Welcome to the WNY Real Estate Market Report!
With data provided by the Western New York Real Estate Information Services (WNYREIS), this report will give you an overview of the current months market trends/statistics as well as some historical data.
Western New York (WNY) is made up of 17 counties & the Buffalo/Niagara region is comprised of the eight western most counties in WNY: Allegany, Cattaraugus, Chautauqua, Erie, Genesee, Niagara, Orleans, Wyoming
When people talk about WNY, especially those from the area, they’re speaking about Erie & Niagara counties. This is where The Capozzi Team lives, works and plays. We look forward to making it your home too!
All of the numbers reported in this WNY Real Estate Market Report are averages pertaining to the listing and sale of single family homes in Erie & Niagara counties, unless otherwise noted.
Are you not seeing data that reflects property you own? Contact The Capozzi Team for a personalized report!
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- This Month in Real Estate
- What is the Average Sale Price in WNY?
- Existing Homes Sales for July 2018
- Average Days on Market for WNY Listings
- Average List to Sale Price
- Real Estate Statistics
- Erie County Just Listed Homes for Sale
- Niagara County Just Listed Homes for Sale
- Erie County Market Reports from 2018
- Niagara County Market Reports from 2018
This Month in Real Estate
What is the Average Sale Price in WNY?
With the sale of 8026 single family homes, 2017 closed with an average sale price of $179,944 in Erie County. Niagara County had an average sale price of $133,311 at the close of 2017 with 2146 units sold. Both counties increased their average sale price by approximately 9% from the end of 2016 to 2017.
|Primary Year||Erie County Sale Price, Avg||Niagara County Sale Price, Avg|
Per WNYREIS data as of 8/23/18, July 2018 had 771 single family home sales with an average price of $205,385 & 47 condo/townhouse sales averaging $211,165 in Erie County. The Niagara region had 185 single family homes sales averaging $160,155 per closing & 6 condo/townhouse closings at $151,417.
Existing Homes Sales for July 2018
|Property Type||Erie County Sales, # Of||Niagara County Sales, # Of|
|Single Family Home||771||185|
|Multi-Family (2-4 Units)||115||18|
|5+ Unit Apartments||0||2|
Average Days on Market for WNY Listings
The average days spent on the market for an Erie County listing was 36 days at the end of 2017. Homes listed in Niagara County spent slightly more time on the market at 46 days. Both counties saw a significant decrease in average days on market from 2016 to 2017.
Homes featured by The Capozzi Team averaged just 30 days on the market in 2017! If you’re looking to sell fast, get your personalized home value report from us. With our marketing plan and pricing your home right, you too can sell in about 30 days!
Average List to Sale Price
At the end of 2017, the average list to sale price ratio for single family homes was 99.2% (Erie) and 98% (Niagara) indicating a strong seller’s market.
With low inventory levels and an abundance of buyers properties will most likely sell in multiple offer situations and above asking price. Therefore, the sale price to list price ratio will continue to grow.
Real Estate Statistics
National real estate statistics are gathered from the July 2018 National Association of REALTORS® (NAR) Confidence Report. This data is collected through surveys sent to 50,000 real estate agents and brokers. They report on their expectations for home sales, prices and market conditions.
First-time buyers accounted for 32% of sales.
- Properties spent approximately 27 days on the market.
- Biggest challenge in today’s market: low inventory & interest rates.
- Seventy-two percent of contracts settled on time.
Erie County Just Listed Homes for Sale
Below are homes for sale in Erie County priced at the average sale price of 2017. All homes listed are within $10k above or below the average sale price of $179,944.
Niagara County Just Listed Homes for Sale
Below are homes for sale in Niagara County priced at the average sale price of 2017. All homes listed are within $10k above or below the average sale price of $133,311.
Erie County Market Reports from 2018
|January 2018||February 2018||March 2018|
Niagara County Market Reports from 2018
|January 2018||February 2018||March 2018|