"Home sellers across Upstate New York are closing sales for more than their asking prices, according to data from Redfin, a national real estate brokerage. The Rochester, Buffalo and Syracuse metro areas were all in the top 15 in the nation in December when measuring how much over list prices people received when selling their homes. Rochester ranked No. 1 in the nation. Sellers there averaged a closing price of more than 8.2% more than their list prices. Buffalo was No. 3 nationwide at 3.5% and Syracuse was No. 13 at 1.1%. Albany ranked No. 23 in the U.S at 0.2%. The residential real estate market in much of Upstate New York has been red hot in recent years."
"A historically low number of homes for sale has helped fuel intense competition among buyers. That has pushed prices higher. It has also caused bidding wars, cash offers and waived inspections to become more common. Experts have said there are signs the situation may be starting to improve for buyers, but progress will take time. In most places in the U.S. in December, sellers received less than their asking prices on average, according to Redfin. Of 501 metros with at least 50 sales that month, sellers averaged a closing price of more than their list price in just 25 locations. Seven of those areas were in New York."
Sellers in multiple Upstate New York metro areas routinely closed single-family home sales above asking prices in December. Rochester led the nation with average closings more than 8.2% above list, Buffalo was 3.5% above list and Syracuse was 1.1% above list; Albany was 0.2% above. A historically low supply of homes intensified buyer competition, driving higher prices, bidding wars, cash offers and waived inspections. Some signs of improvement for buyers exist, but changes will take time. Nationwide, only 25 of 501 metros averaged closings above list prices that month, including seven in New York.
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