Finger Lakes Premier Properties Quarterly Real Estate Report for the Finger Lakes Region
Welcome to the lakefront real estate report for 2016. As the leading lakefront real estate company in the region, Finger Lakes Premier Properties offers up-to-date real estate trends, buying tips, key commercial developments in the region and issues that impact lakefront real estate values.
As the 2016 fiscal year comes to an end, Finger Lakes Premier Properties wants to ensure that those who are considering selling or purchasing real estate are up-to-date on recent trends and insights in the local market. As the leading lakefront real estate company in the Finger Lakes, we track the local lakefront markets and provide these complimentary reports.
The second quarter lakefront real estate sales stayed strong for all lakes, except we did see a dip in sales specifically on Seneca Lake. This, likely, is due to slightly higher asking prices this past quarter than what we have typically seen in the past. Six of the lakes (Conesus, Honeoye, Canandaigua, Keuka, Seneca and Cayuga) totaled 109 lakefront sales from this past quarter, accumulating over $48 million in sales.
With the summer and fall seasons bringing in larger numbers of prospective buyers to the region, it might be a great time to list your home. Contact Finger Lakes Premier Properties Real Estate Team today for a free market analysis of your property.
During the first quarter of 2016, real estate sales skyrocketed 51% on Canandaigua, Keuka, Seneca, Honeoye, Conesus and Cayuga lakes. Sales on Conesus, Keuka, and Cayuga lakes doubled by more than 100% over the first quarter of 2015. Latent inventory from 2015, continued hints from the Federal Reserve of another increase in interest rates, and greater national awareness of the Finger Lakes wine region, all contributed to the increased volume.
As the graph below shows, the average sales price continues to vary considerably by lake. Canandaigua and Keuka remain the most expensive lakes, followed this quarter, by Conesus, Honeoye, Cayuga and Seneca. For the region as a whole, the average sales price of $417,907 remained relatively constant between 2015 and 2016.