Quarterly prices up, with fewer homes sold

Quarterly prices up, with fewer homes sold

YATES COUNTY--For the first three months of 2017, the median price for homes sold in Yates County is up 50.3 percent over last year.
The Greater Rochester Association of Realtors reported the median price for a single family home sold in Yates County was $184,000, from January to March of 2017. In 2016 the median price in the first quarter was $122,400, equalling a 50.3 percent increase.
Of the counties the Rochester association tracks, Yates' price increase was the largest so far this year. The only other counties that came close were Allegany (22.3 percent), Genesee (20.9 percent) and Wyoming (20.2 percent).
"If people are thinking of listing a home, they should be doing it sooner rather than later," said Deb Sbarra, broker for Century 21 Sbarra & Wells. She explained people usually say to sell houses in the spring, but added it is spring now.
During the first quarter, the number of homes listed on the market were also down 36.6 percent for Yates, from 153 in 2016 to 97 homes on the market this year. The Rochester agency reported this fueled a "seller's market." The GRAR stated in a press release, "This is an early indication of the approaching busy season and the surrounding counties are poised for activity in the months ahead."
Sbarra said Yates is following the national trend in having low stock. She explained she is seeing fewer homes on the market across the region, from her Penn Yan office, south into the offices in southern New York and southeast into Oneonta.
"It's a great time if someone is looking to sell," said Sbarra. "Buyer demand is there, prices are up, and stock [is] low."
While prices are up, the number of actual sales in Yates is down 30.4 percent. According to the GRAR, 39 homes were sold in Yates during the first three months of this year. In 2016 during the same time frame, 56 homes were sold.
"We do have four seasons," said Sbarra of the start of the year. She said the first quarter is "not a good indicator of how the year will end."
Meanwhile, the median price also increased in Schuyler County with a drop in home listings. The Elmira-Corning Regional Association of Realtors reported 27 single family homes were sold from January to March of this year. During the first quarter of 2016 that number was 19 homes, or a 42.1 percent difference.
The median sales price in Schuyler also went up double digits, though not as much as sales.
The Elmira-Corning association also reported the median price is up 15 percent for January to March. For 2017, the median price is $139,000 for a single family home. For the first quarter of 2016, the median price was only $119,900.
"I would attribute the increase in numbers to the balanced market," explained Terrie Burke, president of the Elmira-Corning Regional Association of Realtors. "There is about a six month's supply of homes for sale at any given time which is what we call a 'balanced market.' Buyer activity is high and those homes that are priced correctly and are in 'show-ready' condition will sell quickly and close to asking price."
"The anticipation of nicer weather always brings more buyers and sellers into the market so we expect numbers to increase in the next quarter," said Burke.