Buildings in City Hall area of Buffalo NY, tree tops, blue skies with clouds, text reads: Erie County Market Report, thecapozziteam.com

Let’s take a look at the Erie County Market Report for March 2018. According to Western New York Real Estate Information Services (WNYREIS) the average sale price of single family homes & condo/townhouse units has increased nearly $24k this February compared to February 2017.

This Month in Real Estate


A Look at the Housing Stats

February 2018 saw 599 new single family homes and 50 condo/townhouse placed on the market at an average list price of $219,227 & $245,214 respectively. As the months warm up, it’s expected that the number of properties listed for sale will rise.

With a total of 481 closed units between SFH & condo’s (104 less than the previous month), sellers saw an average of 43 days on the market and sale price of $173,399.

A Look at the Condo Market

The 50 newly listed condo/townhouses in February 2018 had an average list price of $245,214; the highest list price since January 2017.

Twenty-eight closed condo’s in February 2018 sat on the market an average of 49 days with a list to close price ratio of 97.7%. The average sale price of $222,220 is up from the previous month.

Erie County Market Report March 2018 - CONDO - avg sale prices and count of sales

What Does The Data Mean?

February 2018 wrapped up with 1359 SFH still on the market. Inventory available has remained steady with a 3 month supply the past two months but is still at a low and unbalanced market. A balanced has a 6 month supply of housing inventory, which we haven’t seen since February 2017.

Nearly 9% of the SFH homes remaining on the market at the end of February were distressed properties; short sales, bank owned, foreclosures.

What does this mean if you’re buying a house in Erie County?

Home buyers

There are more buyers looking for home than there are available homes for sale. Properties are going over asking price and with multiple offers.

On top of that, nearly a quarter of sales in February 2018 were cash deals! Up about 2% from January, The Capozzi Team will be watching to see if this becomes an upward trend.

 

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?

Erie County is in a sellers market. Demand outweighs the supply, homes spend a small amount of time on the market and sellers are seeing sale prices at nearly 100% of their asking price.

Erie County Market Report March 2018 - SFH - avg DOM and Close to List ratio

Single family homes saw an average of 42 days on market, up from January’s 40, and were listed at $219,227 in February. 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 February 2018. All homes here are priced at $173,000 or below.

View All WNY Real Estate Market Report Posts