How Did The Rochester Real Estate Market Perform In January 2017?
The first month of 2017 is in the books! January is typically one of the slowest months of the year when it comes to real estate in Rochester as people are still recovering from their holiday hangovers.
As one of a few thousand real estate agents in Rochester NY, I for one believe it's extremely important to keep the LOCAL consumers up to speed on what's happening in their own backyard. In this Rochester real estate market report, you're going to find out some extremely important information pertaining to residential real estate in Rochester NY!
Read on to find out how the real estate market in Rochester performed in January. You'll learn about the current status of active properties for sale, pending sales, and about the homes in Rochester that were sold in January 2017! If you have any particular questions about the information, feel free to comment below or contact me directly!
January 2017 Rochester NY Single Family Residence Report
Active Rochester NY Single Family Homes
There were 577 single family homes for sale in the Greater Rochester NY area throughout January 2017. The inventory levels continue to be a concern for Rochester area buyers. Last January, there were 690 homes for sale throughout the month. While 110+ homes doesn't seem like a huge number when considering the number of total homes in Rochester, but it is!
The most expensive home for sale in the City of Rochester currently is 80 Ramsey Park. This property is listed for $575,000. This home is located in the Browncroft neighborhood and is almost 5,000 square feet with 7 bedrooms, 3 full baths, and 2 half baths!
By visiting Rochester's Real Estate Blog you'll have full access and accurate information on current Rochester NY homes for sale.
Pending Rochester NY Single Family Homes
There are currently 251 homes that are sale pending in Rochester NY. This equates for over $18,000,000 in volume. The average sale price of the pending sales in Rochester is $72,711. These 251 homes went sale pending after an average of 51 days.
The most expensive sale pending home in Rochester NY is 111 Douglas Road in the East Avenue neighborhood. This home went into escrow after only 43 days!
Rochester NY January 2017 Home Sales
During January 2017, 56 homes in Rochester closed which is down from the 86 homes that sold in 2016. This equated to a little more than 5.3 million in volume. The total volume in January 2016 was a little more than 6.4 million.
The average sale price of these 56 sold homes in Rochester was $94,813. The average sale price price of Rochester homes in January 2016 was $74,915.
The average list price to sale price ratio for homes was 97.5% which is up from the previous years which was 96.0%.
The average number of days on the market in January 2017 for homes that sold was 41 days which is 2 fewer days than the 43 days it took homes to sell in January 2016.
The largest sale in January 2017 was a waterfront property in Rochester NY located at 424 Beach Avenue. This gorgeous waterfront property sold in 178 days for $1,175,000!
What Do The Upcoming Months Look Like For Rochester Real Estate?
As you can see from the information provided above, the Rochester real estate market is still very strong. While the number of sales was down in January 2017 comparing to 2016, the sale price averages are up substantially. One of the primary reasons the number of sales were down in 2017 was due to the shortage of homes for sale in Rochester.
Homeowners who're thinking about selling a home in Rochester will give themselves a huge advantage by listing their home sooner rather than later. Waiting until April, May, and June when there are way more homes for sale could potentially cost Rochester homeowners thousands of dollars due to the additional inventory.
This Rochester NY real estate market report - January 2017 edition was provided by Kyle Hiscock. Kyle is a licensed real estate agent in Rochester NY for RE/MAX Realty Group.
Kyle also is the owner and operator of one of the top real estate websites in Rochester, Rochester's Real Estate Blog. Kyle is active on many social networks including, but not limited to, Facebook, Twitter, Pinterest, Google+, and Linkedin.
If you have more questions about the Rochester real estate market, you can call or text Kyle at 585-704-7095 or by e-mail at Kyle@RochesterRealEstateBlog.com.
**The information provided in this real estate market report was provided by the Upstate New York Real Estate Information Service, LLC (UNYREIS) MLS System as of the time and date this market report was published. All information deemed accurate, but not guaranteed.**