It’s the first Saturday of the Month. Time for the Spring Housing Report for Monroe County! As we know, the weather may or may not follow suit. Either way, the NAR (National Association of Realtors) has shared the pending home sales for January, and according to the Mortgage Reports, here’s what the numbers suggest nationally:
- Contract signings are up from a year ago
- Mortgage rates are at their lowest levels in 55 weeks
- Low and no-down payment programs are helping buyers to get qualified.
Pending Home Sales Index
The article makes reference to the Pending Home Sales Index, and frankly, we love their easy to understand explanation:
The Pending Home Sales Index (PHSI) is a monthly report, published by the National Association of Realtors® (NAR). It measures homes under contract, and not yet closed. The Pending Home Sales Index is different from most housing market metrics. Unlike traditional metrics which measure how housing performed in the past, the Pending Home Sales Index forecasts how housing will perform in the future. The Pending Home Sales Index is forward-looking. The index tallies U.S. homes recently under contract to project future, closed home sales. This is possible because the National Association of REALTORS® knows that 80% of homes under contract “close” within 2 months of contract. In January, the Pending Home Sales Index read 106.0 — the index’s 21st straight month above its baseline reading of 100.
Beating the baseline is a big deal.
And, it’s good news for the Spring Housing Market in Monroe County for 2016.
Spring Housing Report in Monroe County
Let’s take a little closer look at what’s happening currently with the Spring Housing Market in Monroe County.
Currently there are 1897 active properties in Rochester, NY (Monroe County). The median sale price is 140K.
Currently, there are 1263 properties that are under contract with a median sales price of 119k. The average median of days on the market was 25. Considering that most homes aren’t listing as pending until after the home inspection, that’s not really a long time!
In the last 30 days, 324 homes have closed with median sale price of 120k
What do the numbers mean for you? If you’re thinking of making a move, do it. If you’re a seller, you’ll get the best price if you jump in now. If you’re a buyer, you’ll get the best mortgage rate and less competition if you jump in now. The amount of inventory available, depends on the area you are looking. Not sure what side of the fence you’re on? We can help. Contact us today to find the value of your home and/or your purchase power. Happy Spring!