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Home sales climb nearly 16% in Q1

Area home sales increased 15.9 percent in the first quarter compared with a year ago, the Greater Rochester Association of Realtors Inc. reported Thursday.

A total of 5,944 home sales closed in the quarter, up from 5,130 a year ago. The median sale price was $119,000, up 0.8 percent from $118,000, GRAR officials said.

New listings were up 10.1 percent and pending sales were up 17.4 percent from a year ago.

While new listings increased, the year-over-year trend in homes for sale is still a concern, GRAR officials said, noting the strong increase in pending and closed sales more than offset the gain in new listings, causing a continued decline in the number of homes for sale.

“Activity is holding steady and buyers want to get into the market, but with fewer options available, they are waiting for the right home and moving quickly when they find it,” said GRAR president Toni Connors, in a statement. “It is currently a seller’s market and as long as that remains true, prices will continue to increase.” 

Sales were up in all the counties in the Rochester region:

  • 11.9 percent in Monroe County;
  • 29.6 percent in Genesee County;
  • 14.7 percent in Livingston County;
  • 3.9 percent in Ontario County;
  • 25.9 percent in Orleans County; and
  • 54.3 percent in Wayne County.

The city of Rochester saw 252 closings during the quarter, up 1.2 percent. The median sales price in the city was up 27.4 percent to $67,500.

Monroe County also saw an increase in median sales price, increasing 2.8 percent to $123,300.
 
The Rochester Home Builders’ Association released its building permit report for the first quarter on Thursday. Leaders there said the weather so far this year is working in favor of the residential building community.

The association reported 133 new single-family home building permits in Monroe County, up seven from 126 permits for the same period last year. A total of 60 permits were issued in Ontario County, down from 80 the prior year.

Wayne County issued 17 single-family home building permits, up from 3 during the same period last year.

“All markets are very strong in our industry," said Rick Herman, Rochester Home Builders’ Association CEO in a statement. “The empty nester market continues to be the strongest and we are seeing an increase in attached units, both for sale and for lease.”

(c) 2016 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail rbj@rbj.net.

 

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