The Greater Rochester Association of REALTORS® (GRAR) is reporting on the market statistics in the Greater Rochester and Finger Lakes region for the month of October.
This past month there was a 15.8 percent decrease in monthly closings and a 15.1 percent decrease in homes listed for sale as compared to October of 2007 according to statistics released by the Genesee Region Real Estate Information Service (GENRIS), the information subsidiary of GRAR. The median sale price for our area increased 2.6 percent to $117,500 compared to October of last year.
Locally, the townships of Parma and East Rochester increased in number of closings compared to October 2007 by 20 and 25 percent respectively. In regards to median sale price, the towns of Brighton, Chili, East Rochester, Ogden and the City of Rochester all saw increases compared to the same time last year.
The surrounding counties of the Greater Rochester MSA, specifically Yates County continues to show positive activity with an 11.5 percent increase in monthly closings year-to-date.
The real estate market for the Greater Rochester and Finger Lakes region is unique in that while we may not experience the housing booms that have occurred elsewhere, we are also fortunate that we do not experience the dramatic decreases in sales either, as other parts of the country currently are. Interest rates remain low and real estate is definitely local.
The following statistics reflect the real estate activity for the Greater Rochester and Finger Lakes region for the month of October:
