First Quarter statistics released by the Genesee Region Real Estate Information Services (GENRIS), the information subsidiary of the Greater Rochester Association of REALTORS® (GRAR), reflect the consistent trend of a stable appreciation in home values within the local housing market in the 11-county region.
The median sale price for the First Quarter of $114,900 reflected a 1.7 percent increase compared to last year at this time. Transactions for the First Quarter 2011 showed a 9.3 percent decrease over First Quarter 2010, with 1,634 homes sold, which is most likely due to a more traditional First Quarter this year matched against one spurred by the Federal Homebuyer Tax Credit last year. The number of homes listed was down significantly, 24.5 percent over First Quarter 2010.
“Despite the 9 percent decline in transactions this quarter when compared to same time last year, I am very optimistic of where our market is currently coming off the Tax Credit,” stated Carolyn Stiffler, president of the GRAR Board of Directors. “While we were wondering how much influence the Tax Credit would have on buyers, looking at this past quarter’s inventory, it is abundantly clear that people looking to sell took advantage of listing their home in the closing months of the Credit.”
“Prices have shown growth from 2009, and are at realistic and sustainable levels. Our market remains very affordable and favorable for qualified buyers, aided by low mortgage rates,” said Ryan Tucholski, chief executive officer of the GRAR. “Locally, REALTORS® remain optimistic about the 2011 housing market, especially if both consumer confidence in the economy and access to mortgages for those with good credit improve.”
There were several towns within the region that experienced sales gains this past quarter from the same time a year ago, they include: Gates, Hamlin, Henrietta, Ogden (Spencerport Village), Perinton (Fairport Village) and Pittsford (Pittsford Village). Also, the Town of Victor in Ontario County realized increases in both number of sales and in home values over the same timeframe.
GRAR will continue to support the local residential real estate industry by focusing on the benefits of owning a home and using the services of a REALTOR® when buying and selling a home.
