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 104 signed contracts on Rochester area residential properties in September, down slightly from August, yet continuing along the trend line of a 30% drop from a year ago. New listings were down again in September with 132 homes coming onto the market, also representing a large drop from a year earlier.
Market time dropped slightly in September to an average of 134 days on the market for pending listings, 3 weeks longer than last year. Total active listings in September were up just 2% compared to last year, with 1307 residential properties for sale in the Rochester area.
As we head through the 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