Lakefront Real Estate Report Summer 2024 Q3

2024 Q3 Real Estate Market Update: Finger Lakes Region

As we close out the third quarter of 2024, the Finger Lakes real estate market continues to demonstrate significant shifts. Whether you're a buyer or seller, understanding these trends is key to making informed decisions. Let’s break down the key highlights and why working with a trusted real estate agent can make all the difference.

Market Highlights

1. Units Sold:

   • Up 25% Year Over Year (YOY): Q3 saw a 43% surge in units sold compared to last year. This increase reflects heightened buyer interest, particularly in medium-priced homes.

2. Sales Volume:

   • +21% YOY Increase: Driven by an exceptional July, total sales volume rose by $10.7 million compared to Q3 2023, showing the market's continued vitality despite some pricing shifts.

3. Average Sales Price:

   • Down $139,000 YOY: While units sold are up, the average sales price has trended downward, reflecting more transactions in the mid-market range. This shows an increased demand for moderately priced homes rather than luxury properties, leading to the overall sales volume increase despite price declines.

4. Days on Market (DOM):

   • Up 8 Days YOY: Homes are taking longer to sell on average, with a slight uptick in DOM compared to last year. This increase may be attributed to a shift in buyer preferences or more negotiation taking place during the purchasing process.

5. Inventory:

   • Low but Stable: Currently, only 66 homes are available across six lakes. Inventory peaked at 82 homes earlier this year, but remains relatively tight, signaling that demand still outweighs supply in many areas.

6. Cash Transactions:

   • 55% of Sales: More than half of all home sales have been cash transactions, highlighting the competitive nature of the market, where cash buyers often have a significant advantage.

Finger Lakes Premier Properties: Your Trusted Experts

As market conditions shift and new trends emerge, now is the perfect time to partner with experienced real estate professionals who truly understand the Finger Lakes region. At Finger Lakes Premier Properties, we’ve seen a 33% increase in sales volume this year, a testament to our expertise and in-depth knowledge of the local market. We're here to help you navigate opportunities with confidence and success.

Here's how our team can give your home a competitive advantage

• Expert Market Knowledge: With a deep understanding of the Finger Lakes region, we tailor our strategies to maximize your home’s value based on current market trends.

• Professional Photography: Our high-quality photography services showcase your property in the best light, attracting more potential buyers and boosting visibility.

• Local Vendor Recommendations: We connect you with trusted local vendors for any home improvements, staging, or maintenance needs, ensuring your property is market-ready.

• Targeted Marketing: We leverage online and local marketing campaigns to reach the right buyers quickly, maximizing exposure for your listing.

• Proven Results: Our track record of increased sales demonstrates our commitment to getting the best outcomes for our clients.

With Q3 stats showing more sales but lower average prices, the market is presenting unique opportunities for both buyers and sellers. For buyers, the decline in average sales prices offers a chance to find homes at more affordable rates, especially in the mid-market segment. For sellers, the continued strong demand—particularly for lakefront properties—makes now an ideal time to list before market conditions change.

The Finger Lakes real estate market remains dynamic, and understanding the latest trends is crucial. Whether you’re a buyer or seller, partnering with the experts at Finger Lakes Premier Properties ensures you’re well-positioned to succeed in this market. Reach out to us today to learn more about how we can help you achieve your real estate goals.