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Lakefront Real Estate Market Report – Finger Lakes, NY

As 2021 comes to a close, we’re diving into the lakefront real estate market trends in the Finger Lakes Region. At a high level, it continues to thrive as a sellers’ market. Despite the increased returns owners are receiving for the lakefront properties, many are still unwilling to list as the pandemic continues.

The Stats

As you can see from the stats below, despite the reduction in the number of listings, homes are selling 48% faster and at an average of 20% more compared to the already thriving seller’s market of 2020.

Market data provided by Finger Lakes Premier Properties’ Real Estate Department.

Throughout the year, listings have remained low and we didn’t see the typical spring spike in our market. It wasn’t until the third quarter that we saw a jump in lakefront listings. This is unusual since in most years, owners are taking advantage of that final summer in their lake home. But when they sold, they sold FAST! The delayed negotiations have placed time limits and increased competitiveness for buyers to act on homes, reducing the Average Days on Market by 48% across the Finger Lakes.

In 2021, buyers became more aggressive than ever to secure a lake home. We saw an increased number cash buyers purchasing homes above asking price, without contingencies and sometimes no inspections. On the flip side, as Forbes noted in their fall article, “over half of buyers (64%) think it is now a bad time to buy.” We have heard this from many of prospective buyers who are willing to wait. Despite their desire for a lake home, they don’t mind waiting for a less stressful buying experience and an increased feeling of security with their purchase. But for those who do want to buy now, their ability to find and secure a home (even remotely) has never been easier.

The Virtual Market

The virtual market continues to surge the urgency for buyers to act fast. In fact, we have had clients submit offers, close, and then turn their lake home into a rental – all without ever stepping foot in their new property.

Virtual tour of real estate listings provided by Finger Lakes Premier Properties.

As a seller, this means the importance of choosing a listing agent who has top-notch photography and offers virtual selling options. With the lakefront homes it is especially important to include photos of the lakefront, dock(s), driveways, parking, and drones. These visuals will help out-of-state buyers make more informed decisions. Virtual tours of the entire house will allow potential buyers to do their initial walk throughs of the home. Make sure that your realtor is comfortable with doing a virtual final walk through should the potential buyer be unable to get to the home.

Outlook for 2022

Our Lakefront Real Estate team is projecting the seller’s market to continue at least through the first half of 2022. With the lack of listings and surplus of buyers we hear from daily, the competition will continue. But this also opens opportunities, especially for the second homeowners along the lakes, to cash in on their homes.

Guest photo taken by Jeannette M who stayed at Stargazer in 2021.

Lakefront homeowners can either sell for a higher ROI, or they are able to take advantage of the unprecedented demand for lakefront rentals in the Region. As the leading property management company in the Finger Lakes, we have had two record breaking years in vacation rental bookings. Our reservations are already experiencing a 45% increase in bookings for 2022. We don’t see this trend slowing down as we’ve increased our repeat renters by 90% from 2020 to 2021. More and more homeowners are taking advantage of this trend and turning their second home into an investment home with the help of our local property management team.

Top Tips for Buying and Selling a Lake Home in 2022

Given the fast-paced nature of the lakefront market, one of the most important things will be to have a real estate team who is responsive, attentive to detail, and competitive.

First of all, if you’re ready to purchase a lake home you must have proof of funds if you are paying cash, or a pre-approval letter for a mortgage. Most realtors will now require this before even showing you a home. Then have an open, honest discussion with your agent. Make sure they know your maximum budget along with your comfort level with contingencies and waiving inspections.

Then, make sure they will be ready, at any time, to be your advocate to secure your home. Get an understanding of their knowledge of lake living, such as HOA’s, regulations, septic systems, renting to off-set costs, and the list of details of owning a lake home. Finally, be prepared to give up some of your “must have’s”, expand your search to other lakes, and understand that with the current market it may take longer to secure your new lake home.

