Courtesy of your Lakefront Specialists
The latest results from the Quarter 3 Lakefront Real Estate Report indicate that while it is still a sellers’ market, lakefront buyers are becoming much more selective in finding a home at the right price. Those not utilizing their lake homes couldn’t have been more thrilled with the decrease in inventory with their homes selling at 30% higher than in 2017. However, the rise in prices have shifted buyers to look at other lake markets in order stay within budget. Below our Lakefront Specialist highlight some of the trends they have seen this past quarter and what this means for those considering selling their lake home.
Significant increase in Average Sale Prices noted, while the overall number of lakefront homes sold has declined, YOY.
With a considerable increase in average sale prices (30%), YOY, the Finger Lakes real estate market continues to thrive as we approach November. Skaneateles Lake topped the charts with a massive 38% increase in average sale price YOY, but sold only half the number of homes as in 2017. Keuka (31%), Canandaigua (23%) and Conesus (15%) experienced noticeable increases as well and maintain their position has highly coveted regions for potential buyers.
A word from our Lakefront Specialists:
“Overall, listings are still selling quickly and for near asking price if they are priced properly from the beginning. According to local agents that show our properties, buyers are moving toward Seneca and Cayuga as an alternative to paying the high taxes of Canandaigua and Keuka. That is not to say that there are no buyers for these lakes, the properties on Keuka Lake this quarter sold quickly, and many of the higher priced homes sold on this lake. The higher end market on Seneca was very slow. Nothing sold higher than $625,000 this year. This tells us, combined with realtor input, that the buyers looking for a deal have moved to Seneca and Cayuga. No matter what lake, the market is still solid and could remain this way if the weather continues to cooperate. Anyone looking to sell on any of the lakes still have opportunity for a sale this year.” – Cynthia Emerling, Listing Specialist/Broker Associate
“There is a lot of activity with buyers looking on Cayuga and Seneca, realizing that these two lakes offer the best value for your money. Actual offers/sales have been slow with people taking their time in making decisions. Inventory on the Finger Lakes has been increasing, offering buyers more choices within certain price ranges. The Finger Lakes region continues to be a very sound and reliable real estate investment with appreciation growing every year.” – Dave Lucchesi, Buyer’s Specialist
Timing and Selling Your Home
As noted by Emerling, seasonality has a large impact on lakefront sales. Like most markets, buyer interest in the Finger Lakes takes off in the spring, peaks late summer/early fall and drops off in the winter. As a region renowned for its favorably mild summers, aesthetic fall seasons, and then leaping into such severe winters, it makes sense that our market responds in a correlative manner.
If you are considering listing your home in the post-peak season to circumvent the stiff competition of summertime sales, we recommend utilizing the end-of-fall, beginning-of-winter timeline (October to December) before snowstorms and inclement weather sullies an out-of-state buyers perception of the Finger Lakes.
Not to mention, in terms of the Average Sale Price, the market is at all-time high today. With fewer homes on the market to compete with, and a significant increase in sale prices across the Finger Lakes, it’s a lucrative time to be a seller.
Finger Lakes Premier Properties specializes in lakefront living across the region. Our dedicated Lakefront Listing Specialists who know and understand the unique attributes of each lake’s market. Whether your home is on Canandaigua or Owasco, our Listing Specialists know your market, towns, and watersheds, and will help you understand when will be the best time to sell your home.
If you are interested in an overview of the National Real Estate Market, click here (national stats), and when you are ready to list your home, or purchase a new one, give us a call at 888-599-4810 or email Sales@FLPPlake.com.