Welcome, 2017! It’s the very first Saturday of the year which means it’s time for our monthly housing report. All was merry and bright during the holiday season. In the midst of the celebration, the market kept moving. Let’s check out the Housing Trends in Rochester.
345 homes that were listed from December 1 to December 31st are still active. They have a median list price of 125k. (Let’s take a quick pause in our programming to discuss median price vs. average price. Using the average of a list of numbers is great when you and your friends want to figure out how to pay the coffee shop bill. However, when it comes to real estate, a really high number or a really low number can create an unrealistic number. When we use the “middle” number from the list or “median” when discussing properties, it gives us a more accurate picture.
Of homes that were listed from December 1 to December 31st, 103 have gone under contract. The median sale price was 110k, which was slightly above the price range that saw the most units. (75k-100k)
580 properties closed in December, so many had a new home for the holidays. The average median sale price was 140k. When we look at the median sale price for December vs. November, we an increase of only $1000. It’s true! The housing trends in Rochester remain steady!
The new year is off to a great start! As per usual for January, inventory is lower. We’ve seen several cases of multiple offers already. No need to panic, just be prepared. New homes are popping up every day as wise sellers want the best price possible and buyers want to catch the interest rates before they rise. All predictions for 2017 point to a strong and more balanced real estate market that benefits both buyers and sellers!
Need help to prepare your home for sale? You’d be surprised to find some simple touches that will increase value. Perhaps you’re staying where you are but want a fresh new look. Maybe you’re trying to get organized in a very small space. Everything is possible at CitySense, which is the only design and real estate center in Rochester! Schedule an appointment with a designer, browse the inventory and don’t miss this month’s featured artists’ whose work will truly make your home unique. Let’s get started! Contact me today!