Schuyler home sales up 54 percent

SCHUYLER COUNTY--Home sales and prices are both up double digits in Schuyler County for the first half of this year compared to the same time in 2016. The Elmira-Corning Regional Association of Realtors reported the number of sales is up 54.7 percent.
From January to June of 2017, 82 homes were sold in Schuyler. This is an increase from the 53 sold last year.
The median price also increased 20.1 percent. According to the Elmira-Corning association, the median price for a Schuyler home during the first six months of 2017 was $138,875. Last year during the same time it was $115,625.
"Schuyler County has had a boost to their sales during this time period," said Elmira-Corning Regional Association of Realtors President Terrie Burke. "It seems that the Watkins Glen area has had a lot of activity recently. Local appraisers have said that they have been spending a lot of time in Schuyler County with requests from banks."
"A lot (of homes) are going close to asking price, if not asking price," explained Stacey Parrish, owner and broker of Cabins to Castles on Seneca Real Estate.
She said inventory of available homes for sale is low, compared to the number of potential buyers. Parrish added Schuyler homes are typically on the market for shorter periods of time.
"We see a lot of people who want to invest in the area," she said.
And a lot of those buyers, Parrish explains, are from out of the area. She said she has had homebuyers from New Jersey and Pennsylvania, as well as closer cities in New York state. Parrish also said these homebuyers are looking for second homes or vacation homes, which when not in use could even be rented out.
"While prices are up, they're not like in some areas," Parrish added as to why non-local homebuyers are choosing Schuyler County.
Low inventory was also affecting nearby Yates County. Home sales in Yates County are down 14.2 percent during the first half of the year, compared to the first six months of 2016.
The Greater Rochester Association of Realtors reported 108 homes were sold in Yates County, January through June of 2017. During the same time in 2016, 126 homes were sold.
"Inventory is pretty low. Many buyers are struggling to find a house," said Amanda Grover, broker and owner of Amanda Broker Real Estate.
She explained it is part of a cycle where a homeowner is looking to move and buy a new house. However, if that homebuyer is unable to purchase a home, they in turn won't put their house on the market to sell. Grover added low inventory also contributes to the price being up. The Yates sales price is specifically up 3.6 percent. According to the GRAR, the median home sale price in Yates, January through June of 2017 was $151,000. Last year during the same time period, the median sales price was $145,750.
"If priced right and market ready, homes can sell within the first month across the board," Grover added. She said she has seen some homes sold in even less time.