Statistics released by the Genesee Region Real Estate Information Services (GENRIS), the information subsidiary of the Greater Rochester Association of REALTORS® (GRAR), showed that the housing market in the 12-county region remained relatively stable.
Transactions for the Second Quarter were holding steady with 2,450 homes sold. Although that figure points to a 13.7 percent decrease compared to Second Quarter 2008, it is a 48.7 percent increase in contrast to First Quarter 2009. The median sale price of homes remained slightly unchanged at $117,900, when compared to Second Quarter 2008, and increased 12.3 percent over First Quarter 2009. Pending sales were down slightly at 2.2% from Second Quarter 2008 but up a whopping 55 percent over First Quarter 2009. The number of homes listed was at 6,595 and consistent when compared to Second Quarter 2008, down only 3 percent. Closings year-to-date decreased slightly at 17.2 percent compared to 2008.
GRAR also noted that while home sales increased 27.2 percent from First Quarter 2008 to Second Quarter 2008, that was pale in contrast when comparing First Quarter 2009 to Second Quarter 2009, which showed a 55 percent increase. GRAR officials believe the surge may be as a result of the First Time Home Buyers Tax Credit. Although the program is scheduled to conclude on November 30, 2009, GRAR wants to remind prospective first-time home buyers that it could take anywhere from 60 to 90 days to close on a home. In order to take advantage of the tax credit, buyers should be under contract by mid-September. Additionally, inventory in the traditional first-time buyer sector is expected to tighten as the tax credit deadline nears, which will make finding the right home more difficult.
There were several towns within Monroe County which realized a significant increase in home sales over First Quarter 2009. They included: Gates, Greece, Brighton, Henrietta, Irondequoit, Perinton, Pittsford, and Webster.
What we are seeing is a resurgence of optimism in the local real estate market,” said Ryan Tucholski,
GRAR Chief Executive Officer. “We are especially excited about the increases over last quarter.”
Tucholski also stated that people still consider homeownership a wise investment because of the stability in home values in our local market. This is also true for sellers because they are not losing money on the sale of their homes.
Chuck Hilbert, president of the GRAR Board of Directors said that that the First-Time Homeowners Tax Credit has been well-received and has helped to drive the local market.
“Our average and median sale prices demonstrate the stability of our market,” Hilbert remarked. “We want people to know that with the First Time Homebuyer Tax Credit and low interest rates, this is an ideal opportunity to purchase a home.”
GRAR recently launched its new Time 2 Buy marketing campaign that focuses on the benefits of owning a home and why now is a good time to buy.
Hilbert stated that the National Association of REALTORS, the New York State Association of REALTORS, and many individual associations, including GRAR, are focusing their lobbying efforts on extending the First Time Homebuyer Tax Credit into 2010.
“We don’t want to stop the momentum that we’ve started,” said Hilbert. “It’s critical that we move the real estate industry forward. That is the message we must continue to send to our legislators, if we are to ensure the well being of our local and national economy.”
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