Real estate statistics released by the Genesee Region Real Estate Information Services (GENRIS), the information subsidiary of the Greater Rochester Association of REALTORS® (GRAR) revealed an impressive second quarter.
GRAR officials reported a 43% increase in sales when compared to second quarter 2009, with a total of 3,512 homes sold. In addition, the overall median sale price of $120,000 reflected a 2% percent increase compared to last year. The increase in purchases was a result of home buyers who still had time to take advantage of the $8,000 First-time Home Buyers Tax Credit and the $6,500 Tax Credit for current home owners who purchased a new or existing home. The tax credit expired on April 30, 2010. Those who qualified for the tax credit had until June 30 to close on their purchase. Pending sales were down, as expected, as people were rushing to close on their homes before the closing deadline. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
Recently, both houses of Congress passed a bill that extended the deadline for home buyers to close on their purchases and still claim the tax credit. President Obama signed the bill into law on July 2. Under the measure, buyers now have until September 30, 2010 to close on homes that went into contract by April 30. 2010.
“The tax credit was a critical factor in generating home sales and maintaining the momentum of the real estate market into the second quarter,” stated Carolyn Stiffler, GRAR board president. “The program definitely had a positive impact on our local market and was an enormous benefit to homeowners.”
Stiffler stated that she anticipates sales to be steady and brisk through the third quarter.
“Although the tax credit incentive has expired, this is still a great time to buy a home,” remarked Stiffler. Mortgage rates are still at an all-time low and this is a wonderful opportunity for people to take advantage of our very affordable and stable real estate market.”
There were some impressive sales results in several towns within Monroe County. Notable increases were realized in Brighton, Pittsford, Henrietta, Webster, Perinton, Ogden, Parma, and Sweden/Brockport.
GRAR will continue to support the local residential real estate industry through its TIME2BUY marketing campaign, which focuses on the benefits of owning a home and using the services of a REALTOR® when buying and selling a home.
