Below is an excerpt from our Office Manager at Audrey Edelman RealtyUSA, in an article written about the current status of Ithaca's spring market.
I feel this is really well written and accurate.
THE SRING REAL ESTATE MARKET
This is the time of year when everyone asks, “How’s the market?” The
Breaking down the statistics further, some changes in the market do become evident. In a market area the size of
As the number of listings increases, it becomes very important for properties to be positioned in the marketplace with competitive terms. The greatest flurry of showing activity usually occurs in the first few weeks after a property is listed. A property that is overpriced is likely to spend more time on the market, resulting in lost sales opportunities.
While inventory is increasing, there continues to be a steady growth in the median and average sales prices. This is a sign of a continuing strong market. While multiple offers may have diminished this spring from the past few years, they are still occurring, usually on properties in the “affordable” price ranges or on sought-after properties such as lake homes. Historically, low interest rates makes homes in all price ranges more obtainable.
This steady increase in sales prices is causing a shortage of affordable homes in and close to the City of
While affordable housing is becoming harder to find, the growth of new construction in the $350,000 to $650,000 price range continues at a moderate pace. Most of this new construction has been in the areas offering lots with municipal services in newer subdivisions in the Town of
Jean McPheeters, Director of the Tompkins County Chamber of Commerce, has stated that the Chamber receives many calls asking for information on “upscale condos with a lake view.” Several developments, with and without the view, are either ready to start construction or being planned. One in particular is offering “loft-style” living.
All in all, we have a vibrant community to call home and a varied housing market with steady appreciation, making real estate a solid investment choice.
This article was submitted by Richard Patterson, General Manager of Audrey Edelman & Associates RealtyUSA. Statistics are based on sales data of the Ithaca Board of Realtors, Inc.