GREAT NEWS: 2015 A SOLID YEAR FOR THE ROCHESTER/FINGER LAKES REAL ESTATE MARKET ON INCREASED DEMAND AND HIGHER SALES PRICES
ROCHESTER, NY - JANuary 28, 2015
For the fifth consecutive year, home sales in the Rochester and Finger Lakes region increased, the Greater Rochester Association of REALTORS® announced today.
In 2015, there were to 12,182 Closed Sales reported, a 5.3 percent gain over 11,572 in 2014. While the number of properties for sale dropped by 6.8 percent, Median Sales Prices totaled $130,000, advancing 3.2 percent as compared to the previous year's $126,000. An 8.5 percent increase in pending sales indicates activity will remain strong in early 2016.
The effect of the changes to the Truth In Lending Act were evident at the end of last year," Commented newly-installed GRAR President, Toni Connors. "Closed Sales (+0.9 percent) barely changed quarter-over-quarter, but Pending Sales jumped by 6.1 percent. As we expected, the process is just taking a little longer, but prospective buyers continue working with their REALTORS® and mortgage bankers for successful closings."
Suburban areas west of the city saw the most action in 2015, as Sweden (+29 percent), Parma (+28.3 percent) and West Henrietta (+17.9 percent) posted sales increases. Other Finger Lakes counties of Allegany (+27.3 percent), Wyoming (+34 percent) and Genesee (+22.8 percent) reported healthy sales numbers as well.
"Our market is extremely solid, even in the face of rising interest rates and stock market volatility," said GRAR CEO, Jim Yockel. Residential real estate is considered a healthy piece of the national economy and the National Association of REALTORS® is calling 2015 the housing market's best year in nearly a decade. "The current climate of declining unemployment, higher wages, low fuel prices and better lending standards all point toward more activity in the upcoming months," Yockel added.
