As the number of houses for sale in the region continues its downward trend, so do the number of purchases. But the Greater Rochester Association of Realtors says the 5.2 percent drop in sales in the first quarter isn’t necessarily bad news.
The trade association reports that throughout much of the region, sales declined at a lesser rate than the houses for sale, and that indicates strong buyer demand continues, according to GRAR President Andy Kachaylo.
“There’s still multiple buyers for many, many houses. The buyers are still lining up 20 deep at a lot of open houses on Saturdays and Sundays,” he said.
In Monroe County, the number of homes for sale in the first quarter dropped by nearly 13 percent, but at the same time, the median sales price went up by over 6 percent to $138,000.
For the region, the median sales price increased 3.2 percent to $131,000.
Kachaylo says buyers are out there in large numbers, and they should prepare to make multiple offers on the limited number of homes that are available for sale.