Median home prices push higher in 2021

Median home prices push higher in 2021

TRI-COUNTY AREA--Even though the inventory of homes for sale was low throughout 2021, the median sales price significantly increased for homes sold in the region.
In Yates County, the median sales price increased 22.3 percent for the year to $226,000 from $184,750 in 2020.
In the fourth quarter alone, the median sales price was $310,000, a 36 percent increase.
The sales prices provided a banner year for many real estate offices.
"This is absolutely the best year we have ever seen, we were up 67 percent compared to 2020," said Jim Moon, broker and an owner of Howard Hanna Lake Group.
In Yates County, the number of homes sold was 258 for the year. That is actually down 0.4 percent from the previous year. Schuyler County experienced an increase in the number of homes sold and an increase in the median sales price.
"People are coming to Yates for a multitude of reasons and the more that come the more they want to stay," said Moon. "We are becoming more discovered all the time, every time a new winery or distillery or brewery opens more people find us."
The ability of more people to work remotely, brought on by the COVID-19 pandemic, has also been one of the new driving forces behind the local real estate boom.
"With the internet, more people can work from home, so they could try to live in a very expensive small apartment in New York City or [extend their buying power in the Finger Lakes]. Why not have some space and scenery?" mentioned Moon.
Having a second home or a place to entertain guests by or on the lake are also factors for the growth.
"We have gotten multiple cash offers over asking price especially on lakefront and lake view properties or that log home on a pond with 20 acres out in the country," added Moon.
While the low inventory favors the seller in most cases, Moon said properties that are well maintained are the ones that tend to sell fastest.
"Good properties, in good shape and good condition are getting, if properly marketed, multiple offers and in many cases cash offers which won't involve inspections or bank appraisers," said Moon.
That trend is not exclusive to Yates, with the market in Schuyler County and the Hammondsport area also showing strong tendencies of being a seller's market.
According to the Elmira-Corning Board of Realtors, 2021 saw only 30 homes for sale compared to 47 in 2020 in Hammondsport. However, despite the lower number of homes for sale, 25 sold in 2021 compared to 24 in 2020 and the median sale price increased from $175,000 to $189,000.
In Schuyler County, the number of year-end closed homes sales increased from 114 in 2020 to 135 in 2021. Like the rest of the region, the supply has been incredibly limited as the number of listed homes for sales fell from 216 in 2020 to 203 in 2021. As a result of this increased seller's market, the median sale price for homes increased from $157,000 in 2020 to $189,000 in 2021.