For selling a lake home in 2022, having top exposure of your listing will be key. Many wait until the Spring market to list their home. But with this market, there is no need. Take advantage of the slower first quarter when listings are at their all time low. This will get your home seen by more prospective owners who are already anxious to secure a lake home for the next summer. Your agent should also be comfortable with making those virtual sales and have the technology to support it. Finally, when setting the market price, trust your agent. In this market, its ok to be aggressive, but understand that if your home doesn’t get much attention within the first week, those savvy buyers aren’t seeing the value of the price tag so you may need to adjust.

Top Insights for Selling Finger Lakes Waterfront Homes in 2021

If you’ve been watching the lakefront market in the Finger Lakes, you’ll notice it resembles the weather this time of year, nearly frozen. There has been little to no movement along most of the Finger Lakes since the new year. The standstill of new listings creates both opportunity and frustration depending on which side of the market you stand.

The Best Time to Sell is…

For those who are considering selling their lake home in 2021, as your lakefront experts we cannot stress enough that now is the best time to list. New listings are likely to continue selling in record time as prospective buyers have been patiently awaiting new inventory. In 2020, lakefront homes across the region sold 11.83% faster than in 2019. Some markets, such as Keuka Lake, reduced its average days on market by 48% in 2020 while increasing the average sale price by 12.45%. Click here to read the 2020 Lakefront Market Report.

These quick sales were a result of pure demand. In fact, in 2020 our agents alone experienced a 167% increase in qualified buyer inquiries specifically looking for lakefront homes. This surge combined with our 27-year database of prospective waterfront buyers allowed us to match new listings with the ideal buyer to result in fast, easy sales for both parties. With the lack of inventory in 2020, many of these home shoppers are still waiting to be matched.

As summer gets closer, these buyers will be more anxious to secure a home. Spring is typically when listings pick up for any market, especially lakefront. The key will be to list prior to this influx of new inventory for maximum exposure and highest return.

What Does Selling Look Like in 2021

When you are ready to list your lake home, we advise our clients be prepared for a quick sale. If you’re currently living in your lake home year-round, we do advise you to have housing lined up. It isn’t only the Finger Lakes market that has a lack of available listings. According to a recent Inman article, across the US, “January sales had actually declined 32 percent month over month, the greatest monthly decline since the start of the pandemic.” The nation is at an all time low for listings, which can make moving especially difficult.

For those who are ready to sell, the good news is it will likely be a quick process. Our homes can be staged, photographed, listed and sold in less than a week. Our marketing department assists clients with optimizing the spaces in their homes so in one day the photography, videography, and virtual tours are complete and ready for online walkthroughs. Once the home is listed, be prepared for our team to communicate multiple and competitive offers for your home. This will be a clear indication that we priced the home correctly and connected you with right buyers for your particular home.

Another popular option that many second homeowners are looking at is utilizing the home as a vacation rental. To many this idea seems daunting. However, demand for vacation rentals, especially in the Finger Lakes region has soared. As the leading vacation rental management company in the region, we provide exclusive insights into the rental market for the region. But here’s a clue, only six weeks into the year and we have 54% more nights sold for 2021 vacation homes than this time last year. Our full circle of management services allows homeowners to reap the financial benefits of the rental demand without managing the day-to-day activities of listing, booking, guest services, and housekeeping. For more information about our rental management services, click here.

How to List Your Home

In 2020, our real estate team put together the ultimate package for our sellers to innovatively attract the most buyers while physically reducing the number of people in their homes. Our team utilized every tool in our digital marketing toolbox from professional photography, videography, virtual tours, and live video chats and walk throughs. These all-inclusive techniques combined with our database of qualified buyers allowed us to sell lake homes 23% faster than the regional market average.

First steps to selling your lake home is to reach out to our real estate team and identify if selling your home now would achieve your goals. Many who previously purchased a second home along the lakes specifically as an investment property jumped at the opportunity to take advantage of the 2020 seller’s market. However, those who expected higher than reasonable selling price were not always rewarded. A differentiator with lakefront buyers is they are more patient to find the right home, even in the midst of a pandemic. They are savvy buyers who are not about to overpay an exorbitant price tag. Our experienced lakefront real estate team provides comparative analyses before marketing to strategically list the home at the optimum price for the desired results.

