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Rochester tops housing market recovery
Rochester, N.Y. -- Rochester was named number one in the housing market recovering index by online marketplace RealtyTrac.
Based on seven different factors, including home price appreciation and unemployment, the Rochesters housing recovery rate was ranked the strongest.
According to the study, the average home price has changed 93-percent since the housing market bottomed out.
I dont know what did it is, Jeanne OBrien said, Everybody wants a house in this area, thats for sure.
OBrien listed put her home on Dartmouth Street up for sale last Friday. We had three offers by Saturday morning, said OBrien, "twelve hours later and we accepted one within 24 hours.
OBrien said multiple offers sparked a bidding war between buyers that drove the price of the home several thousand dollars above asking value.
It's hot; I've never seen it this hot, said local real estate broke Joe Annese. Pricing it at an all-time peak.
According to Annese, the number of homes for sale in Rochester is down 40-percent from last year. Its that low inventory combined with low interest rates that had created a highly competitive market in the area.
I've never seen anything like it in 15 years, Annese said, Anything that comes on the market has multiple offers or disappears instantly.
Four houses went up for sale in the 200 block of Dartmouth Street in mid-August, three sold almost immediately and fourth sale is pending.
You can see the three sold signs right in this section of six houses, OBrien said while selling her home was easy, buying was difficult.
Annese said its hard to know when the prices in the area will peak but its definitely a good time to sell.
Its simple supply and demand, there is very little inventory and there is just hardly anything to buy, so the prices are up, Annese said, This would be a fantastic time to sell.