Lakefront Real Estate Update for June, 2020

The first quarter of 2020 seems like a blur as COVID-19 took an immediate hit on every industry, including the Finger Lakes lakefront real estate market. What was surprising, however, was it did not stop. In fact, across the region there were more lake homes sold this quarter than in 2019.

Lakefront Real Estate Market Report for Quarter 1, 2020


Analysis of lakefront homes sold on 7 of the Finger Lakes for January through March of 2020. Statistics aggregated from MLS.

The number of new listings decreased dramatically. This allowed additional exposure for homes already listed or any homeowner willing to take the innovative virtual solutions to list their home. This resulted in a slight increase in the number of total sales as we ended the first quarter.

Typically, lakefront buyers for our region are willing to wait for the perfect home at the right price. This, combined with the average time online increasing dramatically through March, meant that prospective buyers were searching more and ready to commit as soon as listings came online. The real estate section of our site, FLPPlake.com, saw a 50% increase in traffic year-over-year from March through May. We continue to see online trends with new listings and virtual tours being the most sought-out content.

The circumstances around the untypical spring real estate boom proved to be lucrative for sellers. With the decrease in the number of listings available and the favorable interest rates for buyers, average sale prices increased across the region. We are continuing to see this in the second quarter as there are still a limited number of listing.

Lakefront Sales Update for June, 2020

The demand continues to swell the quarter for the Finger Lakes lakefront market. The unstable stock market turned the attention of investors to safer options, including real estate. These investors are keeping their eye on the Finger Lakes. Our region has been highlighted as a more affordable waterfront market. Additionally, the Finger Lakes continues to thrive as a picturesque travel destination with easy access to multiple urban markets. And these investors are not just looking for a second home to shelter with their family. They see the surge in the vacation rental industry as a safer choice for accommodations and vision a new lake home investment as a sure-win situation. Our rental management team confirms this trend with demand for vacation rentals being the highest we’ve seen in our 27 years of lakefront property management.

Finger Lakes Premier Properties sold this Seneca Lakefront home in just 1 day in May!

As of June 1, 2020, Finger Lakes real estate services have fully reopened with New York State Governor Cuomo’s phased plan. Our agents are now able to resume in-person home showings with responsible social distancing. We historically have and will continue to provide innovative virtual services to out of town buyers. The biggest challenge for our team is showing homes before they sell.

For more information on current lakefront trends on any of the Finger Lakes, contact our sales team today. They are ready to help you achieve your real estate goals this year by taking advantage of this unique market opportunity.

To contact our sales team either call 888-599-4810 or email sales@flpplake.com.

2019 Lakefront Real Estate Report

Each quarter, our sales specialists analyze real estate trends across the region’s lakefront market. We compile our findings into a complimentary report to make your decision to buy or sell an easy and informed one.

Here is our analysis of the 2019 lakefront real estate market:


Analysis of lakefront homes sold on 7 of the Finger Lakes in 2019.
Statistics aggregated from MLS.

Overview

The lakefront market experienced smaller gains in 2019, compared to 2018. This can be attributed to the average sale price for lakefront homes continuing to tick up, while the number of sales decrease.

Lakefront homeowners are holding onto properties longer, riding the wave of YOY value increases and the popularity of operating short-term rentals. Investors continue to enter the market, looking for homes not only for personal use, but for profit. Our region has seen a 25% increase in vacation rentals over the last few years.

Challenges

On lakes where the number of homes sold dropped 50%, we saw a correlating drop in total sales volume. Honeoye and Owasco Lakes were challenged by algal blooms and low inventory this year, but homes on both lakes continue to sell faster. Lower price points could transition these lakes deeper into a market that favors buyers in 2020.

HAB’s and Red Tide continue to challenge the nation’s lake and oceanfront real estate markets. Educating new homeowners on lake friendly living practices will be a focus in 2020, to ensure the health and safety of our waters for years to come.

lakefront market real estate agent

Successes

Seneca and Canandaigua Lakes saw the greatest increase in overall sales volume last year. High-end buyers are attracted to Canandaigua Lake for its luxury amenities and close proximity to the cities of Rochester and Buffalo. We expect the upward trend to continue in 2020, as transportation options, like seaplane routes, lakefront development, and amenities continue to expand.

