Thursday, October 26, 2017

Rochester Home Prices and Sales Fell in the Third Quarter

Inventories are Nearly 50 Percent Below Last Year

As the summer home sales season came to an end, prices fell 10 percent and ended the third quarter at a median price of $89,900. Sales also fell during the quarter, but homes are still selling in just 26 days, according to the third quarter market report from HUNT Real Estate ERA. Rochester’s median home price ended the quarter at $80,300, down from the beginning of the quarter but still 37.7 percent higher than a year ago, when homes were selling at a median price of $58,480.  Prices reached their peak for the year in July, at $89,500,
Sales sagged during the third quarter, falling by 6 percent as the Rochester market transitioned from summer to fall.  Sales at the end of the quarter were 28 percent lower than they were at this time in 2016. Days on market for listings increased from 23 to 27 days, which is still less than a month and less time than a year ago.
Inventories of homes for sale grew by 4 percent during the quarter but were 48 percent smaller than they were last year. New listings rose 13 percent during the quarter and were 5.5 percent over last year. Demand from buyers looking to purchase before the end of the season reduced days on market to 23 days, much faster than the 41 days required to sell a home a year ago.
“Rochester is a seller's market, as prices remain more than 30 percent higher than a year ago. However, prices slipped a little in the third quarter and may fall even more by the end of the year.  The fall market will be a good time for patient Rochester home sellers to find buyers,” said Peter F. Hunt, Chairman and CEO of HUNT Real Estate Corporation.

Rochester Home Prices Through the Third Quarter

Source: Western New York Real Estate Information Systems

The HUNT Market Report is a quarterly analysis of real estate trends in Western New York designed to help real estate consumers keep up with local market trends. Reports are based on HUNT Real Estate’s analysis of multiple listing service data.