Real estate numbers show strong home sales
YATES COUNTY--As was the case for much of the country, the housing market for Yates County was red hot for the first half of 2021. Despite a continued tight real estate market, sales have increased and median sale prices have gone up as well.
"The first half of the year has had very little listing activity... but the market is still active with homes going above the asking price with multiple offers that are all cash," said Brian Zerges, Finger Lakes Premier Properties Broker and CEO.
According to information released by the Greater Rochester Association of Realtors, the first quarter of 2021 saw 49 new listings compared to 55 for the same time period of the year. Despite this decrease, closed sales improved 40 percent with 56 closed sales in 2021 compared to 40 for 2020. First-quarter median sale prices saw an increase of 69.3 percent from $135,000 in 2020 to $228,000 for 2021.
The second quarter of 2021 saw 92 new listings compared to 73 for 2020 for an increase of 26 percent. Sales also went up, with 53 closed sales compared to 49 for the first quarter of 2020, for an increase of 8.2 percent. Median sale prices for the second quarter increased to $181,000 compared to $179,500 for the same time period of the year prior.
This trend locally has been seen statewide as well. For the second quarter of 2021 compared to 2020, closed sales have increased 51.8 percent, the number of homes for sale has decreased by 21 percent, with median sale prices increasing by 32.1 percent.
Although nationally some real estate hotspots have seen demand wane recently, the local continued low inventory combined with high demand continues to drive a robust real estate market.
"It's anybody's guess how long it lasts, but the pandemic and the restrictions [combined with] the lack of international and national travel seem to be driving demand within the Finger Lakers as a whole. So it's anybody guess," said Zerges, whose company specializes in lake homes.
In Schuyler County, median housing price for the first half of 2021 increased to $174,500 compared to $131,527 for the same period of 2020. For the entirety of Schuyler for the first six months of 2021, there have been 114 houses listed compared to 145 for the same time period in 2020. Despite the decrease in the number of houses for sale, there have been 69 homes sold in the first half of 2021 compared to 36 homes sold for the same time period in 2020.
Hammondsport also saw an increase in the median sale price, rising from $175,000 for the first half of 2020 to $195,000 for the first half of 2021. This increase correlates to a decrease in listings, which went from 30 in 2020 to 18 for the first half of 2021. Despite the decrease, sales have actually increased, with 13 in 2021 compared to 9 in 2020.