3rd Quarter E. Monroe County Real Estate Sales Statistics

3rd Quarter Sales Statistics for Eastern Monroe County

Well, its that time of the year where we compile our quarter over quarter sales statistics for Q3. As you dissect these stats, you will notice that the Greater Rochester Area has had a fairly strong year in Real Estate, especially when you compare it to other markets on the national stage. The chart below illustrates just this. This chart compares our local market to the Standard and Poor’s Case-Shiller Home Price Index for all months dating back to January of 2007. Keep in mind that this is a month-to-month accumulation of percent values. This expresses the value deviation away from 0%. Furthermore, I would like to point out to you that by no means should you interpret this data as applying to your own personal home. Average home sale price in our area has actually increased approximately 5.6% since Jan. 2007. On the other hand, the largest twenty real estate markets across the US have witnessed a 22.3% decrease in value on average.

Not too shabby, eh? We have a pretty boring real estate market here in Upstate NY. However, boring isn’t always bad, as you can see here. Now, onto the main point of this article: Q3 Real Estate Sales Statistics for Eastern Monroe county suburbs. Before you start looking at these numbers, two things should be taken into mind:

1.) These are median home sale prices for Quarter 3 2007 and Quarter 3 2008. If you live in Pittsford and see the -20% in bold red letters, do not freak out. This does not mean that home prices are plummeting across the board. It means that the median of what sold in these two periods had a difference of 20%. It means that homebuyers bought less expensive homes in Q3 ’08 than they did in Q3 ‘07, capiche?

2.) In the table below, you will see the term Months Supply. Months Supply is defined as number of single-family homes sold per month in Q3 below number of single-family homes active on the market right now. This statistic is a good gauge as to how hot a given market is. A very low months supply indicates a shortage of inventory as it compares to its peers. Markets with a low months supply will usually tend to get offers closer to asking price. Please keep in mind that months supply is always a bit skewed for Q3 every year. The number of active properties on the market decreases substantially around this time of the year because of the Holidays.

If you compile all of these together, you have about a 1% decrease in median home sale price in these townships. In the grand scheme of things, prices have been fairly flat.










If you prefer a more visual representation of this data, I have included a chart below.


If you were to take a pulse of the real estate market right now in Rochester, you would find that there is a very large shortage of inventory. It seems as though uncertainty about the real estate market and the economy has kept many sellers from putting their home on the market. As a result, many brokers in my office including myself have found that buyers are having a difficult time finding suitable housing because there has not been a steady flow of inventory into the marketplace over the past few months. Inventory is so low in fact that I have resulted in searching for “For Sale by Owner” properties for my buyer clientele. If you compare the months supply of Q3 to last years market, the months supply was 9 months supply to 10 months supply on average. It is my opinion that we have some very serious pent up demand at this moment in time.

Q3 sales statistics for Western Monroe county suburbs will be released in the near future. Furthermore, if I have not included an analysis for your town or neighborhood, please feel free to contact us. We would be happy to perform a free custom market analysis for your home or neighborhood.

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