Home prices in Greater Rochester region climb despite declining sales
ROCHESTER, N.Y. (WHEC) — Home prices in the Greater Rochester area continue to climb, but new numbers out for the first quarter show home sales have actually dropped.
News10NBC took a look at some of the numbers and also found out if it’s the best time to buy or sell.
Reporter Patrick Moussignac talked to the President of the Greater Rochester Association of Realtors Lanie Bittner who told him that over the winter months home buyers took a break from this highly competitive, and challenging market. Things are set to pick up once again.
Median home prices continue to climb throughout most of the greater Rochester area. First-quarter median selling price is around $175,000, up 9.4% compared to this same time last year.
Bittner explained what’s behind the continuing upward trend in prices.
"With that lack of housing inventory, or home on the market for the buyers, and the strong buyer demand it creates this scenario where it’s more or less basic economics of supply and demand. When you don’t have enough supply, and you have a lot of demand the prices go up," Bittner said.
Let’s also compare this year’s first quarter year-to-date sales compared to 2021’s first quarter. This year there were 2,416 closed home sales compared to 2,770 homes sold last year. that’s a drop of 12.8%.
"There’s not as many homes on the market so only, you know there have been of course some off-market sales but there’s not as many homes to buy, there’s not going to be many closed sales," Bittner said.
She also said some inflation factors can also have an effect on the market.
"So I do think that the increased gas prices, the grocery prices, things that people see on a daily, or weekly basis that affect their pocketbooks may affect them looking for a home, or how much they’re looking for," Bittner said.
There was also a decline in newly listed homes. At the end of the quarter in 2021, there were just 1,030 homes on the market, compared to 2,222 homes just a year before, showing a drop of 2.6%.
So who does the market currently favors buyers or sellers?
"The market currently favors sellers, because there’s less homes for buyers to choose from. So now it’s a fantastic time for sellers to list their home. The houses that are still selling extremely well are houses that are updated. That are in great condition," said Bittner.
According to the local market update, when it comes to median home prices in our 11-county region, Ontario County leads the way at $210,000. Orleans County comes in last at $142,500.