It doesn’t take a senior statistician to identify a hot seller’s market in the Finger Lakes.
The first quarter showed ideal conditions for lakefront homeowners looking to sell their home this year. Between the increase in total sales volume, average sale price, and overall quantity of lakefront homes sold, this is a seller’s utopia.
Complete 2018 Lakefront Sales Report: Quarter One
In addition, the reduction in the average days spent on the market demonstrates the high demand of buyers looking for waterfront homes. With mortgage rates expected to rise significantly in Q3 and Q4, the manifestation of what realtors refer to as ‘buyer’s panic,’ where potential buyers fear they will be priced out if they don’t purchase a home soon, may be a causal agent in this noteworthy decline.
In effect, the Finger Lakes is starting to see pocket listings, where agents tell their friends or officemates about a listing so it can be sold without ever hitting the general market. This strategy has worked exceptionally in Q1 as we’ve seen the Days on Market average plummet from 160 days last year to 102 days in 2018.
In terms of surprising dips in market success, Seneca Lake requires some examination. This dip is unexpected as a continuous rise in sales for Q1 has been reported on Seneca the last couple of years, peaking last year with a 160% increase in overall inventory sold. However, this year only 5 homes have sold as there are only 8 active listings currently on the entire lakefront. The shortage of inventory is so prominent, we’ve had to redirect buyer inquiries, specifically for Seneca Lake, to other lakeside homes. In other words, if you’re an ‘on-the-fence’ homeowner on Seneca Lake, now is the time to list as high buyer demand and low inventory foster a dormant seller’s market.
Finger Lakes Premier Properties is positioned with Lakefront Listing Specialists who know and understand the differences in each lake’s market. Whether your home is on Canandaigua or over on Owasco, our Listing Specialists know your market, towns, and watersheds, and will help you understand when the best time to list your home will be.
If you are interested in an overview of the National Real Estate Market, click here, 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.