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Yates home prices down 18.2 percent

TRI-COUNTY AREA—Home sales are up in Yates County for the third quarter, but the median price is down.
According to the New York State Association of Realtors, 101 Yates homes were sold in the third quarter this year. This is up compared to this year’s second quarter, 61 homes, and last year’s third quarter, 81 homes.
However, NYSAR also reported that the median price fell 18.2 percent compared to last year. In Yates County, the 2009 median price for the third quarter was $90,000. Last year at this time, the median price was $110,000. The drop compared to this year’s second quarter was smaller, as the median price then was $92,000.
In Schuyler County, both median prices and home sales increased. According to data from NYSAR, 47 Schuyler homes were sold in the 2009’s third quarter. In this year’s second quarter, only 27 homes were sold. During last year’s third quarter, only 37 homes were sold in Schuyler.
NYSAR also reported that in the third quarter, the median price of a home sold in Schuyler was $127,500. For both this year’s second quarter and last year’s third quarter, the median price was $125,000.
In Steuben County, the median price increased, but not home sales compared to last year. According to NYSAR, Steuben County’s third quarter median price this year was $85,000. It is up from $84,000 in the second quarter, and $79,499 during the same time last year.
The number of homes sold in Steuben’s third quarter was 207. That is up from this year’s second quarter; 165, but not last year’s third quarter, 219.
Both Ellen DiSano, director of marketing for the Greater Rochester Association of Realtors, and Dave Moses, president of the Elmira-Corning Regional Association of Realtors, both said the increases were because of the first time home buyer’s credit that is scheduled to expire at the end of November. According to the Internal Revenue Service, the tax credit was expanded to $8,000 due to American Recovery and Reinvestment Act funds.
“From the inception of the tax credit, interest from first-time buyers across the state has increased,’ said Duncan R. MacKenzie, NYSAR chief executive officer.
Moses explained the biggest problem for people will be closing deals by Nov. 30, when the tax credit is expected to end. He said if the credit is allowed to end, then first time home buying will slow down.
“Although the credit legally expires on Nov. 30, the reality is that the window of opportunity is effectively closed for most prospective buyers who have not yet gone to contract on a home,” said MacKenzie. “It generally takes between 45 and 60 days to go from contract to closing.”
Moses added that if the tax credit is allowed to continue, then the median price would probably remain the same.

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