After last month’s post setting the stage for my analysis of the WNY and Buffalo area market, I wanted to reference a recent article in Business First regarding high end homes. Unfortunately their data is pulled from U.S. Census data from 2013, but it’s a good overview. I’ll try to compare their 2013 numbers to something more recent in a separate post.
Reminder these numbers below are for all homes in the WNY area, single family and condos only. Here goes:
Number of closed sales in the following price ranges for the month of September 2015:
- Total sales – 1137
- Over $1mm – 2
- $500k-$1mm – 17
- $300k-$500k – 62
- $120k-$140k – 141 (12.4%)
- <$30k – 61
- >$300k – 81 (7.1%)
- Total sales Sept 2015 – 777 (+1.2% YOY)
- Total sales Sept 2014 – 768
- Over $1mm – 2 (186 Middlesex for $1.34mm and 1144 Underhill Rd in East Aurora for $1.027mm – was listed for $945k). No sales over $1mm happened outside of Erie County in Sept 2015 per BNAR MLS numbers.
- <$30k – 25
- Total sales Sept 2015 – 162 (+29% YOY)
- Total sales Sept 2014 – 126
- Sales volume Sept 2015 – $33mm (+25% YOY)
- Sales volume Sept 2014 – $26.5mm
- Median sales price Sept 2015 – $185,000 (+ 5.7% YOY)
- Median sales price Sept 2014 – $175,000
- Median DOM Sept 2015 – 17
- Median DOM Sept 2014 – 18
- Average DOM Sept 2015 – 32
- Average DOM Sept 2014 – 45
Amherst was a powerhouse in sales growth, both in number of sales (up almost 30% from last September) and in dollar volume of closed sales (also up 25%). The median (middle) price was also up almost 6% from last September. Remember median is usually a better number to use than average with sales prices that skew one way or the other. The median days on market (time it takes from listing to signed contract) for homes in Amherst was only 17 days – a little over two weeks. And the average number of days it took dropped almost 30%, selling almost two weeks faster. This September, 65% of Amherst homes went to contract in 30 days or less, similar to the 63% for Sept 2014. Here I think the average bears more weight that the median, because in Sept 2014 there were only 3 homes with zero DOM (sold before listing) and two with 1 DOM and the longest on the market was over 1100 days. This Sept there were 4 at zero DOM and 7 at 1 DOM and the longest being 230.
What are your thoughts regarding how homes are selling? Do lower or medium priced homes sell faster?