Buffalo home sales stayed strong in October

December 10, 2013 Updated Dec 10, 2013 at 2:02 PM EDT

By Business First

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December 10, 2013 Updated Dec 10, 2013 at 2:02 PM EDT

Buffalo home sales stayed strong in October

Realtors call this year "spectacular"

Business First

With single-family home sales up 9.5 percent in October, the Buffalo Niagara Association of Realtors has already termed 2013 as "spectacular' for residential real estate.

The trade group reported 1,039 transactions were completed in October, up from 949 a year ago. And for the first 10 months of the year, sales have climbed by 10.2 percent compared to the same period in 2012.

Median and average prices continued to climb as well. The median figure for a sale in the Buffalo area in October was $124,000, a 3.3 percent hike from $120,000 last year. Average prices rose 3.5 percent to $145,034 year-over-year.

The time frame for selling a home fell by 15.2 percent during the month, down to 56 days from 66 days a year ago.

Inventory has continued to decline with 5,099 homes on the market - down 13.9 percent from 5,924 last year. The number of new listings did increase 3.5 percent to 1,313 compared to 1,269 last year, BNAR reported.

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