If you have any questions about the real estate or rental marketing in the Finger Lakes, our sales team would be happy to assist you. Contact us today at 855-666-7812 or at sales@flpplake.com.

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.

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!

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.

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.

See our current lakefront listings

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.

Lakefront Real Estate Report – Q3 2019 Download

See our current lakefront listings and sales activity >

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

Enhance your Lakefront Listing with Better Visual Content

With the increased use of visual social media platforms and mobile internet, having quality, professional photos has never been more essential to selling a home. Prospective buyers can access your listing and develop interest in your home – or take it off their list – without ever seeing it in person or contacting a realtor. Here are the numbers:

92% of homebuyers search the internet before contacting an agent.
Listings with more visual content, like virtual tours and videos receive 403% more inquiries.
89% of buyers across all demographics look to the web to narrow down their list of properties to consider.
Source: Matterport Industry Stats

This is why it’s crucial to work with an agent that has photography and staging experience or one that utilizes a professional photographer in order to get buyers through your door.

We’ve put together a few of the basic photography tools that your real estate agent should be using to put your best foot forward online.

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.

Lakefront Real Estate Report – April 2019 Download

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.

6 Reasons to Sell your Lake House this Spring

Spring signals the awakening of the housing market, especially for buyers looking for lakefront property. If you’re considering selling your lake house, now is the time to list! Here’s why:

1. The Cabin Fever is real. We are just now starting to see the first signs of spring and for many, the only thing that got them through the long, snowy months was the dream of spending sunny days on the lake. Those who spent the winter browsing lakefront listings for inspiration now have the opportunity to get out and see what’s really on the market, especially if they’re coming from out of state. Make sure your home is one of the first ones they see!

2. Average sales prices are up 23%. According to our 2018 Lake Front Real Estate Report, the average sales price for all Finger Lakes increased 23%, with the largest gains occurring on Keuka and Seneca Lakes. It should also be noted that total days on the market are down 10%, meaning lakefront property in the Finger Lakes is selling for more and in less time.

3. It’s a seller’s market. There are far more buyers looking for the lake life than homes on the market, giving an upper hand to the seller in negotiations. It may seem that lakefront property is shielded from fluctuations in the housing market because of affluent buyers, but a recent study found that 55% of prospective vacation rental buyers make under $150k a year. Our advice: sell while the market is strong.

4. Buyers are eager to use their home THIS summer. Listing your lakefront home in the spring gives buyers the appropriate amount of time to tour what’s on the market, make an offer, negotiate, and close with enough time to actually enjoy their new lake house. Summers are so short in upstate New York and buyers want to make good use of their investment. And the sooner you list, the sooner your home will be seen by the thousands of visitors to the Finger Lakes that start pouring in once the weather get warmer.

5. Vacation Rental Potential. Buyers who are looking to purchase your home and make it a vacation rental will want to secure bookings for the summer in order to earn as much income as possible for 2019. Our real estate team provides rental projections for all of our listings, so you might even consider joining our rental program in the future!

6. Spring Cleaning. Chances are you’re going to be cleaning debris from the beach, considering upgrades to the décor, and doing minor repairs around the house this spring. With a minimal extra effort and suggestions from our lakefront real estate specialists, it will be easy to get your home in the ideal condition to sell.

Our real estate team specializes in lakefront home sales, providing you with the top advice, up-to-date market research and years of experience necessary to sell your home to the right buyers and for the right price. Call us today! 844-248-3917

Lakefront Real Estate Trends

For Real Estate trends, 2018 was quite a year for waterfront homes in the Finger Lakes. As you can see from the chart below, many lakefronts saw a decrease in the number of homes sold, average sale prices, and overall volume sold. However, looking at the days on market, we can see the complete story.

The overall lakefront market has seen an increase in buyer’s self-education of the market conditions. Many can recognize an overpriced listing and will wait for another appropriately priced home, rather than making a low offer. So we have seen new listings entering the market sell quickly, typically in under 2 weeks time. For example, 12 of the homes we listed for sale in 2018 sold in less than 10 days. Another 4 sold in less than 2 weeks.

