Friday, November 04, 2016
Market Report - Honeoye Falls - Autumn 2016
When I relocated to the Rochester area in 1988, my drive to Rochester took me through the Village of Honeoye Falls. It was love at first site. I ended of living there for 15 years and while I currently live in the city of Rochester, Honeoye Falls holds a special spot in my heart. And, as a result, I watch the real estate market there closer than most areas. Here is a brief summary of the current market.
When I look at the Honeoye Falls Market, I consider the entire Honeoye Falls-Lima School District, which includes Lima, bits of W. Bloomfield and parts of Mendon. Currently there are 50 single family home listings in the district, which is the lowest number of listings since January 2012. They range in price from a $38,000 mobile home in Lima to a stunning 8000 square foot home on 10 acres for $1.2 million (www.RochestersBestHomes.com/R320494) Homes in this area do tend to be larger in size and the current homes on the market reflect that with an average size of 2,996 square footage. The average list price of the current inventory is $395,650 and on average, sellers are asking $125.96 per square foot.
Currently there are 29 properties under contract awaiting a close date. On average, these properties were on the market for 52 days. The quickest sale was in 3 days while the longest sale was 128 days. Typically, less expensive properties sell quicker, and the current pending listings seem to illustrate that. The average list price of the properties pending was $231,002 and the average price per square foot was $104.09. The most expensive property that is sale pending was listed at $449,900.
The true strength of the market can be seen by what has sold. In the past 365 days, there have been 164 properties sold and closed. The average time on market was 44 days with some properties selling in the first day. The longest time on market was 516 days and that was for a million dollar property. On average, buyers spent $109.54 per square foot with the most expensive rate was $217.05 per sq foot.
Again, this is just a glimpse into the local market. It does not take into consideration the size of the lot, condition of the property or where in the school district the property was located. If you would like more specific information about the Honeoye Falls market, please don't hesitate to give me a call.