There was a time when the list price for a house meant that’s about what buyers could expect to pay.
Now, it’s apparently more like a suggestion on where to start the bidding.
A data analysis of the largest 91 metropolitan areas by national real estate technology company Redfin showed that the majority of houses in 14 Monroe County communities sold over asking price in June.
In fact, the Rochester metro area led the nation in homes that sold above list price (78.8%). The next most competitive metro area in terms of price-over-list percentage was Hartford, Connecticut (74.3%), followed by Buffalo (71.8%). The lowest three percentages were in the Florida communities of North Port (9.3%), Cape Coral (10.6%) and West Palm Beach (13.3%).
In three Rochester-area communities — East Rochester, Gates and Mendon — every closed sale in June was above listing price. In six other communities — Chili, Fairport, Greece, Irondequoit, Penfield and Perinton — the accepted bid was over list price for more than 90% of transactions.
With inventory still well below demand, it remains advantage seller, with double-digit bids common with most listings.
The monthly report for July from the New York State Association of Realtors showed new listings dropped 7.9% year over year in Monroe County, homes for sale were down 19.4% and the months supply was just 0.8 months (a balanced market is between 6.0 and 6.5 months).
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