Here is your Erie County Market Report for February 2018. Western New York Real Estate Information Services (WNYREIS) has reported that average sale price of single family homes and condo/townhouses has been consistent over the past few months after reaching a peak in September 2017 and falling about $18k.
A Look at the Housing Stats
January 2018 closed with a total of 585 single-family homes & condo/townhouses sold, a decrease of just 5 units from January 2017 but a drop from December’s 768. Properties are selling at an average price of $179,493 which is up approximately $26k from last January. This average sale price has held steady for the past 3 months.
A majority of single family homes sold had 3 bedrooms and sold in the $50-99k price range. Just eleven homes sales over ½ million, all of them with 4+ bedrooms.
A Look at the Condo Market
January 2018 had 58 condo/townhouses listed, up from a holiday season low of 27, at an average list price of $241,607. March 2017 has the most newly listed units at 101.
After an average of 35 days on the market, 40 condo/townhouse properties closed with a 97.9% list to close price ratio, the highest for the property type since August 2017. The average sale price of $199,334 in January 2018 has been fairly consistent since July with a slight dip during the holiday season.
What Does The Data Mean?
At the close of January 2018, there were 1421 active single family homes that were still on the market. Inventory did bump up to 3 month supply available from December to January but is still at a low and unbalanced market.
For a market to be balanced there should be a 6 month supply of inventory, which we haven’t seen since February 2017. After the peak in February 2017, supply levels have been bouncing back and forth between 2 and 3 months supply available ever since.
The percentage of distressed properties on the market went up 1% from December 2017.
What does this mean if you’re buying a house in Erie County?
Looking at past years trends, the number of units sold and average price of single family homes should on the rise in the coming months for Erie County. Lows tend to occur in January with peaks in August. January 2018 has seen the highest low compared to the last 3 January’s. This might indicate and increase in peak numbers this summer compared to summers of the past.
Twenty-three percent of single family home sales were cash offers. Low supply, high demand and buyers out there with cash make it crucial for buyers to submit a strong offer. Sit down with your real estate agent today to plan how you can make a strong but financially responsible offer on the home of your dreams.
What does this mean if you’re selling a house in Erie County?
Pricing your home competitively is the strongest card you will have to play when listing your home. As average sale prices rise while the months warm up, don’t think you can price high now.
Single family homes saw an average of 40 days on market and were listed at $221,309 in January. Meet with your local real estate agent to see what the competition in the neighborhood is selling for AND how long it took to sell. These will help you price your home accordingly to meet your financial and time frame goals.
Just Listed Homes in Erie County
Curious what your home might be 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 January 2018. All homes here are priced at $178,000 or below.