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 November.
This past month there was a 29 percent decrease in monthly closings and a 6.9 percent decrease in homes listed for sale as compared to November 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 is up 0.4 percent at $118,000 year-to-date.
Locally, the town of Chili saw 22 percent increase in number of closings along with a 1 percent increase in median sale price compared to November 2007. Towns like Brighton (11.5%), Gates (17.5%), Irondequoit (0.5%), Parma (31.7%), Penfield (60.5%), Pittsford (26.6%) and the City of Rochester (17.0%) all saw increases in median sale price 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 8.1 percent increase in monthly closings year-to-date.
With holidays and the weather as it is this time of year, a seasonal slowdown in the market is to be expected. However, we urge residents of our region to be optimistic about our market – 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 November:
