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Home Sales in February

John Antetomaso, REALTOR®
President, GRAR
March 15, 2008

The Greater Rochester Association of REALTORS® (GRAR) is reporting on the market statistics in the Greater Rochester and Finger Lakes region for the month of February.

February has shown a decrease in the number of closings; however purchase offers accepted increased 11.4 percent from January according to statistics released by the Genesee Region Real Estate Information Service (GENRIS), the information subsidiary of GRAR. Also, a reoccurring theme for our region overall, we continue to show appreciation with a 4.8 percent increase in median price from January to February of this year as well as a 11.1 percent increase from this time last year.

A few areas in Monroe County that saw positive activity were the town of Ogden, including the Village of Spencerport, with nearly doubling in the number of closings as compared to January 2008. The town of Perinton also saw a 47 percent increase in closings in February from the previous month.

The real estate market for the Greater Rochester and Finger Lakes region is unique in that while we may not experience the housing booms experienced elsewhere, we are also fortunate that we do not experience the dramatic decreases in sales either, as other parts of the country currently are. Interest rates remain low and real estate is definitely local. It’s still a good time to buy in the Rochester area.

The following statistics reflect the real estate activity for the Greater Rochester and Finger Lakes region for the month of February:

http://www.homesteadnet.com/pdf/Stats/grar2008februarystats.pdf

The Greater Rochester Association of REALTORS® represents more than 3,000 real estate professionals in the Genesee and Finger Lakes region. Additional real estate information can be obtained by accessing the Association’s Internet site at www.HomeSteadNet.com. Please contact the Rochester Home Builders’ Association for monthly statistics reflecting new housing starts and building permits.

Looking to sell or buy a home? Contact your local REALTOR® today who can provide you with the necessary expertise to make your experience a positive one. And, don’t forget to check out the most widely-accessed real estate website for local listings: HomeSteadNet.com.