One of my favorite questions from friends,  customers and clients is “how is the real estate market doing?”

So how is our local real estate market doing?   In short, buyer demand is high and inventory is low.  This results in fewer days on market for most properties and a higher average sales price.  Couple that with the prediction that interest rates and prices are going to rise in the 2nd quarter of the year and now buyers are out earlier in the year than before to find their home.  Example:  I’ve written 5 offers this week alone for 5 separate buyers.    If trend continues, we can expect properties moving quicker, for asking price or at 98-99% of asking price and we might see more multiple offer situations.

Currently, in the Ithaca Board of REALTORS MLS (which serves 8 counties: Broome, Tompkins, Cayuga, Chemung, Cortland, Tioga, Schuyler & Seneca)  there are 441 residential properties listed for sale, including lake properties.  The  median (or middle) listed price is $219,900 and the average price is $296,359.

In Tompkins County only, there are 190 residential properties listed for sale with a median list price of $257,260 and an average list price of $330,462.  (skewing the average are the properties listed at One million and above; currently there are 3 active listings within that  price point).

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In 2014 the entire Ithaca Board of REALTORS MLS saw 995 properties sell with an average sale price of $214,485.  Median sale price $189,000.  The average days on market (DOM) was 71.

In Tompkins County only, there were 705 residential properties sold with an average sale price of $239,786. Median price of $200,000 and an average DOM of 55.

Over half of the properties sold via the Ithaca Board of REALTORS MLS,  in 2014, were within the Tompkins County boundary lines.

If you are curious about your specific real estate market, or are interested in buying or selling this year, email me and I’d be happy to  speak with you about helping you with your real estate goals.