Yates, Schuyler real estate sales are down
FINGER LAKES—The number of homes sold in Yates County during the first nine months of 2013 is down 2.4 percent, bucking the New York state trend.
According to the Greater Rochester Association of Realtors, between Jan. 1 and Sept. 30 of this year 158 homes were sold in Yates County. During the same time last year, 162 homes were sold. The New York State Association of Realtors reported statewide sales were up 11.6 percent, Jan. 1 to Sept. 30.
The median price of homes in Yates sold during the first nine months of 2013 is also below the statewide number. According to GRAR, between Jan. 1 and Sept. 30 of 2013 the median price for a single family home sold in Yates was $125,000. During the same time last year the median price was $121,250, up 3 percent. However, the statewide median sales price of $226,000 represented a 5.1 percent increase from the same period a year ago.
Mark Malcolm, realtor for homes around Keuka Lake, reported while this year is similar to last year, he explained the majority of this year’s sales have been in the last 14 weeks. He said there have been just more than 60 home sales on Keuka Lake in the first three quarters of this year, just like last year. However, Malcolm added the majority of the sales have been finalized since late July. He explained last year the sales were more evenly spread throughout the year.
“We’ll finish past 65 (sales) this year,” Malcolm predicted.
Malcolm said he partially attributes the slow start to this year’s sales to “the very hard, long winter and the wet, hard spring.” He added interest rates have started to increase, attracting home buyers.
According to the Mortgage Bankers Association of the Genesee Region, “The third quarter of 2013 reflected an increase in interest rates from below 4 percent for a 30 year fixed rate mortgage in the second quarter (June 2013) to rates just below 4.75 percent in August and September 2013.”
Home sales are also down 6.4 percent in Schuyler County, with a slight increase in the median price. According to the Elmira-Corning Regional Association of Realtors, between Jan. 1 and Sept. 30 of this year 73 homes were sold in Schuyler. During the same time last year, 78 homes were sold.
In Schuyler, the home price increased 1.4 percent more than the same time last year. According to Elmira-Corning association, between Jan. 1 and Sept. 30 of 2013 the median price for a single family home sold in Schuyler was $124,500. During the same time last year the price median price was $122,750.
Stacey Parrish, owner of Cabins to Castles realty, said Schuyler isn’t experiencing the same statewide increases because, “our prices never really got out of control. They didn’t have far to fall.”
She added Schuyler serves as a “reasonably priced hub to outlying cities.” Parrish explained people are attracted to Schuyler if they have family living in the larger area. She also said home values are holding steady.
“Interest rates are still very good,” added Parrish. “I haven’t heard of too many people who go to get approved and have any issues.”
Diane Cooper, owner of Reality Realty, said current pending sales (those under contract) have been on the market an average of 151 days. She explained this time frame is already 17 percent longer than the homes that have already sold this year. Cooper added the sales under contract will probably remain on the market for another 30 to 60 days until the sale is finalized.
She also said the sale-to-list price ratio is down. She explained this is the percentage of a home’s list price that the property actually sells at. For 2013, Cooper said the Schuyler median sale-to-list ratio was 93.52 percent. In 2012 it was 94.98 percent.