Local housing market begins to slow down

by Dan Shepard / Special to The Citizen

Friday, May 4, 2007 11:45 PM EDT

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 Citizens' Say

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There are 6 comment(s)

RHS wrote on May 8, 2007 8:28 AM:

" Buy in Owasco not Auburn. Why pay the high taxes in Auburn. So our garbage cans can be thrown in the road, so our streets remained unpaved, so the crows still let go of their droppings, so we continue to favor minorities, so we can have punches thrown at city council meetings, so we can be afraid to walk down main st at night, so what else can I say about the highest taxable city in NYS. Mayor LAttimore, this is a wake up call and the alarm is running out of batteries. Oh yea our great electric company and most of all incrediable cable system. "

tax man cometh wrote on May 5, 2007 12:08 PM:

" oh yeah, build in auburn?! i did just that and that will never happen again! by the time the auburn code enforcement and their wacky way of doing things youll want to move to alaska! they dont know if their coming or going depending on the day of the week and it will end up costing you big time. a big dont put your self through that around here! "

Real Estate Agents wrote on May 5, 2007 9:55 AM:

" Only 35 homes were sold in Cayuga County last month. Its a good thing there are 695 real estate agents in Auburn. "

well... wrote on May 5, 2007 9:28 AM:

" Houses are too expensive right now! Who can afford to buy one with the high taxes on top of the high price of the home? It's cheaper to build your own.. so that's what people are doing!! "

RK wrote on May 5, 2007 8:21 AM:

" I guess it shouldn't be hard for the new city manager to find a house to buy and start honoring his contract with the city. It would be 1 less house for sale in Auburn. "

This is a shocker! wrote on May 5, 2007 12:15 AM:

" Does anyone find it surprising that no one wants to move to the tax center of the Universe? "

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