Here’s a peek at the Erie County Market Report for April 2018. Per data from the Western New York Real Estate Information Services (WNYREIS) accessed on April 9th, the average sale price of single family homes & condo/townhouses is up $18k this March compared to March 2018.
Properties are also spending nearly a week less time on the market this year versus 2017. The real estate market should begin to see reduced days on market times any month now!
A Look at the Housing Statistics
March 2018 had 866 new single family home listings added to the market. The supply of inventory remains steady at 3 months of availability but is still unbalanced. Sellers are listing their homes at an average price of $229,727, about $116 per square foot.
Homeowners in the condo/townhouse market are seeing a higher price per square foot amount at $154; an average list price of $214,531.
Both single family listings and condos spent approximately 47 days on the market before receiving an offer in March. Single family properties saw 418 closings at an average sale price of $180,795. Twenty-six percent of those closings were cash deals! Of the 27 condo sales, 40% of them were cash.
Erie County Housing Data – March 2018
Erie County Housing Listing & Sale Data for March 2018. Stats have been obtained from Western New York Real Estate Information Services (WNYREIS) as of April 9th, 2018.
|Statistic||Single Family Homes||Condo/Townhouses|
|Active Listings, # of||1353||94|
|Active, # of DISTRESSED||115||1|
|% of Active-Distressed||8.5%||1.1%|
|Close to List Ratio||99.3%||97.8%|
|Close to Original Ratio||96.5%||96.9%|
|Expired Listings, # of||813||50|
|List Price by Sq Ft Ratio||$116||$154|
|List Price, Avg||$229,727||$214,531|
|Months of Inventory||3||3|
|Number of New Listings||866||54|
|Sale Price, Avg||$180,795||$205,159|
|Sales, # of||418||27|
|Sales, # of CASH||110||11|
|% of closings CASH DEALS||26.3%||40.7%|
How can this data help you if you’re buying a home in Erie County?
Low inventory and an increase in the number of cash offers makes the home buying process very competitive. While the list to sale price ratio has been holding steady just under 100%, the market may soon see that soar to buyers paying well over asking price.
After you have secured your mortgage pre-approval, meet with your Capozzi Team buyer specialist to create your plan of attack. Our team members will help you find homes that fit comfortably in your price range and ensure you are offering a fair price.
What is the benefit of this data if you’re selling a property in Erie County?
Erie County continues to be in a sellers market. With only 3 months supply of inventory available and peak real estate season coming, listing your property now could be in your favor.
The list to sale ratio is nearing 100% (accepted offers are close to asking price) and warmer weather should see a fall in days on market times. Plus, the increase in cash buyers that the market is seeing is a sellers dream (no bank appraisal needed!).
Your local real estate agent will help you price your home competitively to get you the quickest sale, with the least amount of hurdles and for the most profit possible.
Just Listed Homes in Erie County
Do you know how current home sales have impacted your home’s worth? Contact The Capozzi Team for your personalized home valuation.
See additional reports on the Erie County Real Estate Market.
View most recent inventory of homes that have JUST been added to the database in the average price range for Erie County in March 2018. All homes here are priced at $180,000 or below.
Or, you can view all condo/townhouses for sale here.