Second Quarter statistics released by the Genesee Region Real Estate Information Services (GENRIS), the information subsidiary of the Greater Rochester Association of REALTORS® (GRAR), indicate that despite a decrease in sales, owning a home in the local region continues to be a wise investment.
Transactions for the Second Quarter 2012 showed a 25 percent decrease over Second Quarter 2011, with 2,640 homes sold, as compared to 3,512 during the same period last year. The number of homes listed dropped by 8 percent from the same quarter last year. The Median sale price was up 2 percent to $122,500.
“Although closings were down during the Second Quarter, as compared to the same period last year, inventories are also down and with many reports of multiple offers, we’re seeing glimpses of a shift to a seller’s market locally,” said Steve Babbitt, president of the GRAR Board of Directors.
Housing data-analysis firm CoreLogic reports that fewer homes on the market guard against a downturn in prices, as seen during the middle of 2010 and 2011. GRAR CEO, James Yockel added, “The housing recovery is ongoing, but appears to be happening in stages rather than a steady climb.”
This past quarter also showed a modest increase in property values from the Second Quarter 2011, instilling that purchasing a home in the Greater Rochester and Finger Lakes region continues to be a great investment.
“With a 109 percent increase in pending sales compared to the same time a year ago, we project a robust impending Third Quarter,” said Babbitt.
Most Monroe County towns and villages showed an jump in median home prices year over year, with the greatest gains in Gates, up 57.1 percent to $105,400 and East Rochester, up 53.3 percent to $89,900. The Finger Lakes region saw similar results with the counties of Ontario and Wayne posting 25 percent and 39 percent gains, respectively.
“The housing market’s recovery is encouraging, even though mortgage lending and down-payment requirements continue to be a challenge. The local economy is gradually improving, interest rates remain low and affordability is at an all-time high,” Babbitt said.
GRAR continues to support the local residential real estate industry by promoting the benefits of home ownership and using the services of a REALTOR® when buying and selling a home.
The GRAR® represents more than 2,600 real estate professionals in the Greater Rochester & Finger Lakes region.
