Schuyler home sales were strong in 2022

Schuyler home sales were strong in 2022

SCHUYLER COUNTY--Housing numbers for 2022 have recently been released by the New York State Association of REALTORS. While many areas across the state saw a reduction in closed sales, Schuyler went against the trend with an increase of 6.7 percent.
"The Elmira-Corning housing market posted a strong start to 2022, but the combined headwinds of rising mortgage rates, a changing economy and fewer homes slowed the market in the second half of the year," said Kelly McKay, ECRAR president. "Buyers were active throughout the year and interest in homeownership remained high. However, as rates climbed, buyers were more deliberate in their approach and more willing to press pause."
Across the state, the sweet spot for pricing was between $150,001 and $200,000 as houses falling within this range boasted the shortest average number of days on the market until sale. However, properties that were priced at or above $500,001 enjoyed the most closed sales.
In Schuyler County, during 2022, 191 sales were closed, which is up from 2021 by 6.7 percent but down from 2018 by 12.8 percent. There were 207 new listings during the year and the percentage of list price received was recorded at 99.4 percent. The median price in 2022 was $220,797, which was up 16.8 percent from 2021, and up more than 60 percent from 2018.
"Looking ahead, the life reasons driving consumers to want to buy or sell remain constant in 2023, and we anticipate the number of sales in the market will return to pre-pandemic levels from the superheated totals of the past two years. Price gains will likely moderate as we progress through the year, especially if housing inventory can improve from record lows."
In Yates County, during 2022, 226 sales were closed, which is down from 2021 by just over 16 percent. There were 265 new listings during the year and the percentage of list price received was recorded at 102 percent. The median price in 2022 was $219,500, which was down 3.3 percent from 2021, but up 30.3 percent from 2018.