Although historically low interest rates haven’t been able to counteract the effect of the contracted economy, the positive news in the real estate market is that it continues to plug along. There were 108 signed contracts on Rochester area residential properties in August, an increase of 8% from July, yet continuing along the trend line of a 30% drop from a year ago. New listings were down slightly in August with 159 homes coming onto the market, also representing a large drop from a year earlier.
Market time increased slightly in August reaching an average of 138 days on the market for pending listings, 6 weeks longer than last year. Total active listings in August were up nearly 10% compared to last year, with 1217 residential properties for sale in the Rochester area.
As we head into fall, we can expect to see market conditions continuing to favor buyers.
For the latest in local real estate stats make sure to check out https://www.shawnburyska.com/real-estate-statistics.php
Shawn Buryska ABR, CRS, GRI
Coldwell Banker Burnet Realty