The local real estate market is booming.
The median sale price for a home is up just over one percent to $120,000 from one year ago. The hottest markets right now are Amherst, Cheektowaga, and Buffalo. They were the only three locations in Erie County breaking the one-thousand mark in the number of homes sold over a one year period.
That's good news for homeowners like William Waterrose. “We have two small children and we're starting to outgrow the house,” he said. Waterrose is selling his home on Green Tree Road in the Town of Tonawanda.
Waterrose said they're seeing a lot of interest. “We've had, at the moment, over 1300 hits on the internet and it's just been a couple days.” He and his wife have gotten 10 offers so far and all above their asking price. “What I didn't realize is how crazy the housing market is and the chaos that was going to ensue.”
John Leonardi is the CEO of the Buffalo Niagara Association of Realtors. He's predicting a seller’s market once again this year. “We have the Buffalo Billion, a lot of development going on downtown, we have a lot of incubators, and a lot of young people,” he said.
But there's not a lot of inventory. Leonardi said they like to have a six month supply of homes for sale. Currently, there's less than three. However, he expects that to improve as the weather gets warmer.
Waterrose hopes so. He's also looking to buy but he too can’t find a new place to call home.