The market is not down because of disinterested buyers. It is down because there were not enough homeowners wanting to sell in 2018. This has created a seller’s market here in the Finger Lakes. Owners are seeing full price or more on the offers for their homes. This is true for those that are priced appropriately for the market. These market conditions exist even on lakes such as Honeoye or Conesus. Though there was little change in the average sale prices on these lakes, there were large decreases in their average days on market.

In these conditions, now is a great time to sell your lakefront home to get the most money in the shortest amount of time. There remains a large pool of potential buyers looking for the perfect lakefront home in our region. Especially as the Finger Lakes grows as a popular vacation destination. Despite spring being seen as the popular time for real estate transactions, with limited competition, new listings are getting optimal exposure and quick turnover in this first quarter.

For more information about lakefront trends, contact our Real Estate team today at 833-311-5575 or email us at sales@FLPPlake.com.

Looking to buy a lakefront home or investment property in the Finger Lakes? Search our listings today!

Buying and Selling in the Finger Lakes This Fall

By: Cynthia Emerling

Are you considering buying or selling a lakefront property this season? The lakefront market differs from the standard residential market, as their season slows down in the fall, our season is just getting started. Our Lakefront Real Estate team has explained a few reasons why, along with some helpful hints to get you started with buying or selling a lake home this fall.

BUYING A HOME

As you start your search, consider how much your money can buy you in each lakefront market as the value fluctuates lake to lake. Also, spend a bit of time and investigate where the market is growing, stabilized, or declining (click here to see our Quarterly Real Estate Report). For example, Seneca Lake is offering buyers many opportunities in each price range and is growing in popularity because of the close proximity to many surrounding towns. The average price range of $600,000 to $750,000 will get you a recently built, updated home between 1900 and 2900 square feet on Seneca Lake, such as 4590 Lakeview Road and 4572 Lakeview Road. Canandaigua Lake’s Real Estate market is different, offering more high-end homes, as it is considered the premier lake in the Rochester region. The same $600,000 to $750,000 price range will offer much smaller homes, or older lake homes, or homes that are across the road with lake access or only lake view. Such as 4773 East Lake Road or 5206 East Lake Road, allowing you to keep the space but lack the lakefront experience.

Whatever your lakefront needs are, be sure to hire a professional sales agent with experience in lakefront property to ensure your needs are heard and understood. At Finger Lakes Premier Properties, we specialize in the buying, selling, and renting homes along the shores of seven different lakes. Our Buyer Specialists can provide you with valuable insights to specific lake communities throughout the region, helping you find the ideal home to suit the lake life you are searching for.

SELLING A HOME

The fall market is hot and competitive. More homes are entering the market now that summer has ended. The fall offers buyers another opportunity to see all that the Finger Lakes region offers. Make sure you are in season with your surroundings. When selling, place all the typical fall decorations in front of your home. Pumpkins add a warmth to the surroundings, while mums and hay bales give color and texture to your entry and gardens. This makes your buyers feel comfortable and see the beauty of fall in your home decor, inside and out.

When looking at selling your lakefront home in the fall, pricing is key. As you price your home, look not only at those that sold, but those that are active in your market. Compare apples to apples, season appropriate, and see how your home compares to those already in the market. If you price your home at $600,000 how does it compare to the others in that same price range? You want it to be the best in the price range you choose. This way, when buyers are out in the market, they can physically see the value in your home compared to others in the same range. If your home is inferior, the same will be said in the reverse, therefore, your home is selling the others by default. Ask the lakefront specialists in the Finger Lakes, to show you what is currently on the market in the price you are considering. Work with us to ensure you enter the market in the right price location.

As the leading lakefront Real Estate company in the Finger Lakes Region, we have listed and sold each of our listings this year, in under 30 days. We do these analyses for each of our clients and make specific recommendations to get their home sold. When considering selling your home, make sure you use the Lakefront Listing Specialist, here at Finger Lakes Premier Properties! We have the best in the business!

Don’t forget to call us today for your market analysis and ask about our Listing perks! (888) 599-4810

Tag: real estate trends