Yates home prices up, fewer listings in Schuyler

FINGER LAKES—For nine months of this year, the median price for homes sold in Yates County is up 5 percent compared to the same time period for 2011.
Karen Herbst, communications specialist for the Greater Rochester Association of Realtors, said that through nine months of 2012 the median price for a Yates County home sold was $121,250 or up 5 percent over the same time period for 2011. The number of homes sold also increased by 3 percent. Herbst said 162 single family homes were sold this year, compared to the 156 sold between Jan. 1 and Sept. 30, 2011. Vicki Jager-Olsen, realtor for Finger Lakes Premier Properties, attributed the increase to “market volatility. People are looking for investments.”
In Schuyler County, the number of homes sold is down 11 percent, when comparing Jan. 1 to Sept. 30 of 2012 to the same time frame in 2011. Elmira-Corning Regional Board of Realtors President Faye Guild-Nash said 86 Schuyler County homes were sold in the first three quarters of this year. This is down from 97 sales last year during the same time period. The drop is an 11 percent difference.
However, Guild-Nash explained it’s not due to a lack of interest. She said, “closings are down because the listings are down. There’s not as much on the market.” She also pointed out homes are selling more quickly. Guild-Nash said in 2012, a home was on the market for an average of 152 days. Last year, the average was 178 days.
“There’s a huge demand,” said Stacey Parish, owner of Cabins to Castles. She added Watkins Glen serves as a commuter location, and people from Elmira, Ithaca, and even Corning are moving here. Parish said many of the new owners are young, first time homebuyers.
Parish added the housing need is partially being addressed by some businesses renovating their second story space into apartments. She also said it is not limited to home sales. Parish explained there is an “extreme lack of rental properties.”
Parish added “there are a lot of buyers out there. Anything priced right has a short market life.” Parish also said the limited inventory leaves fewer homes in each price range. According to Guild-Nash, the 2012 median price for a Schuyler County home is $122,750. Between Jan. 1 and Sept. 30 of last year, the median price was $125,000, or a 1.8 percent drop.