The Rochester area real estate market picked up a little last week (July 9 to 15, 2010) over the previous week with 25 homes going under contract to pending and 14 closings, although that represents a drop of 31% from a year ago for pending listings and 60% for homes that closed. New listings, although down 15% from a year ago, remained at about the same volume of new and back on the market as we’ve seen for the last several weeks. New and back on the market listings continue to outpace those going off the market under contract, resulting in total active listings up 12% from a year ago.
As a result of the increased inventory of homes for sale, the balance of power is shifting towards the buyers. A year ago, the average sale price was 98% of the list price (not to be confused with the original asking price), whereas recently the average sale price is approximately 96% of the list price. Accurate pricing from the beginning is imperative to a quicker sale and a better sales price.