Home sale prices are up by double-digits
FINGER LAKES—The number of homes sold and the median price for homes both increased in Schuyler County from January to June, 2014, when compared to the same period of time in 2013.
According to the Elmira-Corning Regional Association of Realtors listings, 51 residential homes were sold in Schuyler County between January and June of 2014. This is up 21.4 percent from 2013, when in the same period of time 42 homes were sold. The median sale price also increased 16.1 percent. Between January and June of this year, the median sales price was $126,500. In the first half of 2013 the median price was $108,950.
“There’s definitely a lot more traffic in Schuyler County. Watkins Glen especially,” said Stacey Parish, owner of Cabins to Castles. Parish highlighted the tourist activity as a reason for the increase in sales. She said any time tourists spend money in a place, it encourages people to stay and invest.
“A lot of people with more money [are coming] into the area,” she said.
Parish added, “interest rates are still low. It keeps people buying.” She said first time buyers are also benefiting from special loans. However, Parish added there aren’t as many affordable homes available in the first time home buyer’s usual price range, despite the increase in sales.
Parish explained first time buyers previously could purchase a house for under $100,000. Now she said it’s closer to $120,000. She said, “the problem is there aren’t a lot of homes in the cheaper price range the clientele can afford.” She added the Schuyler house market includes several $200,000 lakefront homes.
While Schuyler County saw increases in both home sales and prices, Yates County to the north only experienced an increase in home prices. According to the Greater Rochester Association of Realtors (GRAR), the median price for a Yates home between January and June of this year was $140,000. During the first six months of 2013 it was $120,000, or an increase of 16.7 percent.
At the same time, the number of homes sold went down down 4.3 percent. Between January of June, 2014, 89 single family homes were sold. During the same period of time in 2013, 93 homes were sold.
“We as a region seen to be selling about the same as last year but the selling prices are higher. Buyers seem very positive about the area. Wineries, breweries, spirits and cheese places are bringing more and more people here all the time,” said Jim Moon, realtor for Nothnagle Realtors, similar to Schuyler.
Moon also pointed out lakefront home sales are following the same county-wide trends. Through the first half of the year, Moon said there were 19 lakefront home sales in 2014. Compared to 2013, there were 23. At the same time, the median lakefront price for 2014 was $515,000, up from $392,500 in 2013.