Lakefront homes spent less time on market in Q2 compared to 2018

Lakefront homes spent less time on market in Q2 compared to 2018

Lake homes that sold in the second quarter spent nearly a month’s less time on the market than those that sold in the second quarter of 2018.

The 95 homes on the seven area Finger Lakes that sold between April and June were on the market an average of 72 days. The compares to 100 days in 2018, according to data compiled by Finger Lakes Premier Properties. Only homes on Conesus and Keuka had an increased market shelf life.

Keuka Lake had the highest number of sales (21), although that was down from 38 in the year-over-year comparison. The average sale price on those 21 homes was $475,381, a year-over-year decline of 15 percent.

Canandaigua Lake saw a jump in number of lakefront home sales (from 11 to 19) but a drop of 16 percent in average sale price (from $739,764 to $624,394).

Of Cananadaigua, Cayuga, Conesus, Honeoye, Keuka, Owasco and Seneca lakes, only two saw a jump in both number of homes sold and average sale price. The 15 homes sold on Cayuga (up from 11) had an average price tag of $353,067, a spike of 30 percent. On Seneca, 19 homes (up from 10) sold for an average of $339,068 (up 16 percent).

With fewer lakefront homes for sale, those that are listed are selling more quickly. The seven homes that sold on Honeoye Lake were on the market for an average of just 43 days.

“With smaller inventory, serious buyers are acting fast on securing their ideal lakefront home,” Finger Lakes Premier Properties listing specialist Cynthia Emerling said in a news release. “However, they are much more price conscious, which is why the Seneca and Cayuga lake markets performed really well through Q2.”

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