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Buffalo Market Home Sales Rose in September

Friday, November 4, 2011

September sales figures for the Buffalo Niagara housing market took a sharp rise compared to a year ago, the area’s real estate trade group reported.

Closed transactions for the month rose 22 percent to 876, up from 717 in the same month of 2010, according to the Buffalo Niagara Association of Realtors.

For the first nine months of the year, there have been 6,443 sales, down 9 percent from 7,099 in the same period last year.

Median and average prices slipped 3 percent and 1 percent, respectively. Median prices for a single-family home were $117,000 in September, down from $121,000 a year ago. Median prices were at $137,121 compared to $138,499 year-over-year.

The rise in closed deals triggered a 21 percent rise in total dollar volume to $120.12 million for September from $99.30 million last year.

Also, active listings were up 3 percent to 6,297 and new listings dropped 10 percent to 1,416.

BNAR noted in its snapshot that sales figures for the first half of 2010 were inflated after the federal government instituted a tax credit designed to stimulate the housing market.

The organization added it is excited for the fourth quarter after seeing increased traffic at open houses.