With a substantial increase in average sale prices across the Finger Lakes, the real estate market continues to thrive as we approach peak season.
Keuka Lake topped the charts with a whopping 44% increase in average sale price YOY. Honeoye (16%), Canandaigua (5%) and Cayuga (4%) experienced noticeable increases as well.
One likely cause for the increase on the smaller markets like Honeoye Lake could involve the actions of local government. Those familiar with the area understand the issues Honeoye has had with its waterfront – yup, the dreaded blue algae. To combat the issue, local governments have funded efforts to construct man-made vernal pools around the lake, absorbing the excess of nutrients before the sediment reaches Honeoye. These actions provide hope to prospective homeowners looking for the lake lifestyle at a smaller price tag than the larger lakes in the region.
2018 Finger Lakes Market Report, Quarter Two (April-June)
Sale prices up, DOM down… but this ideal sales window may be fleeting.
As an on-the-fence seller, you may be thinking, “Why should I sell now?” As average sale prices continue to rise and the average days on market continues to fall, it’s tempting to wait and see how ‘hot’ the market can get.
However, with mortgage rates expected to rise significantly at the end of Q3 (October), the current volume of interested buyers may shrink.
Seasonality also plays an important role. 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.
Bottom line: if you are not prepared to sell, hold on to your asset. Finish those home repairs/updates to maximize your property value. The value of your lakefront home will not depreciate. But if you have contemplated selling, it is important that you recognize the advantages of listing now.
A Word from our Lakefront Specialists:
“The market continues to be strong for anyone selling between the prices of $200 – $600K. The upper end buyers are just entering the market now and we are beginning to see activity on those homes as well. Very strong market overall for anyone even considering selling their lakefront home.”
Cynthia Emerling Listing Specialist / Broker Associate Finger Lakes Premier Properties
“The buyer’s market is strong with many interested buyers from out of state, most notably from Pennsylvania, New Jersey, and California. The Finger Lakes Region is exploding with tourism. The growing wine and beer industry is bringing the region to the pinnacle of personal and investment opportunities.”
David Lucchesi Buyer’s Specialist Finger Lakes Premier Properties
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 all the way 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.
When you are ready to list your home, or purchase a new one, give us a call at 888-847-9331 or email Sales@FLPPlake.com.