Last year, Erie County set a new benchmark for residential transactions when 83 homes or condos sold for more than $1 million.
But, at no time did five deals get recorded all in the same day. In fact, according to county records, that has never happened - until June 2 - when five residential deals closed with the selling price above the $1 million mark.
Erie County Clerk Mickey Kearns says those deals are serve as a snapshot of how busy the residential market has become.
“In the context of what's going on the Erie County and Western New York, the housing market for certain properties and in certain pockets and for certain types of properties, is still pretty hot, and I still think it's not settling down,” Kearns said.
The five deals in Clarence, Amherst, Orchard Park and Grand Island, totaled nearly $8 million. And Verax Real Estate’s Alina Pierowicz predicts more seven-figure home sales are on the way.
“They are spending a lot more money than they would normally, and it's because they're coming from areas where the real estate is so much more expensive to them, maybe $600,000 would get them one-half of what they would anywhere else,” Pierowicz said.
Since Jan. 1, 31 residential deals in Erie County have closed for north of $1 million. That translates to one every five days.
If the current trend continues, Erie County could see as many as 73 homes this year selling for more than $1 million. That’s 156 Erie County houses since Jan. 1, 2024 that have passed the key benchmark.
So, who is buying these houses? Pierowicz says in his experience, it’s people from outside Western New York making the move.
“We have many people relocating from even Toronto, just right across the border. We have people coming in from California, New York City, and they're all extremely surprised at what they can buy for whether it's $500,000, $600,000 or what a $1 million gets them,” Pierowicz said.
And, the trend isn’t limited to upper-end, $1 million-plus homes. Pierowicz says across-the-board interest in area homes is running deep with many listings getting multiple offers.