Seneca Lake enjoyed a 33% boost in sales volume last year, with the highest overall gain in average sale price and greatest overall drop in days on market. Seneca is the largest of the Finger Lakes, and arguably the lake with the most opportunity. While Geneva revitalizes its downtown and gains national attention for its dining and tourism, Watkins Glen continues to yield some of the region’s largest events. Seneca Lake home prices still come in below the regional average, but with an 18% price gain last year, don’t expect the lakefront bargains to last. 2020 is the year to buy on Seneca!

Seneca Lake Real Estate

Market Trends to Watch

Mortgage rates are projected to continue trending downward in 2020. This is particularly great news for those looking to purchase a vacation home or income property. With low inventory and no pressure from the fed, lakefront buyers have the luxury of waiting for the right house to come on the market.

In general, the heat is off, with bidding wars at a 10 year low across the nation, but a limited inventory of starter homes is pushing first-time buyers into new territory. Rather than pour their assets into a primary residence, first-time buyers are investing in vacation homes in less expensive destinations, like the Finger Lakes. These homes have the potential to pay for themselves with vacation rental income or allow buyers to save up for their next investment.

Family saving for real estate

Focused on Lakefront in 2020

While the lakefront market flattened out in 2019, the Finger Lakes Premier Properties team experienced a 58% increase in lakefront sales. Our team led purchasing sales on Cayuga and Seneca Lakes and continues to be the leading real estate team servicing the entire region. Lakefront sales accounted for 95% of our 2019 sales, higher than any other real estate team in the Finger Lakes.

Our 2020 focus is lakefront real estate. If yours is too, call us today (888) 441-0079.

Lakefront Real Estate Report: Q3 Highlights

How did the lakefront real estate market perform in the third quarter of 2019? Our team of highly knowledgeable lakefront sales specialists have compiled a complimentary analysis of market trends for the Finger Lakes to explain.

Lakefront Real Estate Report for Q3 2019
Analysis of lakefront homes sold on 7 of the Finger Lakes in Q3 2019.
Statistics aggregated from MLS.
  • Average days on market continue to drop on all lakes as the region transitions into a strong buyers market.
  • Lakefront inventory is still low, leading to a decrease in homes sold and total sales volume overall.
  • Low interest rates are feeding more buyers into the lakefront market.
  • Interest in short-term renting and investment homes is fueling demand for lakefront property.

What Our Agents See in the Lakefront Market

“We’ve seen an increase in out-of-state clients looking for lakefront homes in the area, many from PA. This is a great time of year to buy, especially for investors. Close on your home by 2020 and make updates to see a higher ROI in time to open your calendar for peak season.”

Dave Lucchesi, Buyer Specialist

“It’s a good time to list because of the number of buyers in the lakefront market. With interest rates continuing to drop, more buyers are comfortable with investing in a second or third home, staying in the market longer.”

Cynthia Emerling, Director of Listing Services

Top Performing Lakefront Markets

Canandaigua Lake

Total sales volume on Canandaigua Lake jumped almost 50% year over year. Lakefront property is in demand, with average sale price up 11% and homes spending an average of 10 days less on market. Our agents note that appropriately priced Canandaigua Lake homes have moved quickly this quarter.

Seneca Lake

We continue to see opportunity in the Seneca Lakefront market! With a near 50% increase in total sales volume, led by the FLPP team, and consistent growth in the number of homes for sale and average sales price, the largest Finger Lake shows no signs of slowing down going into Q4.


Download your copy of the full Q3 Lakefront Real Estate Report here.


For more information about buying or selling lakefront property in the Finger Lakes, call our real estate team today! 833-915-1259

Lakefront Real Estate Report: Q2 Highlights

Finger Lakes Premier Properties is the region’s lakefront specialists for sales across the Finger Lakes. Our team of highly knowledgeable, experienced, and successful Buyer and Seller Specialists provide a complimentary analysis of lakefront market trends each quarter.

