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Monday, March 02, 2009

Chautauqua Home Sales Holding there Own

Median Sales Price of Existing Single Family Homes January 2007-January 2009

Jan 07 Jan 08 Jan 09 % of Change
Chautauqua $60,250 $68,700 $63,650 5.6

Cattaraugus $70,000 $62,000 $48,500 -30.7

Homes SOLD:

Chautauqua 70 48 35 -50

Cattaraugus 51 41 29 -43.1

* A major contributing factor to the decline in SF home sales is the harsh 08-09 winter the incentive to look at homes is diminished greatly with piles of snow and 0-20 degree weather. Relief of this WNY fact of winter life will help drive the market into the spring and summer months.

For New York home buyers there may never be a better time to buy a home than today. Today's market boasts improved affordability, historically low mortgage rates and a great inventory of homes to choose from. Plus first time home buyers have added benefit of a new $8,000 federal tax credit.

Source: New York State Association of Realtors

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