The action's hot and heavy in the local real estate market. At least, that's the word from the Buffalo Niagara Association of Realtors.
The trade group says both pending sales and closed sales are up so far this year, as are prices. Homes are selling fast, with multiple offers and bidding wars in many cases. And as the demand takes homes off the market, the inventory isn't being replenished as fast because homeowners aren't listing as many homes for sale. So prices are being pushed up.
The result: It's a seller's market, says MJ Peterson's Phil Aquila.
Aquila says he's not worried about the slowing inventory, which has been falling both locally and nationally for months. As long as sales and prices are up, he's happy.
-- Jonathan D. Epstein