Analysis of lakefront homes sold on seven of the Finger Lakes, statics aggregated from MLS.
  • Fewer homes on the market are leading to fewer homes sold
  • Lakefront homes are selling faster than last year
  • We are seeing more action in the <$500,000 market, which is driving down the average sales price

Our real estate team has succeeded in holding onto the top spot as the lakefront sales market leaders in the Finger Lakes through Q2. Our closest competitor’s lakefront transactions accounted for less than 45% of their total sales volume, compared to ours at over 90%. Our team captured 25% of all business on Seneca Lake and leads the market for purchasing sales on Cayuga Lake.

Lakefront Real Estate Trends

Our lakefront sales specialists comment on market conditions from Q2 and trends to look for on the lakes in Q3.

Overall, we’re seeing a neutral market, where neither the buyer or seller has an advantage. With a smaller inventory, serious buyers are acting fast on securing their ideal lakefront home. However, they are much more price conscious, which is why the Seneca and Cayuga Lake markets performed really well through Q2. We expect to see continued growth on those lakes.”

Cynthia Emerling, Director of Listing Services/ Associate Broker

“We see things quiet down during the last stretch of Q2 and most of Q3, while homeowners are using their lake houses and collecting peak season rent, but we expect the market to pick up this fall on the lakes. Buyers are increasingly price driven and conscious of how high their taxes will be. This makes short-term renting appealing.”

Dave Lucchesi, Lakefront Buyer Specialist/ Associate Broker

Download the printable Q2 Lakefront Real Estate Report here:

Q1 Lakefront Real Estate Report

Advise for lakefront buying and selling in the Finger Lakes

It’s here! Download our full report to see how the lakefront real estate market performed during the first quarter of 2019.

What you need to know

It continues to be a seller’s market. A decrease in the number of homes sold and an increase overall in average sale price means that supply is not meeting lakefront buyer demand. Lakefront homes on average are also spending less time on the market – our average is only 8.6 days!

If you’re on the fence about listing your lakefront home, spring is the perfect time to test the waters. Contact our Real Estate Team today for a free assessment of your home! (844) 464-0949

First Quarter 2019 Lakefront Real Estate Report | Finger Lakes

Our Real Estate Experts explain:

“Every lake that we work is down in overall volume of sales, many of the lakes by very large volumes. Less homes are selling on the lake, because less homes are on the market. The average sale price on the majority of the lakes is way up as well, while the days on market continue to go down. Very strong seller’s market right now.”

Cynthia Emerling, Director of Listing Services

“It’s all about being prepared. First, make sure you have your pre-approval letter ready. Then, get on our buyers list, receive our emails, and make sure you’re ready to move quickly on new listings. When we know exactly what you’re looking for, we can be agile – even preview houses before they hit the market. There’s a lot we can do to get you into your lake house for summer!”

Dave Lucchesi, Buyer Specialist

Exciting Announcement!

After tabulating the first quarter lakefront real estate sales on the Finger Lakes, it looks like Finger Lakes Premier Properties ranks #1 in total sales volume! Not only were our sales 5.4% higher than our second place competitor, but we earned the first place spot for lakefront purchasing sales on both Canandaigua and Cayuga Lake.

Q3 Lakefront Real Estate Report

Finger Lakes Premier Properties is the region’s lakefront specialists for sales across the region. Our team of highly knowledgeable, experienced, and successful Buyer and Seller Specialists provide a complimentary analysis of lakefront market trends each quarter.


The real estate market continues to be strong in the Finger Lakes Region. Lakes such as Cayuga and Seneca, where homes are selling faster and at a higher average price.

Here at Finger Lakes Premier Properties we have seen an increase in quick sales this year. For example, two listings on the west side of Seneca Lake, Anthony Beach Road and Arrowhead Beach Road, sold in less than 2 weeks. The reason? It is because the number of homes available on these lakes is down, while the interest is up.  While Keuka Lake has had very little change over the last year, it remains to be  a strong seller’s market, especially in the price range between $300,000 and $600,000. We have also had homes on both East and West Lake Roads sell in under the 2 weeks.

