Real Estate Report
Finger Lakes Premier Properties Quarterly Real Estate Report for the Finger Lakes Region
Welcome to the lakefront real estate report for 2017. 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.
Buying & Selling: 2017 Lakefront Real Estate Trends
Finger Lakes Premier Properties Real Estate team saw a 100% increase in sales in 2016. Their expertise in lakefront sales and attention to regional trends is what has resulted in a 100% NPS scores with their clients.
The extreme summer heat in 2016 did not detour real estate sales across the Finger Lakes. If anything, it must have enticed more lakefront sales because sales of lakefront homes increased 20% over 2015.
As you can see from the table below, although the number of sales increased significantly, the average sale price and the number of days on the market remained fairly constant between 2015 and 2016.
The smaller of the Finger Lakes saw the most growth in sales in 2016, most notably Honeoye Lake. This lake saw a 60% increase in the number of homes sold, along with the average price increasing 18%. Keuka and Conesus Lakes experienced a 40% increase in the number of homes sold.
If you are considering buying or selling lakefront property in 2017, please contact Finger Lakes Premier Properties Real Estate Team, and get a jump on the spring market. Call 877-217-0338 or email Sales@FLPPlake.com.
Third Quarter Lakefront Real Estate Trends (12/30/16 Update)
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.
Even though the number of homes sold on Conesus Lake is up, the average sale price has gone down when compared to this time last year, making this last quarter a buyer's market.
Canandaigua Lake continues to show significant strength in the real estate market with the reduced time it takes to sell compared to 2015. Prospective buyers who are considering an investment property in the Finger Lakes should keep a close eye on homes along this lake, particularly because demand for vacation rentals in the region increased 25% this past quarter.
Second Quarter Lakefront Real Estate Trends (8/28/16 Update)
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.
First Quarter Lakefront Real Estate Trends (5/25/16 Update)
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.