Western New York Real Estate Information Services (WNYREIS) reports after holding steady at the end of of 2017, January 2018 saw a drop in the average sale price by approximately $20k.
A Look at the Housing Stats
SINGLE FAMILY HOMES
January had 145 new listings placed on the market with an average list price of $142,275. Eight percent of those homes were distressed properties (short sales, bank owned, foreclosures).
After about 55 days on the market, properties in Niagara county received offers. Recorded sales were at an average of $110,081, down about $9k from last year.
WNYREIS reported 16 new listings in January, none of which were distressed.
There was one condo/townhouse closing in January 2018 with a price tag of $221,500 which was only 92% of its list price.
Compared to last January, sale prices are up but so are the average days on market…
What Does The Data Mean?
There continues to be low inventory among single family homes. Their days on market are declining but so is the average sale price.
The Condo market has a much higher days on market average but currently has 16 months worth of inventory. People do not seem to be shopping for condo’s or town houses.
What does this mean if you’re buying a house in Niagara County?
Although buyers are purchasing single family homes for less than asking price in Niagara County, the number of cash sales continues to grow. Up 1% from December 2017, January had 38 cash deals (29% of sales). If this trend carries on, financing might be a thing of the past.
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 Niagara County?
While seller’s are not averaging 100% list to sale price ratio, the market is still in their favor. Housing inventory is low and buyers are willing to bid higher if the right home comes along. You might help position your house to attract buyers with some incentives.
Average days on market does tend to rise into spring, but we should see a decrease as summer months hit and buyers are in full force.
Just Listed Homes in Niagara County
Do you know how current home sales have impacted your home’s worth? Contact The Capozzi Team for your free & personalized home value estimation
See additional reports on the Niagara County Real Estate Market.
To buy or sell in the Niagara County Real Estate Market, contact The Capozzi Team at Keller Williams Realty Buffalo Northtowns.
View most recent inventory of single family homes that have JUST been added to the database in the average price range for Niagara County in January 2018. All homes here are priced at $110,000 or below.