Let’s keep this simple silly. Last year I posted a long and detailed analysis of Eggertsville – a popular neighborhood in Amherst. But I realize I should have started out much simpler. Let’s begin this morning explaining Amherst, and some numbers for her overall.
Amherst, NY is the largest and wealthiest town in the northern park of Buffalo. Within Amherst are both Amherst and Williamsville school districts, as well as the official Village of Williamsville (not to be confused with the Amherst mailing address used with the 14221 zip code – Williamsville, NY).
According to Wikipedia: “As of the 2010 census, the town had a total population of 122,366. This represents an increase of 5.0% from the 2000 census.” and is estimated to be approx 125,109 at the end of 2015.
Total residential sales (single family, multiple 1-4 unit, condo, co-op):
EDIT: SP is sale price, sqft square feet in size, DOM is days on market – meaning how long the house has been listed in the MLS computer system that houses all local Realtors listings. Lastly, Avg and Med are average and median, which are two ways of looking at lots of numbers. Median skews towards the middle, as it is the exact MIDDLE number (if there were 4,000 values, the Median would be number 2,001). Average take into account extremely high AND low prices of homes so its different – that’s all. Ask below in the comments if you need more help explaining the concept! No problem.
|Avg SP||$ 202,228||$ 197,224|
|Med SP||$ 176,000||$ 171,134|
So sales transactions were UP 7% last year over 2015. Average and median sale prices were both up about 3%. Again, the diversity between average and median DOM is due to houses at the extremes that languish on the market. At the median, the “fat middle” where average homes priced average in nice to average condition, are taking about 3 weeks to go under contract from first day of listing. This number is inflated though, as local Realtors here typically post a home for sale through the MLS and then delay first showings up to a week or more. This means the correct MDOM is more like 14 days or LESS. This very LOW DOM stat shows up across many neighborhoods in WNY. It’s a seller’s market! Buyers need to realize that when making offers on good homes. If you have questions on this, please don’t be afraid to ask!
Tomorrow I will dive into Buffalo, and some more neighborhoods and schools of the Northtowns.
If your home doesn’t sell or even attract offers within the first two weeks, you should consider adjusting your price (or your home’s condition). If you and your Realtor agree it’s not just as simple as a 2-3% price drop to attract more buyers, consider painting certain rooms, eliminating more clutter or large furniture, staging, etc. Don’t be afraid to take it off the market for a week or two to accomplish these items. Your Realtor can re-present your listing online in a fresh, new way, possibly coupled with a small price break to attract attention to your listing. (If you or your home is presently and exclusively under agreement with a Licensed Agent, this is not meant as a solicitation.)