Buffalo is booming

Buffalo’s waterfront, centered on Canalside, is currently in the midst of a transformation and revival. The area has a rich history to draw upon and is considered a historical treasure. The Buffalo waterfront is currently the focus of many projects as the area is rapidly becoming a destination for recreation, entertainment, sports, dining and a growing residential presence.

Over the past few years,Erie North has been a sellers’ market. There’s healthy demand but limited supply. Bidding wars, multiple offers and properties selling over asking are the norm in this region. Some pockets have seen properties sell for $40,000 to $50,000 over asking. In conversation with local realtors, many share stories of 10 to 20 offers on a single listing and 50 to 70 people in attendance at the first open house. Low interest rates and a good economy are contributing factors along with the fact that the Buffalo market is one of the most affordable in the country.

Currently the market is cooling a bit due to the upcoming winter months. As of August 2019, the median price for the region was $171,250, compared to $155,300 in same period last year, representing a 10.3% increase. Unit sales were 1,627 compared to 1,643 last year, and this slight decrease may be attributable to lower Inventory available for sale which declined to 3,165 this year from 3,467 last year. Days on Market have remained essentially the same at 31 versus 32 last year while sales price % of list reached 100% from 99.4% recorded last year. To demonstrate how vibrant the market has been, the number of months housing supply is standing at 3.1 from 3.5 last year. A six month housing supply is generally considered in balance.

Posted by Solidifi

Share This

GAR Associates LLC NY Appraisal and Consulting Firm

Call us at (518) 579 - 3770 to begin your next appraisal project

Are you a town or municipal looking to deliver real property assessments to the public with a few clicks? PROS is here.