Median Sale Price Increases by 13%

Closed numbers are down in the latest report issued by the Buffalo Niagara Association of Realtors, but current activity levels are very high. (I’m wondering “why am I writing this, I should be calling somebody!”) February’s closed numbers actually reflect the monthly sales from 2 months ago. Although closed home sales fell by 7 percent to 388 from 417 for the same month from a year ago, it’s noteworthy that the median sale price rose 13 percent during the same time period.  This is a true sign of continued strength in the local real estate market. Median sales price is the generally accepted unit of measurement for a defined real estate marketplace because it will not be affected significantly by a few large volume sales. This is the first time the local Board of Realtors has released data as a glitch in reporting was created by the merger of the Buffalo MLS with Rochester and Syracuse. It would appear that the bugs are worked out and we are now dealing in real numbers.

Many realtors will tell you that right now they are extremely busy as the number of buyers attempting to make a purchase to obtain tax credits has increased significantly in the last month or so. Multiple offers on new listings that are in good shape and priced right is common place. Our team had 3 listings sell last week and in each case, there were at least 3 offers.

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