Second Quarter statistics released by the Genesee Region Real Estate Information Services (GENRIS), the information subsidiary of the Greater Rochester Association of REALTORS® (GRAR), show signs of a housing market returning to a more typical rhythm in the 11-county region.
The median sale price for the Second Quarter remained flat at $120,000 when compared to last year at this time. Transactions for the Second Quarter 2011 showed a 32 percent decrease over Second Quarter 2010, with 2,371 homes sold, which is very likely due to a more traditional Second Quarter this year matched against one spurred by the Federal Homebuyer Tax Credit last year.
Homes listed for sales saw a slight decrease of one percent from a year ago. “This quarter we saw a 32 percent decline in transactions when compared to same time last year, and we attribute that to the Homebuyer Tax Credit contract and initial closing deadlines last year of April 30th and June 30th respectively,” stated Carolyn Stiffler, president of the GRAR Board of Directors. “While looking at the First Quarter stats this year we discovered how much influence the Tax Credit had on sellers, now looking at the Second Quarter’s closings, it is now clear that buyers also heavily took advantage of purchasing a new home in the closing months of the Credit.
“In the absence of a Federal Tax Credit and a substantial increase in Pending Sales this past quarter, we are very optimistic for the future of our local market,” said Ryan Tucholski, chief executive officer for the GRAR. “Additionally, homeowners and businesses praise lawmakers for enacting a long-overdue property tax cap that became law late last month. This cap will provide much-needed tax relief, allowing current homeowners to live better and will make homeownership more affordable for first-time buyers.”
While total sales were down across the area as compared to a Tax Credit market, there were several towns within Monroe County that experienced appreciation in home values this past quarter from the same time a year ago, they include: Chili, Clarkson, East Rochester, Hamlin, Henrietta, Mendon (Honeoye Falls Village), Ogden (Spencerport Village), Perinton (Fairport Village), Riga (Churchville Village), Sweden (Brockport Village), and Wheatland (Mumford & Scottsville Villages). Also, the Town of Victor in Ontario County did exceptionally well realizing substantial 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.
