Buffalo-Niagara selling price gains continue in January

Selling prices of homes in the Buffalo-Niagara region continued to increase in January, posting a 12.9% gain in the January 2021 median sales price compared to a year ago, according to the housing market report released by the Buffalo Niagara Association of REALTORS (BNAR). January home sales started the year slightly behind the start of 2020.

“As we saw throughout the second half of 2020, strong buyer demand in the Buffalo-Niagara region during January continued to fuel price growth in a market with a greatly reduced number of homes listed for sale,” said Amber Wesser, president of BNAR. She noted the number of homes currently for sale was nearly 45% below last January. “There are opportunities in our market, but today’s buyers have to be patient, and ready to act when see their dream home.”

“Home sales have supported our regional economy during the pandemic,” said John Leonardi, BNAR CEO. “With the high demand and historically low mortgage rates, home sales would have been much higher if there was a typical inventory level. The story of our 2021 housing market will be largely dependent upon sellers coming off the sidelines, especially as we enter the typically active spring and summer markets.”

The January 2021 closed sales total of 831 represents a decrease of 1.7% from the January 2020 total of 845. The January 2021 median sales price was $175,000, an increase of 12.9% from the January 2020 median of $155,000. The number of homes listed for sale was 1,283 at the end of January 2021, a decrease of 44.7% compared to January 2020.

The complete report is available here: https://www.bnar.org/downloads/jan2021stats. All data is compiled from Western New York Real Estate Information Services LLC.

The Buffalo Niagara Association of REALTORS (BNAR) is the trade association representing more than 3,500 REALTORS in Western New York. Since 1904, the association’s mission has been: to assist members in becoming successful, profitable and knowledgeable; to promote professionalism; and to champion real property rights. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS.