Schuyler home prices up 10 percent

SCHUYLER COUNTY--The median price for a single family home in Schuyler County increased 10 percent in 2015 over 2014.
Terrie Burke, president of the Elmira-Corning Association of Realtors, said the median sales price for a Schuyler County home in 2015 was $139,000. Overall in 2014, it was $125,750, up 10 percent.
"The outlook for this coming year is pretty steady. A balanced market is anticipated for much of the area for the foreseeable future," said Burke. "Improved inventory and affordability are keys to the continued success of the local area."
Meanwhile, the number of homes dropped slightly by 4 percent. The Elmira-Corning realtors reported 109 Schuyler homes were sold in 2015, versus the 114 sold in 2014.
"It has a lot to do with not a huge amount of listings in our market," said Stacey Parrish, broker/owner of Cabins to Castles Realty. "There's a demand of people looking to buy, which helps. Quite a few buyers are out looking, but there's not a lot of houses to offer."
She added some tourists visiting the area stop in looking at properties, either as a second home or to move to the area. Parrish added buyers are not just interested in lakeshore properties, but off-lake as well.
In comparison, NYSAR states total sales in the state are up 8 percent over last year, while median prices only climbed 2.2 percent.
According to the New York State Association of Realtors, the median sales price for Yates is down 3 percent. The median sales price in 2015 for a Yates home was $140,700. While in 2014, the price was $145,000.
Yates County home sales are also down 3.3 percent. In 2015 a total of 236 homes were sold. In 2014, 244 homes were sold.
"Lake home sales [have been] holding steady for the last four years," said Mark Malcolm II, Century 21 realtor.
Jim Moon, Nothnagle realtor, added, "Some are moving to this area - buying property off the lake - and buying a boat, motor, trailer and going to public boat launches. An inexpensive way to have lake property."
Looking ahead, NYSAR stated "If consumers are unwilling to pay higher rates on borrowed money, 2016 could get off to a slow start. By historical standards, that seems like an unlikely reaction."
Parrish said, "I do foresee for 2016, sales prices going up," which she explained is an annual trend.