Here is a look at the Erie County Market Report for January 2018. According to Western New York Real Estate Information Services (WNYREIS), home sale prices at the end of 2017 are up by 9 percent from December 2016.
A Look at the Housing Stats
Nine is the magic number!
December 2017 closed with a total of 768 condo/townhouses and single family homes sold, an increase of 9.5% from this time last December. The average price for properties sold in Erie County in December 2017 was $179,625, up 9% from last year.
Erie County saw the highest average sale price in December this past year than it has in the past 10 years.
A Look at the Condo Market
The average sale price for a condo or townhouse in Erie County in 2017 was $218,142 and 57 sales.
Twenty seven condos & townhouses were listed in December at an average of $182,230. At the end of December, there were 99 properties without an offer and 99 had their listing contracts expire.
What Does The Data Mean?
At the end of the month, there were 1608 single-family homes listed with no offer. The low inventory trend continues with just 2 months of supply on the market. For a market to be balanced there should be a 6 month supply of inventory, which we haven’t seen since February 2017.
Of the 1608 homes for sale, 8% of those were distressed properties (short sales or bank owned). These homes sold in about 31 days and for approximately $83k.
What does this mean if you’re buying a house in Erie County?
It’s predicted that 2018 will have record sales when it comes to real estate in Erie County. Despite a decrease in the average list price over 2017, the sale prices continue to rise. Cash sales made nearly 22% of the single family home transactions in December 2017.
Low inventory and high demand are creating a sellers market. Meet with your real estate agent to find out how you can make a strong but financially responsible offer on your dream home.
What does this mean if you’re selling a house in Erie County?
The most important thing to keep in mind when selling your home is setting the correct price. While sales do slow down over the winter months and even though homes are selling at higher than average prices, pricing too high can hurt you. Your home is worth only what someone will pay for it.
Meet with your local real estate agent to discuss pricing and negotiation strategies. Fortunately, homes are still selling quickly. Your agent can help you make sure yours is one of them.
Just Listed Homes in Erie County
Wondering 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.
Here’s the most recent inventory of homes that have JUST been added to the database in the average price range for Erie County. All homes here are priced at $179,000 or below.