The sales data is in for February home sales and our local market continues to remain strong here in Western New York compared to the national scene. We experienced an increase in the average selling price by 3% compared to last February.
236 homes sold in the $100,000 to $200,000 price range. We had 58 homes sell in the $200,000 to $300,000 price range and 39 homes sold in our luxury market of $300,000 and up.
There are a few price ranges that stand out from the rest in the new listing activity in February. First are the homes in the $120,000 to $140,000 price range with 131 new listings added. The second price range are the homes priced at $200,000 to $250,000 with 107 new listings. The third market to watch is the luxury market which increased by 128 homes priced at $300,000 and up.
With this kind of inventory and mortgage interest rates at record lows, it's never been a better time to buy. Although the Federal Reserve has lowered the Federal Funds rate in recent months, many experts believe that for now mortgage rates will hover around the low six percent range. This has created a sense of stability in the market place and there is no doubt this promotes a good buying opportunity.
Seller's should work closely with their Realtor on competitive pricing and other tips such as staging.
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