Association of REALTORS®, reports. "Consumer interest is growing and the third quarter looks promising. Pending sales grew by 6.7 % over the second quarter of 2014, and we had 7,413 homes listed for sale in the second quarter, the highest for this time of year since 1997." said GRAR President, Andy Burke. "The surge in homes available for sale is a great sign for the rest of the year. The time between when a home is listed and a contract is accepted is amazingly short. Our members are reporting multiple offers as well, so there are plenty of people out there ready to buy. Now they have many more homes to choose from."
Property values overall grew by 2.4% as the median sales price climbed to $133,000. The communities of Wheatland/Mumford/Scottsville (+22.6%), Canandaigua (+17.8%) and Penfield (+14.5%) all reported double-digit gains. Sellers have continued to see an increase in the Percent of Original List Price, up 0.7% from the second quarter of 2014.
Closings were down from the second quarter of 2014, from 3,051 to 2,868, largely due to the lack of homes available for sale over the winter and the extreme weather in the early part of the year. This should not be a concern according to Burke. "If you take a look at the year to date figures, all the numbers are positive, which shows that the current market is very active."
With interest rates managing to remain low this far into 2015, the outlook is promising. According to GRAR President, Jim Yockel, "At this time of year, buyers with families are eager to find and move into a new home before the kids go back to school in September." Areas of particular interest are to the West and South of the city of Rochester in Parma/Hilton (+46.9%), Wheatland/Mumford/Scottsville (+22.6%), Sweden/Brockport (+33.3%) and Ogden/Spencerport (+16.3%) where sales were brisk.
"Many lenders are offering low down-payment programs and other incentives, so home ownership is still affordable, but the window of opportunity may not be as wide open as in the recent past depending on how fast interest rates and prices rise." Yockel continued.
GRAR continues to support the local residential real estate industry by promoting the benefits of home ownership, advocating for private property rights and raising awareness of the value of using the services of a REALTOR® when buying and selling a home.
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The Greater Rochester Association of REALTORS® represents more than 2,800 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
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