Homes have continued to sell in Rochester through the summer months, although at a much lower volume than in previous years. The Home Buyer Tax Credit briefly shifted the curve upward, putting home sales through the end of April on pace with a year earlier. The sharp drop-off that followed supports the theory that the higher volume was simply the result of home purchases that were pushed ahead. There were 100 signed contracts on Rochester area residential properties in July 2010, down 14-1/2% from June and down one third from a year ago. Year to date, the number of homes that have gone under contract is down more than 10% compared to last year; at the end of April this number had been up 6.7% from a year earlier. Not surprisingly, average market time to pending is up 34% over year ago with homes averaging nearly five weeks longer to sell than last July.
New listings dropped 8.3% in July, reaching the lowest number so far this year. Year to date, new listings are up nearly 5% from last year, at least in part as a result of the Home Buyer Tax Credit activity of the first several months of the year. Although total active listings (1227) were up 12% from a year ago, month to month the volume has continued to decline since hitting a high of 1317 in April. There were 86 closings in July, half as many as a year ago, with an average of 108 days on the market.
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Shawn Buryska ABR, CRS, GRI
Coldwell Banker Burnet Realty