Happy Spring and happy first Monday Morning Market Update of 2017! Now that we are 4 months into the year we can catch a glimpse of how the local real estate market is shaping up in this new year.
We are on the cusp of the traditional ‘selling season’. However, this year is opposing the trend of seller’s (and buyers) waiting until spring to list and buy. Inventory is historically low in our area but demand is up and gaining momentum. Tompkins County still remains an area that folks want to live in and people are drawn here, whether it’s to retire, start a new job/career, or raise a family.
As of today there are 204 non-lake front residential properties in Tompkins County only, actively listed for sale in the Ithaca Board of REALTORS mls (multiple listing service). The median list price is $259,000. The lowest listed price is $10,000 and the highest is $1,489,000.
YTD there are 87 sold non-lake front residential properties in Tompkins County. The median sale price is $202,000. The lowest sale price is $19,000 and the highest this year so far is $508,000. And as of today seller’s are seeing 96% of list price on average.
There are 60 non-lake front residential properties in Tompkins County that are pending a closing.
