The average selling price for a single-family home rose to $81,543 in March 1989, up 8.3 percent from the same month one year ago when the average selling price was $75,331, according to figures supplied by the Greater Buffalo Board of Realtors for the statewide monthly survey.
The Niagara Falls realtor board reported an average selling price of $62,390 for March 1989, up 28.7 percent from March 1988. Over a two year period, the average selling price indicated by the Niagara Falls board rose 47 percent, up from $42,451.
Both Western New York realtor boards, however, reported a decline in the number of homes sold in March 1989 when compared with March 1988. Buffalo board members closed on 701 homes (March 1988 recorded 734) for a 4.5 percent decrease.
Figures were more dramatic in The Falls as the change was 36.6 percent with units dropping to 59 this year from 93 last year.
A positive sign was that both boards indicated that the number of homes sold in March 1989 was approximately 3.5 percent greater than February 1989.