Greater Rochester Association of Realtors - Q1 Housing Stats Released
The Greater Rochester Association of REALTORS®
Releases 1st Quarter Residential
Housing Statistics
ROCHESTER, NY - April 12, 2012 - Genesee Region Real Estate Information Services (GENRIS), the information subsidiary of the Greater Rochester Association of REALTORS® (GRAR), announced it will now include condominium and townhouse sales numbers as single family residences in its quarterly housing statistics reports. This re-configuration of data more accurately reflects housing trends over recent years. "The condominium and townhouse sales currently comprises a significant percentage of activity in our Multiple Listing Service and in order to provide a better picture of our market, we felt it was necessary to include this very popular sub-category," said GRAR Chief Executive, Jim Yockel. Going forward, all statistical reporting will include historical comparisons including condominium and townhouse sales.
Pending sales for the First Quarter 2013 jumped 15.8 percent compared to the previous quarter and new listings climbed nearly 40 percent, showing a strong start to the year. While closings were down 7.2 percent to 1,715 from a year-ago's 1,849, housing values continued upward as the median sales price gained 3.4 percent to $120,000, up from $116,000. Transactions in the City of Rochester remained steady year-over-year and prices rose by 9 percent to $69,450.
"We are looking forward to a busy Spring season, based on the solid start to the year," stated Steve Babbitt, president of the GRAR Board of Directors. "This past quarter marks the seventh straight period of increase in home prices and buyers are eager to take advantage of market favorability while it continues. Closings and pending sales were down from last year, but if you take into account the unseasonably warm winter of 2012 encouraging more activity, the numbers are what we would normally expect. Greater demand and fewer listings from a year ago indicate that the market is turning in favor of sellers, which is why sales prices continue to rise, strengthening the economy."
Many area neighborhoods did not follow the traditional seasonal slowdown in sales with Chili (+14.6%), Mendon (+23.1%) and East Rochester (+133.3%) all posting an increase in transactions compared to the First Quarter of 2012. Genesee (+37.5%), Allegheny (+66.7%) and Steuben (+31.8%) counties also reported yearly gains in sales volume.
Click on the link for Q1 stats report.
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Email: Anthony@LeveragePropertiesLLC.com
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