Local home sales hit by the pandemic, but realtors say there is still quite a bit of demand
The housing market took a hit in the latest figures out from the Greater Rochester Association of Realtors this week.
Sales of existing homes in June 2020 were down 38.7% compared to June 2019.
Year-to-date, local home sales are down 17.1%.
Andy Kachaylo, president of the Greater Rochester Association of Realtors, said the June home sales numbers actually reflect the decline in activity in March, April and May because of the pandemic. He said pending sales for June 2020 were actually 3.2% over June 2019, and that there is still a lot of demand in the Rochester region for homes.
"If it is properly prepared and it’s accurately priced, you’re going to get the attention that you’re looking for," Kachaylo said. "The buyers are still savvy and they’re still not desperate; they will wait for the right house at the right price."
The latest numbers also show a slight increase in June 2020 for the median sales price of area homes, 1.5%, compared to last year, and up 4.6% year-to-date.
Kachaylo still feels this is a seller’s market.
"Any house today that’s perhaps been on the market for a month now, or two months...if the house was overpriced that particular seller might say that it’s a little bit slow, but there are houses that are going with multiple offers in many, many, many markets," Kachaylo said.
He also feels that as long as New York does not have a big setback in terms of a second wave of COVID-19 in the fall, the local housing market will make up a lot of ground over the next few months.