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

How to Buy a Lake House

Maybe you’ve had the dream to buy a lake house for a long time. Maybe you’ve heard success stories about owning a vacation rental. Regardless, you’re ready to own your very own slice of lake life, but where do you start?

We caught up with our buyer specialist, Dave Lucchesi, to answer this question and to learn more about the steps his clients take to buy their lakefront home in the Finger Lakes. He broke it down for us in 5 easy steps:

Continue reading How to Buy a Lake House

Best time to sell a lakefront home?

 

Winter, statistics say.

Everybody knows that winter is the dead zone for real estate, right? At least that’s the commonly held belief. However, national statistical studies propose that’s not the case.

According to Redfin, real estate database and brokerage company, which closely examines home listings, time-on-market and sale price data from 2010 to the current market, winter can be a surprisingly profitable time to list, shop, negotiate and buy.

The studies established that if owners want to sell for more than the asking price, listing in December, January, February and March gives you a better chance, on average, than if you list any time from June through November – the so-called ‘peak selling season.’

Not convinced? Just take a peek at the data gathered by Redfin during the first few years of the study (view the full article by Redfin here)

 

Season Likelihood of Selling within 6 Months Average Sale-to-List Price Ratio Average Days on Market
Winter
(Dec. 21 – March 21)
65% -2.3% 26
Average of Non-Winter Seasons 56% -3.5% 33
Spring
(March 22 – June 21)
56% -3.5% 32
Summer
(June 22 – Sept. 20)
55% -3.6% 32
Fall
(Sept. 21 – Dec. 20)
57% -3.5% 34

 

Graphic Provided by Christin Camacho at Redfin

The years of data collected by Redfin directly opposes the widespread sentiment that selling a house during the winter months is more challenging. In fact, the opposite trend can be seen with a near 10% greater likelihood of a quick sell, 1.2% greater Sale-to-List Ratio, and less days averaged on the market.

Now, some New Yorkers might reject this data, citing the harsh seasonal climate as a deterrent for buyers. However, the benefit of selling a home in winter holds just as true for those with unforgiving winters (cough cough, the Finger Lakes of NY State). In each of the 19 markets analyzed in Redfin’s report, including Boston, Chicago and New York, home sellers were better off listing their homes in the winter than during any other season.

Look, you have to consider the market. Since personal sentiments shape individuals perceptions, some sellers pull their unsold houses off the market during the winter, hoping for better results in the spring. By doing so, they leave a smaller inventory of active listings — diminishing the competition amongst sellers who list in January and February.

When it comes down to brass tax, real estate does not hibernate from December to April. An upwards of 5 million homes are resold annually in the U.S., and many of them are listed and sold during the winter months with ease due to the perception of a poor winter market… in turn, this perception and trendiness of listing during the green season has decreased the amount of listings and competition to the point where the winter market has proven statistical superiority in all three major areas of real estate: Selling within six months, Sale-to-List Price Ratio, and average days spent on the market.

Hmm… looks like winter is warmer for real estate than you might think.

Logically, as the next step, we would recommend listing with us at Finger Lakes Premier Properties (FLPP); our specialty of lakeside real estate is unmatched in the Finger Lakes. In fact, one of FLPP’s central focus areas this past year was to reduce the amount of days listings spent on market. FLPP achieved this goal, slashing the Average Days Spent on Market by 30% from 2016-2017.

If you are interested in more information on listing or buying a lakefront home, please contact us at 844-832-1294, or email us at sales@FLPPlake.com.

 

Real Estate Success Converts to a New Vacation Rental

By: Zakary Klick

Penn Yan, NY – A local property recently sold by the Finger Lakes Premier Properties (FLPP) Real Estate department will be re-entering the market as a Vacation Rental this summer.

FLPP was able to list, market and sell this striking Seneca Lake home, their second sale this year on Shingle Point Road. The new homeowners of this lakeside cottage have worked with FLPP with purchasing and now listing the home as a vacation rental.

The twofold package of offering vacation rental management and real estate sales to potential buyers has become an obvious partnership for many investment buyers in the Finger Lakes.

In fact, after the transaction this past fall, FLPP employees have been working full tilt to ready the property for this summer’s peak season – obtaining quality photos and drone footage, producing a virtual tour, and priming the maintenance and housekeeping staff for the new addition. The company is happy to share that the property can now be viewed on YouTube via drone, virtually toured here, and reserved on their webpage here.

Cynthia Emerling, the Real Estate Sales Manager credited with the Shingle Point property sale, has been a licensed Associate Broker since 1993. She started with Finger Lakes Premier Properties in 2012, and has brought her passion for quality service with her. The department received 100% satisfaction ratings from their clients and customers in 2016, and has been working to ensure that same repute can be delivered as they reach the end of the 2017 marking period.

If you are interested in more information on owning a lakefront home for personal use or as an investment, contact FLPP at 888-599-4810, or email them at sales@FLPPlake.com.