This past month there was a 0.6 percent increase in monthly closings and a 5 percent increase in homes listed for sale as compared to December 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 down 0.4 percent at $117,000 year-to-date.
Locally, Monroe County finished 2008 down 12.8 percent in number of closings year-to-date compared to 2007 while the City of Rochester ended ’08 down 14.9 percent.
The surrounding counties of the Greater Rochester MSA, specifically Yates County showed positive activity all throughout 2008 ending with a 3.2 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 are historically low and real estate is local.
CONTACT:
Chuck Hilbert, President Greater Rochester Association of REALTORS®, Inc.
930 East Avenue, Rochester, NY 14607 • (585) 732-6181