The latest statistics are out from the Ithaca Board of REALTORS for Sept 2011. Some interesting data this month as compared to what was reported last month.
Compared year over year for only the month of September, for all residential sales (that are served by the IBR MLS), total closed sales are down as are the average and median selling prices. Also, interesting to note that the average selling price to list price is down across the board. Providing further evidence to my ongoing statement and the trend that buyers want pristine/ move-in-ready condition property for a very competitive price – setting the stage for a buyers market.
Compared to Sept 2010, Sept 2011 is down overall. HOWEVER, when Sept 2011 is compared to Sept 2009 the average and median selling prices are up!
I’ll say it again as I have before… 2010 was an anomaly year with the first time home buyer tax credit incentive. It drove buyers that might have waited a little longer and might I add, cautiously, that it somewhat falsely inflated the market in 2010. However, the market is still very stable in this area and it’s clear in the previous years’ data. There is gradual growth from 2009 to 2011 even without taking 2010 data into consideration. Concluding that, in the greater Ithaca area, real estate continues to be a solid long-term investment. 
Related articles
- August 2011 Real Estate Market Snapshot (lindsayhartrealtor.wordpress.com)
- Real Estate Market Update for 2011 – Greater Ithaca NY area (lindsayhartrealtor.wordpress.com)
