BUFFALO, N.Y. (WKBW) — Days after holding an open house that saw more than 60 prospective buyers, the realtor representing a home for sale on Massachusetts Avenue in Buffalo's Five Points neighborhood presented a whopping 38 offers to her clients.
"I would say that, that has been the most amount of offers on one property that I personally have handled in my career," said Kiersten Minnick, with Keller Williams Realty WNY.
The home sold over its $190,000 asking price for an undisclosed amount.
"I can say the sellers are obviously very happy," said Minnick.
Bidding wars have become standard practice in this red-hot housing market. Experts agree that it has a lot to do with "historically low" inventory.
Minnick says the Massachusetts Avenue home she represents is one of just 11 single family homes for sale on Buffalo's west side.
According to Joel HusVar, President of the Buffalo Niagara Association of Realtors, that inventory shortage is felt across the region.
"We are still seeing inventory at historic lows. A good property that's on the market right now is going to be selling for top dollar just because there's so little inventory out there right now," said HusVar.
In December 2021, inventory was down 15 percent from December 2020. The average sale price was up 13 percent, to $242,099.
"For buyers, the biggest thing that I tell them is hang in there. The right house will be there when it's ready. You might lose a few. You just have to make sure that all your financing is in line, you have done everything you can possibly do to put your best offer in, and hopefully it’s appealing to the seller," said HusVar.