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.
- 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
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.
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