Solid Year for the Rochester/Finger Lakes Real Estate Market in 2015
Representatives from the Greater Rochester Association of Realtors, Rochester Home Builders Association and Mortgage Bankers Association presented their year-end report today.
Their assessment: 2015 was a strong year, and indications are 2016 will be positive, too.
GRAR President Toni Connors says home sales increased in the region for the 5th year in a row.
But there is a shortage of listings in the area, as the number of properties for sale declined by 6.8 percent.
She says now is a very important time to be selling a home.
"The winter weather has cooperated marvelously, we're having a good winter, and our inventory is short. so we do need those listings, we have a lot of buyers out there looking. And they need to have the inventory."
The harsh winter weather one year ago put a lot of home building on hold to start the year, but Executive Vice President of the Rochester Home Builders’ Association, Rick Herman, says the weather eventually improved and business took off.
He says they even saw growth during the usually slow summer season, and it even got stronger in the third and fourth quarters.
Herman says their numbers for 2015 were on a steady incline and they were very pleased.
"We're seeing activity in model homes on a weekly basis, and I'm hearing nothing but good positive reports that 2016 is off to a smashing start."
Both Herman and Connor say interest rates remain very favorable right now.