On the cusp of September and all things back to School, here is some education on the greater Ithaca residential real estate market.

Currently there are 583 non-lake front residential properties listed for sale in the Ithaca Board of Realtors (IBR) mls.

The average list price is $248,396

The median list price is $199,000

The lowest listed price is $24,950

The highest listed price is $1,950,000

The large span between the lowest listed and the highest listed price is causing a large gap between the average and median list price.  Basically the highest listed price is skewing the average list price.   Thus the median price is most likely a more accurate picture of the market.

YTD the IBR mls (which serves 6 counties) has seen 555 non-lake front, residential properties sell.

The average sold price is $208,486

The median sold price is $180,000

The lowest sold price is $6,000

The highest sold price is $2,764,000

Again, the discrepancy between the lowest and highest sold price could be contributing to the large difference in the average vs. the media sold price, thus skewing the average sold price to the high end.

With the current listed inventory and the average number of sold units per month we can extrapolate what the absorption rate is for the remaining inventory.  With the current inventory vs. the number of sold homes this year, it would take 8.4 months to sell the remaining non-lake front, residential properties.

*all stats courtesy of the Ithaca Board of REALTORS mls.