Wednesday, July 16, 2008

Real Estate is Local!

Every time I watch the news these days I have an anxiety attack. Price of Oil! Recession! Crime! Fannie Mae & Freddie Mac! Global Warming! Cancer! Depression (no, not the economy; me!) And just about the time that I'm convinced that times are too difficult to sell real estate, my phone starts ringing.

Fortunately, real estate is local and the Rochester market is not all doom and gloom. I did about a million in sales in June and the only reason July is off to a slow start is that I've been on vacation.

I'm not the only one effected by the daily news. When I'm out and about talking to people, they often start the conversation with a sigh, shake their head and ask in a hushed tone, "How's the market?" Perhaps the number one question I'm asked these days is how long does it take to sell a house in Rochester these days.

Of course, there is no definitive answer to that question. There are parts of our area that are still getting multiple offers first week on the market. It's not happening much, but it does still happen. And there are other areas that are not even getting showings, much less offers. But just as a glimpse of our market, I did a quick analysis of yesterday's pending transactions.

Yesterday was a typical Tuesday in the summer of 2008. All total, there were 52 single family homes that went pending. Approximately 20% of the homes were located in the city of Rochester which supports my theory about the price of gas driving people to move closer to where they work.

Two of the houses that went pending were sold their first day on the market and two additional properties sold in 7 days or less. The average number of days on the market was 51. The longest time on the market was 166 days for a $200,000 property in West Irondequoit.

The average asking price for the single family homes that went pending yesterday was $153,142 with six of the homes with asking prices of $300,000 or more. There were five city properties listed for less than $20,000 as well as one mobile home in Wayne County.

There! I feel better and hope you do as well. I think I will keep away from CNN and instead stay tuned to the MLS. And if you'd like specific information about our real estate market, don't hesitate to call.
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