Good news on Buffalo housing
September 1, 2012 by James
There were positive signs in the Buffalo real estate market based on the latest analysis from the industry. Based on the latest data available, housing sales figures jumped 7.1%, setting a monthly record high this past June.
Area analysts attribute this welcome development to a drop in the number of area homes available on the market. Another encouraging sign is that the median price of homes sold increased to $127,500 – an all-time high for the region. The average home price also saw a marked improvement, rising to $157,406, a 12% rise over June 2011.
In an analysis of the June sales data, the Buffalo Niagara Association of Realtors noted that:
“Residential real estate has finally taken some meaningful strides toward recovery.”
More good news was also evident in the average number of days a home was on the market. This figure declined from 71 days in the same month in 2011 to 69 days and took a significant drop from the record high of 90 days this past February and March. Two other positive indicators that registered increases over the first six months of last year were home sales, up a healthy 8.5%, and capture on asking price, which moved to 95.4% – a 0.3% increase.
This overall improvement in residential housing is encouraging not only for real estate professionals but also for other sectors of the business community. From the print company that does brochure printing to produce marketing materials for a sales agent, to the merchants that sell home furnishings, the upbeat June numbers reinforce a sense of optimism about the economic future of the region.