Schuyler home prices increase 15.3 percent

Schuyler home prices increase 15.3 percent

SCHUYLER COUNTY--While the number of homes sold is down in Schuyler County, the demand kept the median sales price up, a 15.3 percent increase for January through September of 2017 over last year.
The Elmira-Corning Regional Association of Realtors reported the median price for a single family home in Schuyler County was $135,000 for the first nine months of 2017. During the same time in 2016, the median price was $117,000.
The number of homes sold is down 9.1 percent. From January to September, 2017, 89 homes were sold in Schuyler. In 2016, 98 homes were sold. Stacey Parrish, broker/owner of Cabins to Castles Real Estate in Schuyler County, said this is mainly due to the lack of inventory and actual homes available to be sold.
"There seems to be growing interest in the Schuyler County region, particularly the Watkins Glen and surrounding lake areas," said Terrie Burke, president of the Elmira-Corning Regional Association of Realtors.
Parrish linked the interest in Schuyler homes, and specifically houses located in Watkins Glen, to the local tourism industry. Parrish explained people visit the area first and then decide to buy a home here, sometimes as a second home.
"They think it's a good area to invest in," she said.
The Elmira-Corning realtor's group pointed out the average number of days on the market also dropped from 63 to 53. Parrish added a Watkins Glen home might have a couple of buyers waiting for the property to be put on the market.
"The National Association of Realtors did a second quarter study regarding home ownership and 70 percent believe now is a good time to buy a home," said Burke. "Economic indicators show that housing directly relates to state and local economies. Benefits of homeownership extend well beyond the closing table to include good and services purchased after the sale."
"There are still buyers out there," said Parrish. "It's definitely still a good time to list."
"We're still seeing high demand and low availability as the spring/summer busy season wraps up," said Jim Yockel, chief executive office of the Greater Rochester Association of Realtors. "These conditions are indicative of the narrow field of choices available and the compromises buyers are willing to consider as a result."
Home sales in neighboring Yates County experienced the same ups and downs in 2017. The GRAR reported the median price for a single family home in Yates County was $163,000 for the first nine months of 2017, a 9.7 percent increase. During the same time in 2016, the median price was $148,500.
The number of homes sold was down 11.8 percent. From January to September, 2017, 164 homes were sold in Yates. In 2016, 186 homes were sold during the same time.