The Greater Rochester Association of REALTORSŪ today announced a robust start to the year as
Closed Sales increased 15.9 percent from the first quarter of 2015 to 5,944. Pending Sales increased 17.4 percent from the first quarter of 2015 to 7,955 for the period.

While new listings increased by 10.1 percent the year-over-year trend in homes for sale is still a concern. The strong increase in both pending and closed sales more than offset the gain in new listings, causing a continued decline in the number of homes for sale.
"Activity is holding steady and buyers want to get into the market, but with fewer options available, they are waiting for the right home and moving quickly when they find it," according to GRAR President, Toni Connors. "It is currently a seller's market and as long as that remains true, prices will continue to increase."

Prices were up compared to last year at this time. The Median Sales Price increased 0.8 percent from $118,000 to $119,000. Economists, pointing to positive indicators, such as rising employment and wage increases and still-all-time-low mortgage rates, are predicting 2016 will be the best year in a decade for the housing market, expecting total home sales, housing starts, and home prices to reach their highest levels in ten years. "The second quarter is traditionally the best time to list a home for sale and as seller and builder confidence increases, a gradual increase in housing supply tends to follow suit."

Hot spots around Monroe County were Wheatland/Mumford/Scottsville (+ 800.0%) + East Rochester (90.0%) and Hamlin (+54%), which all saw dramatic gains in terms of closed sales in comparison to the first quarter of 2015. Property values in the communities of Wheatland/Mumford/Scottsville (+ 32.1%) Ogden/Spencerport (+ 27.7%) and the City of Rochester (+ 27.4%) all posted showed solid gains in median sales price. Surrounding counties within the listing area were equally busy, all reporting positive sales numbers. Most notably, Steuben County with a 64.7% increase in sales compared to the same period last year.

GRAR continues to support the local residential real estate industry by promoting the benefits of home ownership and using the services of a REALTORŪ when buying and selling a home.