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Wednesday, March 18, 2009

Median Sales in Irondequoit

The median sale price is dropping as well as the number of sales in Irondequoit for 2009. Why is this if Rochester area sales are supposed to be steady?

Upon speculation I can come up with two reasons. The first is that Irondequoit is very affordable and generally attracts many first time buyers. They generally buy a property that costs under $110,000 or even under $100K. The majority of these sales normally happen early in the year while the "move up" sales ($150,000 and greater) tend to happen in the spring and summer.
The second reason for lowered sales prices in Irondequoit is the first stimulus started in the fall; some people took advantage then, and those deals who included many first time buyers closed January-March 2009.

Both of these factors are bringing the median sale price up until now. Watch it go up as we get further into the year, especially if the economy started to level off and people feel more secure about their jobs.

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