Real estate market in county cools

By The Citizen staff report

Sunday, September 7, 2008 11:56 PM EDT

Cayuga County's real estate market was not immune to the statewide slowdown through the first half of 2008, but July brought some stronger numbers to start the final six months of the year.
The latest figures from the New York State Association of Realtors showed a 20.3 percent decrease in the number of single-family homes sold through the end of June. The 196 closed sales was 32.6 percent below the level posted at the end of June 2006.

Statewide, Realtors sold 19.1-percent fewer homes in the first half of 2008 compared with 2007.

A decrease in prices has also come with the drop in sales volume.

Cayuga County's median sales value of $92,100 through the end of June was down slightly from $94,500 a year earlier. The statewide median value of $215,000 was a 14 percent decrease.

The median value is the point at which half of all sales fall above or below. Unlike an average value, it tends to decrease the impact of a small number extremely high- or low-priced homes.

Real estate officials, in New York at least, are trying to keep buyers and sellers upbeat about the overall market, which had record numbers as recently as 2006.

“The sales total is at a solid level when considered in a historical context,” said Duncan MacKenzie, NYSAR chief executive officer, in a press release.

There was some positive news for the local market in July. Preliminary numbers showed Realtors sold 61 houses this year, compared with 45 in the same month of 2007. The monthly total also represented a significant jump from the 36 sales reported for June 2008.

Median sales value in July reached $107,000, down from $117,000 in July 2007 but up from the $83,980 level of the previous month.

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