Strong Home Sales in October 2009

The National Association of Realtors reported that home sales nationally in October 2009 climbed to their highest monthly total in 2 ½ years. This trend was also quite true locally where the local Board of Realtors reported 628 units sold in 2009 as opposed to 559 units sold in 2008 – an increase of 12% over the prior year. Since January 1, 2009, the National Association also reported that the median home value in the Buffalo, NY metro area has increased by 4.8%. This runs counter to the national trend which has seen a decline in the median sale price by 11.2% since the beginning of the year. This increase in value locally, in my opinion, can in large part be attributed to a reduced inventory of homes. The local Board of Realtors reports that the average number of homes for sale in October 2008 was 6149 as opposed to 5367 in October 2009. The reduced inventory is typically a sign of stronger demand within the market and although there are some areas of stagnation within our locally market, the most “affordable” category of homes, those between $80,000 to $150,000 continue to see multiple offer situations within a week or so of a property being placed on the market when it is priced right and in superior condition.

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