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The Greater Rochester Association of REALTORS®
Releases 3rd Quarter Residential
Housing Statistics
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ROCHESTER, NY - October 22, 2015
The overall tempo of the real estate industry in our region has experienced a healthy number of good omens, as reflected in the Third Quarter's results. Sales increased by 8.4 percent to 4,020 transactions, up from 3,708 during the same period last year. Activity was particularly strong in the northern part of Monroe County, with Webster, Irondequoit, Parma and Hamlin showing gains of 15-24 percent in closings over last year. While available homes on the market were lower, down 8.3 percent from the Third Quarter of 2014, the good news is that the number of new listings coming on the market recently has shifted upward by 9.6 percent. "Buyers were active during the summer months, most likely hoping to take advantage of lower mortgage rates still available before the looming increase, anticipated before the year's end," said GRAR President, Andy Burke. "In turn, this encouraged once-hesitant sellers to place their homes on the market." "We have seen a trend toward a longer selling season over the last several years, and this is another sign that trend is continuing," added Burke. Sales are progressing at a healthy pace and other metrics, such as prices and Pending Sales, are experiencing gains. Area Median Sales Prices rose 6.7 percent overall to $136,000, while Pending Sales rose 3.9 percent, a good sign for a positive Fourth Quarter. Areas of note include Rush, which experienced a 60.8 percent year-over-year increase and Allegany County, posting a 55.6 percent surge in Median Sales Prices. "Positive economic news is coming in from many angles, the job market's continual improvement, real average hourly and weekly earnings rising and an uptick in new household formation, according to Jim Yockel, GRAR's Chief Executive Officer, "So there are no imminent factors to prepare for beyond the typical seasonal downturn."
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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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