Yates home sales jump 37 percent

YATES COUNTY (8/24/16)--Yates County home sales are up 37 percent for the first half of 2016 compared to the same period last year.
The Greater Rochester Association of Realtors reported 125 homes were sold in Yates, January through June of this year. During the same time period of 2015, only 91 homes were sold, or a 37 percent increase.
Licensed Associate Broker for Century 21 Sbarra and Wells Mark Malcolm described 2016 so far as a "very good year."
"Certainly our sales numbers are up," Malcolm said. "This year so far we have more closed sales than all of last year on Keuka Lake."
When looking at the second quarter numbers (April, May and June), the number of Yates homes sold increased by 74 percent, when compared to the same three months of 2015.
"Inventory, we don't have as much of it," Malcolm added. "We're seeing more buyers come into the market. It's supply and demand."
The median price also increased 5 percent. For the first half of the year, the Yates median price was $138,500. During the same six-month period last year, the median price was $131,500. Malcolm added the home sales prices have been fairly stable for the last three years up until now. He said at least for Keuka Lake homes, which covers Yates and Steuben Counties, properties "are definitely showing appreciation this year."
"Favorable economic conditions, such as low interest rates, rising stock market valuations and dropping unemployment levels are encouraging signs," said GRAR CEO Jim Yockel about the area's market.
Jim Moon, Nothnagle realtor, attributed the sales increase to interest rates remaining low.
"The two new motels help everybody," added Moon. "Prices are up. New construction is up. People are positive."
The Yates sales increase is up more than the overall New York state increase of 14 percent. The median price for a home sold in Schuyler County was down 17 percent for the first half of 2016 compared to 2015.
According to the Elmira-Corning Regional Association of Realtors, the median price from January through June of 2016 was $114,950. During the same time in 2015, the price was $139,000.
"Keep in mind that a drop in median price doesn't mean that property values decreased, it simply indicates what price the 'middle' sale (out of the 46 sales in 2016, or 43 sales in 2015) happened to be," explained Lori Shaylor, executive officer for the Elmira-Corning Regional Association of Realtors.
"Buyers are looking for affordable houses, in the $100,000 price range," said Stacey Parrish, owner of Cabins to Castles On Seneca Real Estate.
Meanwhile, the number of homes sold did increase 7 percent. During the first half of 2016, 46 Schuyler County homes sold compared to 43 in 2015.
"There are a lot of buyers looking. There's a lack of inventory out there for people purchasing in Schuyler County," added Parrish.