Finger Lakes Premier Properties is the region’s lakefront specialists for sales across the region. Our team of highly knowledgeable, experienced, and successful Buyer and Seller Specialists provide a complimentary analysis of lakefront market trends each quarter.
As we enter the second half of 2017, the real estate market stays strong. Annually, the Finger Lakes has generated over $30 million, with FLPP accounting for 23% of these total sales. Below is the Quarter 2 Lakefront Sales Report. If you have more questions, contact our sales team today by calling 888-599-4810.
As shown in the chart above, the number of sales decreased 26% as compared to last year, increasing buyer competition. Homes are in high demand on Seneca and Keuka Lake, with multiple offers coming in on homes in the mid-price range of $300,000 to $600,000.
The decrease in average sale price along most lakes indicates that this year’s buyers are looking at the affordability of lakefront homes. Buyers are aware of the current market and are quick to make an offer on homes priced fairly. This could be attributed to the ADM on Conesus and Honeoye Lakes dropping by at least 40% this year. On the other hand, homes priced at $600,000 and above, tend to sit a bit longer.
The increased advertising and media attention on vacation rentals, along with the addition of Uber and Lyft to the Finger Lakes, is creating more demand for both vacation experiences in these homes as well as ownership of these lakefront residences. Listing your home as early as mid-August will put you ahead of the game but still allow you to enjoy the lake through the end of this summer. With the market strong and interest rates low, this is prime time for buying and selling lakefront homes.
For more information about buying or selling lakefront property in the Finger Lakes, contact our Buyer Specialists, Justin Hausner, or our Sales Manager, Cynthia Emerling by calling 888-599-4810 or email Sales@FLPPlake.com.