Home sales are up for 2016
YATES COUNTY--Despite a low inventory of homes for sale, actual sales and the median sale price increased in Yates County for 2016 versus 2015.
The Greater Rochester Area of Realtors announced sales of single family homes were up 8.2 percent in 2016 for Yates. The GRAR reported 250 homes were sold last year in Yates, compared to 231 in 2015.
The median price also increased 5.9 percent. According to the GRAR, the 2016 median price for a Yates County home was $149,900. The price is up from $141,500 in 2015.
This is despite a 38.1 percent drop in the number of homes available for sale on the market. Last year, 112 Yates homes were for sale. In 2015 that number was 181. Dan Morse, broker and co-owner of Keuka Lake and Land Realty, said listings have been a lot lower for the previous 12 to 18 months.
"That makes the price come up," added Dale Lane, broker and co-owner of Keuka Lake and Land Realty. Lane added their business was up some 20 percent in 2016 over 2015.
"It was a pretty good year," said Lane.
Morse pointed out the spring and summer months were especially busier than normal, "even more so than other years." He added sales did eventually slow down around the election.
Many counties in the region also experienced increases in 2016. Sales in Schuyler County were up 12.6 percent, to 125 homes in 2016 from 111 homes the year prior. Sales in Steuben County increased 7.1 percent: 375 homes in 2016 vs. 350 in 2015. According to the GRAR, Seneca County also posted a 16.4 percent home sales increase.
The number of homes sold in 2016 hit a new high since 2005, the GRAR announced last week. A total of 14,278 transactions were recorded in the greater Rochester, Finger Lakes, and Southern Tier markets last year, a combined increase of 19.3 percent over 2015 sales of 11,971. Previously, the most productive year was 2005 with 13,312 closings.
Regionally, there were some decreases. Ontario County sales were down .5 percent and the median price was down 1.3 percent. Schuyler County's median sales price was also down 9.7 percent: $121,000 from $134,050.
"We're seeing a lot of people wanting to invest in the area," said Stacey Parrish, owner of Cabins to Castles Real Estate.
Parrish explained the home buying season isn't limited to the typical warmer months. She said the selling season has extended itself further into the end of the year.
"There's less of a slow period," Parrish commented.
"The number of houses on the market doesn't always coincide with the numbers of buyers," said Terrie Burke, Elmira-Corning Regional Association of Realtors president. "Inventory doesn't determine the need that buyers may have to purchase. Obviously, that is great news for sellers. If there are fewer homes to choose from, the prices can stay aggressive."