Canandaigua Lake remains steady year-over-year, maintaining its position as one of the highest priced lakes to purchase a new home. Whereas Honeoye and Conesus Lakes, even though they are located right next to Canandaigua Lake, offer buyers the best pricing with average sale prices between $230,000 and $275,000. These Lakes offer first time lake buyers and those looking for a bargain, great buying opportunities.
Overall, each of the lakes have their own character and offer buyers different specifities, which makes using a lakefront specialist even more vital for your purchase. Interest rates will not stay this low forever! Take advantage of the unique buying opportunities and low interest rates and find the right lakefront home for your family.

Check out our latest real estate blog post:  Buying and Selling in the Finger Lakes this Fall, for real estate tips from our team of lakefront experts.

For more information about buying and selling lakefront property in the Finger Lakes, contact our Real Estate team today by calling (888) 465-5175.

Lakefront Real Estate Sales Report: Quarter 2 Highlights

Finger Lakes Premier Properties is the region’s lakefront specialists for sales across the region. Our team of highly knowledgeable, experienced, and successful Buyer and Seller Specialists provide a complimentary analysis of lakefront market trends each quarter.


As we enter the second half of 2017, the real estate market stays strong. Annually, the Finger Lakes has generated over $30 million, with FLPP accounting for 23% of these total sales. Below is the Quarter 2 Lakefront Sales Report. If you have more questions, contact our sales team today by calling 888-599-4810.

Analysis of lakefront homes sold on seven of the Finger Lakes, statics aggregated from MLS.

As shown in the chart above, the number of sales decreased 26% as compared to last year, increasing buyer competition. Homes are in high demand on Seneca and Keuka Lake, with multiple offers coming in on homes in the mid-price range of $300,000 to $600,000.

The decrease in average sale price along most lakes indicates that this year’s buyers are looking at the affordability of lakefront homes. Buyers are aware of the current market and are quick to make an offer on homes priced fairly. This could be attributed to the ADM on Conesus and Honeoye Lakes dropping by at least 40% this year. On the other hand, homes priced at $600,000 and above, tend to sit a bit longer.

The increased advertising and media attention on vacation rentals, along with the addition of Uber and Lyft to the Finger Lakes, is creating more demand for both vacation experiences in these homes as well as ownership of these lakefront residences. Listing your home as early as mid-August will put you ahead of the game but still allow you to enjoy the lake through the end of this summer. With the market strong and interest rates low, this is prime time for buying and selling lakefront homes.

For more information about buying or selling lakefront property in the Finger Lakes, contact our Buyer Specialists, Justin Hausner, or our Sales Manager, Cynthia Emerling by calling 888-599-4810 or email Sales@FLPPlake.com.

 

Lakefront Real Estate Trends

Finger Lakes Premier Properties has over 20 years of lakefront property management experience. Part of our team includes highly specialized real estate agents who focus solely on lakefront sales. As the leading source of lakefront sales information in the Finger Lakes, we happily provide quarterly and annual sales reports.

To view our newest real estate listing, visit the “Our Lakefront Listings” section of our website.

Our Real Estate team saw a 100% increase in sales in 2016. Their expertise in lakefront sales and attention to regional trends is what has resulted in a 100% NPS scores with their clients.

The extreme summer heat in 2016 did not detour real estate sales across the Finger Lakes. If anything, it must have enticed more lakefront sales because sales of lakefront homes increased 20% over 2015.

As you can see from the table below, although the number of sales increased significantly, the average sale price and the number of days on the market remained fairly constant between 2015 and 2016.

The smaller of the Finger Lakes saw the most growth in sales in 2016, most notably Honeoye Lake.  This lake saw a 60% increase in the number of homes sold, along with the average price increasing 18%. Keuka and Conesus Lakes experienced a 40% increase in the number of homes sold.

If you are considering buying or selling lakefront property in 2017, contact our sales team today and get a jump on the spring market. Call us at 877-217-0338 or email us at Sales@FLPPlake.com.