It is no secret that the U.S. housing market has slowed over the last two years. In some parts of the country, it is jammed up worse than a Los Angeles freeway on a Friday afternoon.
Chet Susslin / The Citizen
Two houses on Sherman Street are posted for sale.
Two houses on Sherman Street are posted for sale.
New York state has felt the affects of the lurching real estate market, and sales have slowed in most counties since 2005. That includes Cayuga County, where recently released statistics from the state Realtors association show that single-family home sales have been on the decline for the past two years.
Yet, those numbers have not fallen at the same rates as those seen by some of the hardest-hit regions in the state and across the country. And despite the drop in sales, housing prices in the county are up since 2005.
Talk to many real estate agents in the area, and you will get a similar response - things are slow, but they could be worse.
“We don't take the big hit when the rest of the market takes a big hit,” said James Driscoll, owner of Sherlock Homes Realtors.
Driscoll, who is also president of the local Realtors association, said that Cayuga County has never exactly followed the real estate market trends across the U.S. Because it is a smaller, isolated market, this region did not experience the housing explosion in the first half of the decade.
“The county remains fairly steady,” Driscoll said. “We've been slow to grow over the last 10 years as far as the industry goes.”
In 2006, 56 fewer single-family homes were sold in Cayuga County than were sold in 2005, according to the NYS Association of Realtors. Last year, the county saw 50 fewer sold than in 2006. That is a 15-percent drop over two years.
According to the association, that is near the middle of the rest of the state, which has seen a 14 percent drop in home sales since 2005. Suffolk County has seen a 27-percent decline in that time, while Onondaga County and Tompkins County sales have fallen just 10.9 and 5.6 percent, respectively.
Seven counties have seen an increase in home sales in New York since 2005, according to the state Realtors
association.
Across the country, home sales have dropped 20.5 percent since 2005, according to the National Association of Realtors. In the Western states, where the housing slump has hit the hardest, single-home sales have gone down 33 percent in that time.
Auburn resident Jerry Gambell dipped his toes into the local market in December when he put his Auburn home up for sale. He said he received numerous inquiries after sticking a sign in front of the place and advertising it online, and he is confident it will sell soon.
However, it is a tough time to sell houses in the area because there are so many on the market, he said.
“The number of houses (advertised) on the Internet this month is probably double the amount that were on there in December,” Gambell said.
Gambell's wife had a home for sale last summer, but the real estate agent could not find a buyer, he said. He has even had agents approach him about his Auburn home, asking to represent him.
But with all that, Gambell said that it could be a lot worse. Just look at some of the areas in places like California.
“We are doing pretty well here,” Gambell said. “I think the consensus is that central New York is an oasis of the real estate market.”
Real estate broker Michael DeRosa said numbers like those in California can affect sales in Cayuga County, especially when they are publicized in major news stories.
“Everyone listens to the media,” DeRosa said. “And they think because housing sales are in a slump nationally, the entire market is horrible.”
DeRosa said that this may actually be a good time to buy a home, if you are willing to hold on to it. And as interest rates fall to compensate for a sagging economy, DeRosa said he sees things getting back on track by next year.
“The economy is not in good shape (around the country), and people fear a recession. But the housing market here is not hurting like a lot of other areas,” he said.
Bruce Babilot is waiting for things to pick back up in the housing market and the economy in general. Babilot owns Expert Clutter Removal Service, a business that offers its services for removing excess items from people's homes. He said his business depends a lot on people who have recently sold a home, and he has noticed significantly slower business in the past year.
“Up until this year, I thought my business was really recession resistant,” Babilot said. “I can't determine if this is because of bad home sales or a bad economy. Or maybe all the factors are coming together”
Babilot, who has been running the removal service for about 15 years, said he is hopeful business will pick up come spring. Even if people don't suddenly start selling their houses and moving out, the warmer weather almost always means spring cleaning.
“In six months, everything could turn around and go the other way,” Babilot said.
Staff writer Christopher Caskey can be reached at 253-5311 ext. 282 or christopher.caskey@lee.net
Yet, those numbers have not fallen at the same rates as those seen by some of the hardest-hit regions in the state and across the country. And despite the drop in sales, housing prices in the county are up since 2005.
Talk to many real estate agents in the area, and you will get a similar response - things are slow, but they could be worse.
“We don't take the big hit when the rest of the market takes a big hit,” said James Driscoll, owner of Sherlock Homes Realtors.
Driscoll, who is also president of the local Realtors association, said that Cayuga County has never exactly followed the real estate market trends across the U.S. Because it is a smaller, isolated market, this region did not experience the housing explosion in the first half of the decade.
“The county remains fairly steady,” Driscoll said. “We've been slow to grow over the last 10 years as far as the industry goes.”
In 2006, 56 fewer single-family homes were sold in Cayuga County than were sold in 2005, according to the NYS Association of Realtors. Last year, the county saw 50 fewer sold than in 2006. That is a 15-percent drop over two years.
According to the association, that is near the middle of the rest of the state, which has seen a 14 percent drop in home sales since 2005. Suffolk County has seen a 27-percent decline in that time, while Onondaga County and Tompkins County sales have fallen just 10.9 and 5.6 percent, respectively.
Seven counties have seen an increase in home sales in New York since 2005, according to the state Realtors
association.
Across the country, home sales have dropped 20.5 percent since 2005, according to the National Association of Realtors. In the Western states, where the housing slump has hit the hardest, single-home sales have gone down 33 percent in that time.
Auburn resident Jerry Gambell dipped his toes into the local market in December when he put his Auburn home up for sale. He said he received numerous inquiries after sticking a sign in front of the place and advertising it online, and he is confident it will sell soon.
However, it is a tough time to sell houses in the area because there are so many on the market, he said.
“The number of houses (advertised) on the Internet this month is probably double the amount that were on there in December,” Gambell said.
Gambell's wife had a home for sale last summer, but the real estate agent could not find a buyer, he said. He has even had agents approach him about his Auburn home, asking to represent him.
But with all that, Gambell said that it could be a lot worse. Just look at some of the areas in places like California.
“We are doing pretty well here,” Gambell said. “I think the consensus is that central New York is an oasis of the real estate market.”
Real estate broker Michael DeRosa said numbers like those in California can affect sales in Cayuga County, especially when they are publicized in major news stories.
“Everyone listens to the media,” DeRosa said. “And they think because housing sales are in a slump nationally, the entire market is horrible.”
DeRosa said that this may actually be a good time to buy a home, if you are willing to hold on to it. And as interest rates fall to compensate for a sagging economy, DeRosa said he sees things getting back on track by next year.
“The economy is not in good shape (around the country), and people fear a recession. But the housing market here is not hurting like a lot of other areas,” he said.
Bruce Babilot is waiting for things to pick back up in the housing market and the economy in general. Babilot owns Expert Clutter Removal Service, a business that offers its services for removing excess items from people's homes. He said his business depends a lot on people who have recently sold a home, and he has noticed significantly slower business in the past year.
“Up until this year, I thought my business was really recession resistant,” Babilot said. “I can't determine if this is because of bad home sales or a bad economy. Or maybe all the factors are coming together”
Babilot, who has been running the removal service for about 15 years, said he is hopeful business will pick up come spring. Even if people don't suddenly start selling their houses and moving out, the warmer weather almost always means spring cleaning.
“In six months, everything could turn around and go the other way,” Babilot said.
Staff writer Christopher Caskey can be reached at 253-5311 ext. 282 or christopher.caskey@lee.net
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