The Buffalo Niagara Association of Realtors often provides us with important information related to real estate sales and trends. Their May 2016 report reflects data collected in February and March. Here are some interesting statistics that we pulled from the report:
• We are in the thick of an exciting period of home buying and selling, often with quick multiple offers that are near, at or even above asking price!
• It was widely predicted that we would see healthy sales activity during the second quarter of 2016, and the market has not disappointed.
• Prices moved higher as the median sales price was up 3.4 percent to $125,000. Days on the market decreased 11.6 percent to 61 days. (Note: Homes listed by The Olear Team are averaging just 22 days on the market in 2016.) The “days on the market” statistic is defined as the total number of days the listing is on the active market before an offer is accepted.
• Although inventory is still being stretched thin in many areas, low mortgage rates coupled with higher wages have built a relatively sturdy housing marketplace. How long that can continue without fresh supply remains an important question, but conditions are seemingly good enough for serious buyers.