It was another great month for many in the 716 Realty Group territory. Erie County specific which we will discuss more below continues to perform strong. Many buyers are still out there shopping and new sellers bringing needed inventory to market.
In October, Closed sales dipped to 645 closings vs. 877 the same period prior year, a reduction of 26%. Not to worry for those out in todays market. We contribute the slow down to lack of high quality houses ready for todays
buyer that want and will pay for the right house in the right condition. As we enter the holiday season and close out 2017, sales will still happen. We'll be here if you need help.
Average Sales Price
In October, we saw a retreat from the August and September buffalo record setting
average sales price. This is something buyers and sellers should carefully know about. We remain optimistic at 716 Realty Group about continued climbs long-term as the secret of Buffalo's renaissance is no longer a secret.
I heard someone say yesterday "Buffalo is a real city, with rush hour traffic and $7 beers." We should all rejoice!
Things to focus on ahead
- New Listings where are you? Listings coming online now at this time of the year are historically limited. But there are great options for both sellers, willing to list now and take advantage of the record high sale prices, and buyers
which anxiously await the quality new inventory.
- FEDERAL INTEREST RATES
- the single largest concern on many minds is the likelihood of rising rates. The FED, which meets today, will likely not raise the rates. However, come December this year and through next year
we could see up to 4 hikes! With record prices in 716, a 1% higher interest rate could cost buyers waiting on the sidelines for post holiday season.
Need advice? We're here to help. Call anytime for a no cost consultation of your real estate situation.
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