Yates home sales are up 34 percent
YATES COUNTY--Home sales for the first quarter of 2018 are up 34.1 percent in Yates County over the same three months in 2017.
The New York State Association of Realtors reported that 55 homes were sold in January through March of 2018. During the same time in 2017, only 41 homes were sold.
"We're experiencing a strong buyer group, with a decrease in inventory," said Mark Malcolm, Century 21 realtor.
The state realtor association reported the number of homes for sale in Yates was down 5.6 percent. Malcolm explained, "It has to do with the inventory available, in any given price range." This includes the surrounding counties, he said, as well as both Keuka and Seneca Lakes where most of his realty business is centered.
"We have a very short supply and a strong demand," said Malcolm. "That does not surprise me."
While inventory was done (NYSAR announced a 5.6 percent decrease for Yates), the number of those listed that were new homes for sale was up. According to NYSAR, 23.6 percent more new homes put on the market.
The Greater Rochester Association of Realtors reported demand in the Finger Lakes market has pushed the median sales price for the region up 11.2 percent to $142,500, the price in Yates itself was down.
Specifically, the price for homes went down 19.8 percent. NYSAR reported the 2018 median home sales price in Yates was $147,500 for January through March. The median home sales price during the same time in 2017 was $184,000.
In comparison, sales across the state were down 3.9 percent. NYSAR reported the number of homes on the market also decreased 10.2 percent. The New York association added the median price was up 7.4 percent overall.
Chemung sales are up 20.9 percent, with a 16.5 percent increase in the median price. Sales and median price are up single digits in Tompkins County: 8.2 percent and 8.9 percent respectively. Meanwhile, sales in Steuben were down 2.3 percent and the median price was down 1.8 percent.
For Schuyler County, the first quarter of sales in 2018 was down 43.2 percent. According to NYSAR, 21 Schuyler homes sold through January to March of 2018. This is down from 37 homes sold in the same time last year.
Meanwhile, the median sales price of a Schuyler County home stayed nearly the same. NYSAR reported the 2018 first quarter median price was $137,000. In January through March of 2017, the price was $138,000, or down 0.7 percent.