Home sales fell 17 percent in the first quarter in the Rochester region compared with a year ago, the Greater Rochester Association of Realtors Inc. reported Thursday. The median sales price, however, jumped nearly 7 percent during the period.
A total of 825 homes were sold in the quarter, down from 994 in the first quarter 2016. The median home price for the quarter was $126,000, up 6.8 from $118,000.
The declining sales and increasing prices come as the inventory of homes for sale declined by 32 percent in the quarter compared with a year ago.
Monroe County saw a 6.5 percent gain in median sales price to $129,900, up from $123,300 in the same period for 2016. The number of homes for sale in the county dropped by 36.8 percent from 2,073 in the first quarter 2016 to 1,429 this year.
In the six-county Rochester region, only Wayne County saw a rise in sales, 0.6 percent.
Sales dropped in the following counties:
- Monroe, 5.4 percent;
- Livingston, 8.4 percent;
- Genesee, 13.3 percent;
- Ontario, 4.1 percent; and
- Orleans, 17.9 percent.
Sales in the city of Rochester dropped nearly 21 percent.
“Now is an extremely advantageous time to sell,” GRAR president Linda Wilson said. “We encourage all homeowners who have been hesitating to take advantage of the current conditions. Situations of multiple offers and higher percentage of asking price are becoming more common.”
GRAR CEO Jim Yockel added, “Economic factors, such as low unemployment, higher salaries and still-low interest rates, remain encouraging for buyers. More favorable weather and the school year winding down also serve to usher in the peak season for activity. As long as new homes continue to come on to the market, we should see strong sales activity through the spring selling season.”
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