Some local real estate brokers are saying this year's housing market has started slow, an observation reflected in a recent industry report.
According to statistics from the New York State Association of Realtors, 35 single-family homes were sold in Cayuga County in March, down from 56 reported during the same month a year earlier.
The total was slightly above the 31 sales reported for February 2007.
David Young, an associate broker at Bouck Real Estate, said March business sales were better for him than any month in the past year and a half, but that times have been sluggish overall.
“It's the slowest its been in five years,” Young said, who's been in real estate for five years.
Young sells property in four counties - Cayuga, Onondaga, Seneca and Wayne - and said Cayuga has been stagnant this year.
“Auburn was on fire this time last year,” he said.
Young said he has been selling more investment properties lately, as opposed to single-family homes.
Philip Colby, broker/owner of Colby Real Estate, also said the market has had a slower start this year, though it's not as catastrophic as people believe.
“I haven't seen the big crash everyone's been talking about,” he said.
Colby said he has spoken with brokers from the Rochester area and things seem to be slowing down there, as well.
In March 2007, 6,973 single-family homes were sold in New York state, down 6 percent from March 2006 but up 25.3 percent from February.
As sales have slowed locally, prices have increased.
NYSAR reported the median sales price of existing single-family homes sold in Cayuga County in March reached $118,400, up from $78,500 in March 2006.
The median sales price is the point at which half of all sales fall above or below.
The statewide median sales price reached $252,500 last month.
The total was slightly above the 31 sales reported for February 2007.
David Young, an associate broker at Bouck Real Estate, said March business sales were better for him than any month in the past year and a half, but that times have been sluggish overall.
“It's the slowest its been in five years,” Young said, who's been in real estate for five years.
Young sells property in four counties - Cayuga, Onondaga, Seneca and Wayne - and said Cayuga has been stagnant this year.
“Auburn was on fire this time last year,” he said.
Young said he has been selling more investment properties lately, as opposed to single-family homes.
Philip Colby, broker/owner of Colby Real Estate, also said the market has had a slower start this year, though it's not as catastrophic as people believe.
“I haven't seen the big crash everyone's been talking about,” he said.
Colby said he has spoken with brokers from the Rochester area and things seem to be slowing down there, as well.
In March 2007, 6,973 single-family homes were sold in New York state, down 6 percent from March 2006 but up 25.3 percent from February.
As sales have slowed locally, prices have increased.
NYSAR reported the median sales price of existing single-family homes sold in Cayuga County in March reached $118,400, up from $78,500 in March 2006.
The median sales price is the point at which half of all sales fall above or below.
The statewide median sales price reached $252,500 last month.
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RHS wrote on May 8, 2007 8:28 AM:
tax man cometh wrote on May 5, 2007 12:08 PM:
Real Estate Agents wrote on May 5, 2007 9:55 AM:
well... wrote on May 5, 2007 9:28 AM:
RK wrote on May 5, 2007 8:21 AM:
This is a shocker! wrote on May 5, 2007 12:15 AM: